Half of New Peer-to-Peer Payment Users Are Over 45

Half of New Peer-to-Peer Payment Users Are Over 45

March 5, 2019         Written By Bill Hardekopf

Peer-to-peer payment platforms like Zelle and Venmo are typically associated with younger generations. However, a new study reveals that older generations are just as curious about P2P as younger generations.

According to research from Early Warning Services, LLC, 50% of first-time P2P users are over the age of 45. Moreover, 46% of Baby Boomers and 52% of Gen Xers (the generation between Millennials and Boomers) said they trust peer-to-peer payments.

In terms of why these generations are testing P2P transfers, 67% of Gen Xers and 74% of Baby Boomers said the services were offered through their financial institution. Younger generations are more likely to use peer-to-peer platforms for convenience, such as splitting the tab for a meal. A study from 2017 showed 56% of parents use P2P apps, either to give their children allowance money or to pay for goods and services.

Consumer Reports compared some of the top peer-to-peer platforms are ranked them based on user experience. Apple Pay did the best overall, ranking particularly high for data security and data privacy. Venmo was second due to high ratings in accessibility and customer service. Square Cash came in third, followed by Facebook P2P Payments and Zelle.



The information contained within this article was accurate as of March 5, 2019. For up-to-date information on any of the terms, cards or offers mentioned above, visit the issuer's website. Many of the offers on this article are from our affiliate partners, and LowCards.com may be compensated if you take action with any of our affiliate partners.


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 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 Low Interest Card
Top Features : No annual fee; $150 statement credit after spending $1,200 in first 90 days; 0% on Purchases for 12 months and Balance Transfers for 18 months
Featured Balance Transfer Card
Top Features : 0% APR for 21 months on Balance Transfers and 12 months on Purchases; no annual fee, late fee or penalty rate
Featured Bad Credit Card
Top Features : Reports to all three credit bureaus, perfect credit not required for approval
Featured Fair Credit Card
Top Features : All credit types welcome to apply!