The use of mobile peer-to-peer (P2P) payment apps such as Venmo in the US will continue to grow by double digits through 2021, according to eMarketer’s latest mobile banking and payments forecast.
The transaction value of US mobile P2P payments will grow 55.0% this year to $120.38 billion. This figure is on pace to double by 2021.
In 2017, 63.5 million US adults will use a P2P payment app at least once a month, equating to nearly one-third (32.6%) of smartphone users.
This year in particular, use of P2P payment apps is expected to grow considerably with the rollout of Zelle—a network of more than 30 banks (including Bank of America and JPMorgan Chase) as well as credit unions that will allow banking customers to transfer money to others within the network. It will be rolled out over the next 12 months. Read the rest at eMarketer.