Nearly 3 in 5 American Consumers Use P2P Services
A new report from Mercator Advisory Group has found that 57 percent of American consumers use person-to-person (P2P) payment services like Venmo, Google Wallet, Zelle and other services accessible online or in mobile applications.
The report, titled U.S. Consumers and Debit: Shift to Online May Inhibit Use, found that over half of surveyed American consumers use a P2P service at least once a month. Seventy-eight percent of consumers aged 18 to 34 use P2P services monthly, with over a quarter of young adults using the services it weekly or more often.
The report found that 46 percent of P2P users use the service at least monthly. Monthly usage of P2P services is higher among those that earn $75,000-$99,000 than average. Consumers who also use mobile wallets and young adults are the most likely to use the service daily, with 11 percent and 10 percent respectively.
The report is the latest in Mercator Advisory Group’s CustomerMonitor Survey Series. 3,011 U.S. adults were surveyed via online panel in June 2017. The full report is available from Mercator Advisory Group here.