62% of Millennials Use Person-To-Person Payment Technology
The person-to-person (P2P) payment industry has seen tremendous growth over the last few years, particularly with young adults. Bank of America’s Trends in Consumer Mobility Report shows 36% of Americans use P2P technology, with 62% of Millennials sharing money digitally.
For people who have not yet used P2P services, nearly half of Millennials, Gen Xers and Baby Boomers say they plan to in the coming months (47%, 48% and 49%, respectively). One in four seniors, the generation older than Baby Boomers, say they will use P2P payments in 2017.
The majority of survey participants (68%) said they used P2P because it was convenient and faster than other money transfer options. Companies throughout the platform have found new ways to make sending money quick and easy. PayPal recently upgraded its iOS app to work with Siri on iPhones. Azimo now allows users to send money through Facebook Messenger, and Facebook itself updated its Messenger app to prompt peers to send money to each other when certain “you owe me” phrases are entered in chats.
Why are people using P2P payments? 45% do so to split bills. 42% say they use P2P for gifts, and 35% transfer money for restaurant tabs. Most of the transfers happen between friends: 59% said they use P2P to send money to friends, and 42% request money from friends.