62% of Millennials Use Person-To-Person Payment Technology

62% of Millennials Use Person-To-Person Payment Technology

May 15, 2017         Written By Bill Hardekopf

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.



The information contained within this article was accurate as of May 15, 2017. For up-to-date
information on any of the terms, cards or offers mentioned above, visit the issuer's website.


bill-hardekopf

About Bill Hardekopf

Bill Hardekopf is the CEO of LowCards.com and covers the credit card industry from all perspectives. Bill has been involved with personal finance for over 15 years. He is a frequent contributor to Forbes, The Street and The Christian Science Monitor.
View all posts by Bill Hardekopf
Featured Low Interest Card
Top Features : 1.25X miles on every purchase; no annual fee; bonus of 20,000 miles once $1,000 is spent in first 3 months
Featured Cash Back Card
Top Features : No Annual Fee, Bonus Offer, Cash Back
Featured No Annual Fee Card
Top Features : Earn cash back twice. 1% when you buy plus 1% as you pay; 0% APR for 18 months on balance transfers
Featured Bad Credit Card
Top Features : No Annual Fee; Cash Back match at the end of your first year; Social Security Alerts
Featured Fair Credit Card
Top Features : No annual fee; access to higher credit line after making first 5 monthly payments on time
Featured Limited/No Credit
Top Features : No annual fee; reports to major credit bureaus; access to higher credit line after making first 5 monthly payments on time