Sources and Recipients of Person-to-Person (P2P) Payment Transfers

Sources and Recipients of Person-to-Person (P2P) Payment Transfers

Proof Point

Friends and significant others identified as top sources and recipients of P2P payment transfers, according to Bank of America survey

Sources and Recipients of Person-to-Person (P2P) Payment Transfers

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
  • Primary Sources – Friends (42%) top source of funds transferred using P2P payment technology in Bank of America survey, followed by significant others (21%)
  • Main Recipients – Respondents transferred funds to friends (59%), significant others (29%) and extended family (25%) the most using P2P 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 4, 2018

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