Overview
Person-to-person transactions are among the fastest-growing payment types in the U.S. A relatively recent creation, P2P products have seen explosive growth in the last decade, propped up by widespread access to smartphones, the adoption of P2P solutions by financial institutions (FIs), and higher levels of consumer confidence in digital transactions than ever before. Consumers value the speed and convenience of P2P, while concerns around the safety of online transactions have subsided and fees for peer-to-peer transfers have largely been eliminated
While adoption began slowly, recent years have seen truly remarkable growth in both the number and volume of person-to-person transactions, and the shift towards P2P is expected to continue for the foreseeable future. This viewpoint reviews the history of the U.S. market, examines the implications of the rise for other payment types, and offers projections for the future.
Interested In This Report
Related content
Cash Trends and Local Crime Drive Down ATM Volume
The humble ATM, once the center of the cash-disbursement universe, is facing a steady erosion in use. It has been battered by the pandemic—first, by an abrupt and permanent shift i...
How Pay-by-Bank Could Shake Up Payments
As older payment methods recede, pay-by-bank is emerging as a contender at the point of sale. It allows consumers to continue using the funds in their checking accounts, as they do...
Real-Time Payments at the Point of Sale
With the pending launch of the FedNow service in the United States, real-time payments (RTP) are poised to transform the way large numbers of Americans go about their transactions....
Make informed decisions in a digital financial world