Mobile apps are changing the payments landscape, and P2P payments are no exception. In 2022, approximately 40% of U.S. P2P payments were made using a mobile device. At least half of consumers have access to a P2P service through their bank, and most consumers ultimately prefer to keep their P2P payment activity in their bank’s ecosystem. Yet, most P2P e-payment transactions are made through nonbank channels. Banks are missing the mark and not fully capitalizing on the opportunity P2P payments offer.
This report highlights key findings from Datos Insights’ 2023 U.S. P2P payments survey so that payment providers can better support their customers, grow their payment volume, and understand the competition looming on the horizon. The survey asked 5,895 consumers in the U.S. about their attitudes and preferences when giving, sending, or paying money to other individuals.
Clients of Datos Insights’ Retail Banking & Payments service can download this report.
This report mentions Apple, Block, Circle, Early Warning Services, Fiserv, Google, Meta (Facebook), PayPal, Walmart.
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