The advent of Venmo and now Zelle is having a huge impact on peer to peer payments mobile payments according to a recent study by eMarketer.
The report, which was released late last week, shows an increase of 39.5% in P2P mobile payment users in 2017. The report suggests that by 2021 about 52.1% of smartphone users in the U.S. will send and receive money through their devices at least once per month.
Further, the report shows that Proximity Mobile Payment, which can be defined as payments made to a merchant through a mobile device, has increased by 78.1% to $49.21 billion in 2017.
According to the report:
In 2017, US consumers will use their phones to pay for nearly $50 billion worth of goods and services at a physical point of sale. This figure will continue to grow by double digits through 2021, when the value of US proximity mobile payment transactions will reach roughly $190 billion.
Read more here.