Person-to-Person (P2P) Payment Technologies Adoption by Generation

Person-to-Person (P2P) Payment Technologies Adoption by Generation

Proof Point

Bank of America survey found one in three U.S. consumers has used person-to-person (P2P) payment at least once, with adoption significantly higher among Millennials

Person-to-Person (P2P) Payment Technologies Adoption by Generation

2017 (percentage of respondents)

Note: Data based on Bank of America’s 2017 Trends in Consumer Mobility Report that surveyed 1,005 U.S. respondents with bank accounts and smartphones, aged 18 and above, with a 3.1 margin of error, as well as 407 panelists that use person-to-person payments services, with 4.9 margin of error

Proof Point Findings

  • Person-to-Person (P2P) Payment Technologies – Online technology that lets individuals transfer funds from one bank account to another through Internet and smartphone
  • Overall U.S. – 36% of U.S. respondents in Bank of America survey have used P2P payment technologies
  • Greater Millennial Use – Majority (62%) of Millennials in U.S. have tried peer-to-peer transfers, highest among age groups
  • Slower Senior Adoption – Only one in ten seniors aged 72 and above has adopted P2P payment technologies
  • Key Growth Drivers – Include continuous innovation in peer-to-peer payment technologies, rapid digitization of banking services, increasing preference for cashless transactions, and heightening reliance on smartphones and mobile applications to complete tasks

Market Disruption


Financial Services


Date Last Updated

April 3, 2018

Leave a comment