Uses of Person-to-Person (P2P) Payment Technologies

Uses of Person-to-Person (P2P) Payment Technologies

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

Market Disruption


Financial Services


Date Last Updated

April 2, 2018

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