Proof Point
Millennials use P2P technologies to pay for a broader variety of expenses than average respondents of U.S. Bank of America survey
Uses of Person-to-Person (P2P) Payment Technologies
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 Uses – Bills (45%), gifts (42%), travel (37%), and dining (35%) top uses for P2P payment technologies among U.S. respondents surveyed by Bank of America
- Higher Millennial Use – Millennials, with significantly higher P2P payment adoption, use technology to pay bills (57%), share in restaurant (57%) costs, as well as pay for transportation (56%) and travel (54%) expenses
- 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 2, 2018
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