PLEASANTON, Calif.—One forecast is calling for the rapid rise of person-to-person (P2P) payments in the United States.
A study from Javelin Strategy & Research indicates that one in two Americans will use P2P by 2021.
The projected increase comes as P2P, until recently, has struggled to meet expectations, as many banks and credit unions have rolled out the service in the last few years only to see slow adoption.
From 2013 to 2015 adoption rose only five percentage points (25%-30%), but in 2016 usage increased to 34% by year’s end. Javelin expects the number to grow to 44% by 2019 and then to 49% by 2021.
The company also shared that the number of consumers who have made at least one P2P transaction in the past 12 months by mobile phone or PC/laptop has grown from 74 million in 2015 to 84 million in 2016, a jump of 13.5%.
“P2P penetration has now surpassed one in three consumers (34%), highlighting the broad appeal of such money transfers,” the company said.
As CUToday.info has reported, the introduction of Early Warning’s Zelle Network, which allows same day settlement for P2P providers, is expected to boost P2P usage.