Overview

The rapid adoption of new technologies that allow us to stay more socially connected, while being able to manage our financial decisions on the go, continues to fuel the growth and evolution of the mobile person-to-person (P2P) payment market. Quickly disappearing are the days of using cash or checks to split the bill among friends out to lunch, especially with the advent of services such as PayPal.Me and Snapcash. The rise of mobile banking and social media, especially among Millennials, is giving consumers the ability to “talk and transact” in the same conversation for instant payments. The effort expended and cost of sending money has gone from “slow and planned” to “fast and furious.” And to the chagrin of many bankers, sending money person-to-person has also gone from expensive to cheap or free, forcing many in the industry to rethink how to make money from consumers. This report will examine the channel at the forefront of change in P2P, the mobile sector, and provide a forecast of mobile P2P users through 2020. It will also cover key segments, devices, and operating systems to target and will address the major market players and their impact on the overall mobile P2P market.

Primary Questions:

  • What is the definition of mobile P2P?
  • Who are the power users of mobile P2P?
  • What are the drivers behind the growth in mobile P2P?
  • Who are the key players in P2P, highlighting mobile-specific solutions?
  • How can P2P participants succeed?

Companies Mentioned:

Capital One Google U.S. Bank
ClearXchange J.P. Morgan Chase Venmo
Dwolla MoneyGram Wells Fargo
Facebook PayPal Western Union
FIS Snapchat  
Fiserv Square  

 

Methodology
  • A random-sample panel of 3,225 respondents collected online during July 2014.
  • A random-sample panel of 3,195 consumers collected online during July 2015.