Younger Consumers Drive Surge in Peer-to-Peer Payments App Popularity

Money Mobility Tracker®: Peer Pressure: Balancing Convenience With Compliance in P2P Payments

P2P payment apps are growing increasingly popular, particularly among consumers ages 18-41, who are utilizing these apps more than ever to manage their spending, for both in-store and online purchases. However, as highlighted in the latest “Money Mobility Tracker®,” a collaboration with Ingo Payments, firms seeking to implement or improve existing P2P apps to meet the rising demand will need to balance the requirement for smooth user experiences with regulatory requirements.

Inside the March Tracker
  • P2P payment apps are growing increasingly popular thanks to their ease of use and versatility.
  • Consumers have distinct preferences and dislikes regarding the apps they use, yet P2P payment providers often overlook them.
  • P2P payments are certainly convenient for consumers, but like all digital transactions, they need to comply with government regulations.