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P2P Payment Apps are booming in the US

The Article Summarized

EMarketer's predicts a strong growth  of the mobile peer-to-peer payment industry.

According to eMarketer's mobile banking and payment forecast, the number of mobile peer-to-peer (P2P) payment apps will continue to grow by double digits through 2021. This Year, the transaction value of mobile P2P payments in the US will reach $120.38 billion, a 55 percent increase. If this trend persists, this value is expected to double by 2021. In 2017, 63.5 million US adults will use a P2P payment app at least once a month. This corresponds to nearly a third (32.6%) of all smartphone users.

The introduction of Zelle

In particular, the introduction of Zelle - a network of over 30 banks (including the Bank of America and JPMorgan Chase) and credit unions that will allow banking customers to transfer money within the network – is expected to increase in the use of P2P payment- Apps. The network will be gradually introduced over the next 12 months.

The trend of P2P

A desire for convenience, on-demand payment and the widespread use of smartphones have driven the trend towards P2P Payment. A double-digit growth in users as well as volume of transactions is expected, as consumers familiarize themselves with mobile payments and as more players enter the market. This year, the total US proximity mobile payment transaction value is forecast to grow by 78.1% to 49.29 billion dollars. On average, users will spend $1026, surpassing for the first time the 1000 dollars mark.

Source:

https://www.emarketer.com/Article/P2P-Payment-Transactions-Exceed-120-Billion-This-Year/1016187?ecid=NL1002