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