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
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Market Disruption |
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Sector |
Financial Services
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Source |
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Date Last Updated |
April 4, 2018
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