75% of Millennials use P2P payment systems, and other generations are joining them

Person-to-person payment systems are becoming more accepted across all age groups, a survey by Zelle and its network operates Early Warning Services. Questioning 9,000 people, it shows 75% of Millennials, 69% of Generation X, and 51% of Baby Boomers use either mobile or online P2P payments.

Further questioning of those that use P2P systems revealed 49% of Millennials, 42% of Generation X, and 32% of Baby Boomers are using such systems at least once a week. P2P payments are used to pay for a wide-range of services, with the top cases being rent, meals, utility bills, and gifts.

Interestingly, the percentage split is reversed when asked about the user’s choice of service and whether it was influenced by their bank. 70% of Baby Boomers, 49% of Generation X, and 35% of Millennials said trust in their bank had been an influence. For Millennials, 68% said recommendations from friends and family was the prime reason for choosing a service.

Ravi Loganathan, Early Warning Services head of business intelligence said:

“Trust is at the heart of the consumer payment relationship. Our research showed that new segments of consumers engaged in a P2P payment for the first time because it was offered from their known and trusted mobile banking environment or it came recommended by friends, family, or peers.”

Zelle’s own P2P payment system is available through banking apps in the United States.

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Source

http://www.businessofapps.com/75-of-millennials-use-p2p-payment-systems-and-other-generations-are-joining-them/

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