Money transfers, like all other aspects of the payment industry, are going through a transformation. Consumers expect fast and ubiquitous connectivity between their own accounts and those of third parties, and many players are competing to make this a reality. This report looks at both the competitive landscape of financial institutions (FI) and non-FI players developing the money transfer businesses of tomorrow, as well as consumer adoption patterns relative to account-to-account (A2A) and person-to-person (P2P) transfers, providing a comprehensive view of supply and demand.
- What types of electronic channels do consumers use to make A2A and P2P transfers?
- What is the market sizing — including adoption and total dollars transferred — for each of the transfer channels?
- What channel options are likely to be most successful for P2P delivery?
- What is needed for consumers to fully adopt mobile P2P technology?
- Which players — established providers and new entrants — are changing the P2P transfer market?
The consumer data in this report is based on information collected from two Javelin surveys that targeted populations representative of the overall U.S. population in proportions of gender, age, and income:
- A random-sample panel of 5,641 respondents collected online in March 2013.
- A random-sample panel of 3,285 consumers with mobile phones or smartphones in July 2013.