Nearly 3 in 5 American Consumers Use P2P Services
2-6-2018
A new report from Mercator Advisory Group has found that 57 percent of American consumers use person-to-person (P2P) payment services like Venmo, Google Wallet, Zelle and other services accessible online or in mobile applications.
The report, titled U.S. Consumers and Debit: Shift to Online May Inhibit Use, found that over half of surveyed American consumers use a P2P service at least once a month. Seventy-eight percent of consumers aged 18 to 34 use P2P services monthly, with over a quarter of young adults using the services it weekly or more often.
The report found that 46 percent of P2P users use the service at least monthly. Monthly usage of P2P services is higher among those that earn $75,000-$99,000 than average. Consumers who also use mobile wallets and young adults are the most likely to use the service daily, with 11 percent and 10 percent respectively.
The report is the latest in Mercator Advisory Group’s CustomerMonitor Survey Series. 3,011 U.S. adults were surveyed via online panel in June 2017. The full report is available from Mercator Advisory Group here.
About ETA
The Electronic Transactions Association (ETA) is the world’s leading advocacy and trade association for the payments industry. Our members span the breadth of significant payments and fintech companies, from the largest incumbent players to the emerging disruptors in the U.S. and in more than a dozen countries around the world. ETA members make commerce possible by processing approximately $56.75 trillion annually in purchases and P2P payments worldwide and deploying payments innovation to merchants and consumers.
ETAs membership spans the breadth of the payments industry to include independent sales organizations (ISOs), payments networks, financial institutions, transaction processors, mobile payments products and services, payments technologies, and software providers (ISV) and hardware suppliers. For more information, visit electran.org.
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