Friday 12 May 2017

More than a third of US consumers (36%) are now using person-to-person (P2P) mobile payment services, with millennials leading the way at nearly double that rate (62%), research released by Bank of America reveals. 45% of non-users plan to start using a P2P mobile payment service within the next year.

Graph showing adoption of P2P payments by age group
ADOPTION: BofA contends that P2P mobile payments are now so popular they are ‘the new social norm’

68% of the 1,005 respondents surveyed started using P2P services due to convenience and time savings, followed by peer influence (48%), new offerings from banks (30%) and a desire to no longer use cash or checks (16%), the findings show.

In sending payments to others, nearly half would be comfortable sending US$1,000 or more using a P2P mobile payments service.

“Technology is developing faster today than at any time in history, and our newest report demonstrates how consumers are embracing emerging technologies to make sense of their financial lives,” says Michelle Moore, head of digital banking at Bank of America.

Bank of America now has more than 22m active mobile banking users, and its customers made more than 29m mobile bill payments and nearly 9m P2P payments during the first quarter of this year.

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