We are pleased to share findings from our latest Trends in Consumer Mobility Report, exploring emerging payments trends – specifically person-to-person payment technologies (P2P) that allow consumers to send money to others via their mobile device.
This spring’s report finds the exchange of funds through P2P is the new social ‘norm’, ultimately replacing the IOU. While millennials are spearheading the charge of adoption, use spans generations, genders and lifestyles. This growth is expected to increase drastically in the coming months, with its real-time speed, social use and new offerings as the top reasons to start using the service.
Beyond where, when and how consumers are using P2P, the survey gauges payment etiquette among social circles for sending and receiving requests, and the forward-
looking implications on how it’s changing the construct of the financial landscape. Due
to its widespread growth, Americans increasingly question if the youngest members of Generation Z will grow up in a world without cash, checks and cards in their traditional form.
At Bank of America, we recognize the importance of an open, real-time payments experience and how the advent of new technologies will transform the pace of money
to make customers’ financial lives better.