PayPal leads booming US P2P payments market
(27 August 2019 - United States) The peer-to-peer (P2P) payments market is booming in the United States, with consumers sending each other billions of dollars through digital apps.
Digital payments are taking off in the US as consumers become more comfortable transferring funds to friends, family, and co-workers through digital apps.
Zelle and rival Venmo, owned by PayPal, are the leading players however others including Square Cash are building a larger presence. They are in a highly competitive battle to grow their customer base and become the leader in the industry.
As of the end of 2018, there were more than 80 million mobile phone P2P payments users in the US, representing more than 33 percent of mobile phone users. That figure is forecast to surpass more than 90 million by the end of 2019 according to eMarketer. By the end of 2022, eMarketer predicts over one in two mobile phone users will have made at least one P2P payment within the past month, predominantly driven by millennials.
“The change we are announcing is one that is intended to focus our efforts where we see consumer behaviour trending and merchants investing. We see our biggest opportunity in working with merchants to provide easy payment solutions for customers through the Chase Pay button online and directly in merchant apps, which has seen double-digit growth for the last three years” stated Head of Chase Pay, Eric Connolly.
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