Bank of America trends report finds P2P payments are a new social norm

Bank of America Trends
“Technology is developing faster today than at any time in history"

Bank of America Trends in Consumer Mobility Report exploring emerging payments trends finds mobile person-to-person payment technologies proliferating rapidly, especially among millennials

The latest Bank of America Trends in Consumer Mobility Report into emerging payment trends has found that 36 percent of adults currently use mobile P2P payments, with millennials leading the pack at 62 percent. What’s more, 45 percent of consumers said that they plan to start using mobile P2P payments within the next year.

The survey also found that 68 percent of users started using P2P for convenience and time savings. This was closely followed by peer influence at 48 percent, new offerings from banks at 30 percent and a desire to no longer use cash or checks at 16 percent. Commenting on the report, Michelle Moore, Head of Digital Banking at Bank of America, stated,

“Technology is developing faster today than at any time in history, and our newest report demonstrates how consumers are embracing emerging technologies to make sense of their financial lives.”

“We were among the first institutions to integrate the features of Zelle this year, and we look forward to developing new innovations that anticipate our customers’ ever-changing needs in the payments space,” she continued.

Other insights from the Bank of America Trends in Consumer Mobility Report include –

  • 45 percent of consumers use P2P for shared expenses surrounding bills, followed by gifts (42 percent), travel (37 percent) and dining (35 percent).
  • 51 percent of P2P users believe requesting payment from others for $5 or less is socially acceptable, and 36 percent claim no amount is “too low.”
  • 71 percent of consumers believe children under the age of 10 won’t know how to write a check, 42 percent believe they won’t use physical credit cards, and 36 percent think they will only shop on their smartphones.

Report here [bankofamerica]



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