As technology becomes more pervasive in everyday routines, more people are utilizing person-to-person (P2P) payments.
According to Bank of America’s latest research, Bank of America Trends in Consumer Mobility Report, millennials are leading the charge in pushing for digital P2P payments via mobile apps.
Here are the numbers:
36 percent | Percentage of U.S. adults using P2P payments
62 percent | Percentage of P2P payments stemming from millennials
45 percent | Percentage of people surveyed who aren’t currently using P2P payments but are planning to within the next year
68 percent | Percentage of people citing convenience for use of P2P payments
69 percent | Percentage of respondents who pay others back within 24 hours