Bank of America is out with its latest Bank of America Trends in Consumer Mobility Report, which finds that 36 percent of adults in the U.S. are using person-to-person (P2P) payment services, with millennials leading the charge at 62 percent.
In a press release highlighting results of the new report, Bank of America said 45 percent of people who aren’t using P2P payment networks said they plan to begin using the service within the next year.
“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,” said Michelle Moore, head of Digital Banking at Bank of America in the press release. “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.”
According to the report, Bank of America said that 68 percent of the people polled said they began using P2P because of the convenience and the time savings associated with this. Of the survey respondents, 48 percent citied influence from their peers, while 30 percent said they adopted the service because of new offerings from their banks and 16 percent citied a desire to do away with cash or checks.
What’s more, the survey showed that 69 percent of respondents said they pay others back within the same day, and one-third said they pay back their friends in under an hour. The survey showed 53 percent expect people to pay them back within 24 hours and 22 percent within an hour.
As for what people are using P2P services for, Bank of America said 45 percent are paying shared bills, such as utilities and rent, while 42 percent are using P2P for shared expenses from gifts, 37 percent cited travel and 35 percent named dining as the reason to use a P2P payment app.
For 51 percent of respondents, requesting $5 or less is ok, while 36 percent think that’s too low. The survey also found 44 percent are comfortable sending $1,000 or more, while 26 percent said there is no limit in the amount they will pay via a P2P app.