Peer-to-peer (P2P) payments have grown increasingly popular in the past several years. This is especially true for younger consumers, who prefer a digital-first payment experience. At least half of millennial and Generation Z consumers say they use P2P payments for both in-store and online purchases. Forty-nine percent of organizations say they support P2P payments for their customers.
With increased adoption come raised expectations for what a P2P app should offer, with seamlessness and convenience emerging as consumers’ top priorities. Firms seeking to implement or improve P2P apps must ensure that their products deliver exceptional experiences, provide robust protections from fraud and adhere to regulatory standards.
The “Money Mobility Tracker®” explores the popularity of P2P payment apps, especially among younger consumers, highlighting the challenges firms face when implementing these services to balance smooth user experiences with strong regulatory compliance.