There has been a proliferation of companies offering consumers the ability to make person-to-person (P2P) payments as demand has increased exponentially. The number of consumers making P2P payments is expected to more than double in the next five years. Companies are finding that offering P2P functionality in their existing apps enables them to significantly drive up active engagement in their main businesses. Currently, consumers can make P2P payments from a variety of mobile and online platforms ranging from social media to messaging apps in addition to dedicated money movement and banking apps. This scorecard report examines independent (not from a bank) mobile apps that can be downloaded from the Apple App Store and Google Play including Zelle, Venmo, Facebook Messenger, Popmoney, and more.
Key questions discussed in this report:
- Which is the best independent (not from a bank) mobile P2P app?
- Which mobile P2P app offers the best money movement functionality?
- Which features have emerged as “must-haves” for mobile P2P apps?
- What critical gaps remain in baseline P2P money movement functionality?
- How important is the ability to “find” contacts to send money to?
- Do most apps provide 24/7 phone or email support?
Companies Mentioned: Apple/Siri, Facebook, Early Warning Services/Zelle, FIS/People Pay, Fiserv/Popmoney, Google, Mastercard, MoneyGram, PayPal/Venmo, Snap, Square, Visa, Western Union
Six functional categories were evaluated to determine the best bank-independent mobile app. Javelin’s first annual P2P scorecard assesses 10 bank-independent (stand-alone) mobile apps in six categories. Each category was weighted according to an analysis of the factors contributing to customer satisfaction. The scorecard measures 102 features across six categories. Some of the features are compulsory by virtue of their widespread availability, and some are innovations that can set a provider apart from the pack. Categories included:
- Ease of Use
- Money Movement
- Account Opening
- Customer Service
- People & Social
- Security Empowerment
The first annual P2P scorecard examines bank-independent (stand-alone) mobile apps because they have been at the forefront of driving consumer P2P awareness and adoption. Users can download the mobile apps directly from both Google Play and the Apple App Store without having to sign up for an FI’s mobile banking app. The mobile apps examined in this scorecard are:
- Facebook Messenger
- Google Pay Send
- Popmoney (separate from the mobile banking app integration)
- Square Cash
- Western Union
- Zelle (separate from the mobile banking app integration)