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.
Learn More About This Report & Javelin
Related content
Eco-Focused Payment Cards: It Pays to Be Green
As financial institutions and card issuers increasingly embrace sustainable practices with their card programs, they’re also finding a way to engage their customers with innovative...
Room for One More? Global Real-Time Pay-by-Bank Lessons for the U.S.
Pay-by-bank solutions go by a lot of names—bank transfer, bank-to-bank transfer, direct account payment, direct debit, and more—but one thing is clear: When they are ubiquitous, in...
Get Out Your Wallet: Gen Z Debit Payment Preferences
Generation Z—those born from 1997 to 2012—is coming of age and moving steadily toward greater financial maturity. Members of this generation differ from their elders in significant...
Make informed decisions in a digital financial world