P2P Is the New Social ‘Norm,’ BofA Says

Thanks to the likes of Venmo and (soon) Zelle, real-time, person-to-person payments are now an expectation for consumers.

In fact, P2P has become the new social ‘norm,’ Bank of America claims. According to the bank’s Trends in Consumer Mobility Report released today, nearly two in five (36%) adults currently use person-to-person payments, with millennials nearly double that rate at 62%. From the report:

For those who do not currently use P2P, 2017 is THE year, as nearly half predict they’ll use the service in the coming months. Baby boomers and Gen Xers are the most likely to do so.

Bill payments (45%) and gifts (42%) are among the most popular uses for P2P. When it comes to what consumers are paying each other back for, practicality tops the list, as many split shared bills (45%), in addition to shared expenses for gifts (42%) and travel (37%).

Convergys (an independent market research company) conducted a nationally representative online survey on behalf of Bank of America March 20 to April 1, 2017.

The report surveyed 1,005 respondents throughout the U.S., comprised of adults (18+) with a current banking relationship (checking or savings), who own a smartphone. An additional 407 panelists were surveyed that also use a person-to-person payments service. The full report is available here.

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