Voice-based Banking Expansion Leads to Increased P2P Payment Adoption
San Francisco, CA, February 11, 2017: The U.S. person-to-person (P2P) payment market in 2016 has experienced dramatic growth with almost $500 billion in P2P transactions from a bank, non-bank or money transmitter service. This market will experience further expansion over the next year, as the number of consumers conducting at least one digital P2P transaction in the past 12 months increased in 2016. Today, Javelin Strategy & Research released P2P Market Sizing and Introduction of Real-Time Payments, which explores the dramatic growth in P2P domestic market, driving forces that will continue to shape the evolution of this market, and opportunities for financial services and non-bank players.
More than 1 in 3 U.S. consumers in 2016 made a P2P payment either online or through a mobile device, demonstrating the broad appeal of these transfers. Javelin predicts this will reach 1 in 2 U.S. consumers by 2021, as 129 million people will have used a P2P service. To achieve almost 50% consumer adoption, Javelin sees several forces at play that will be catalysts for the P2P growth: voice-driven P2P services, higher usage of in-app payments and proximity payments, and greater availability of P2P.
“As voice-based banking comes to market, consumers will expect voice-based payment support as well. PayPal has already announced integration with Apple’s Siri for voice-based payments. This merely demonstrates a single steppingstone in the rapid evolution of P2P services over the coming 12 to 24 months,” notes Michael Moeser, Director of Payments, Javelin Strategy & Research.
The report, P2P Market Sizing and Introduction of Real-Time Payments, explores the domestic U.S. P2P (person-to-person) and the A2A (account to account) markets, how the market is evolving, user channel preferences, key uses of P2P, and desired new features.
Related JAVELIN Research
- Mobile P2P Payments in 2015: The Growth and Adoption of Mobile Money Transfers
- Can You Hear Me Now? Voice Banking Demand Running Ahead of Banks
- Banks Take The Lead In Voice To Avoid Becoming The Dumb Pipes Of Personal Finance Digital Banking
About Javelin Strategy & Research
Javelin is a research-based advisory firm that advises its clients to make smarter business decisions in a digital financial world. Our analysts offer unbiased, actionable insights and unearth opportunities that help financial institutions, government entities, payment companies, merchants, and other technology providers sustainably increase profits.