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When a college kid pays a friend back for that concert ticket or Uber ride, where does that money go?
When it comes to digital payments overall, our Koski Research Future of Money Study shows that the general public predicts that they will be moving toward digital payment apps—rising from 4% today as their number one payment method to 23% in five years.
Our research also shows high usage of peer-to-peer (P2P) payment apps (e.g., PayPal or Venmo being used to pay an individual) among the general population. We found that 66% of the general population surveyed report using P2P apps. P2P usage is often social – for gifts, paying someone back, or splitting costs.
Millennials are leading the charge when it comes to money going digital. Almost all Millennials in our study (96%) report using P2P payment apps, compared to nearly 90% of Millennials who report using general digital payment apps.
What’s more, one in ten (11%) of Millennials say they use PayPal or Venmo accounts for their savings—not traditional savings, checking, or investment accounts. So, money received in P2P accounts often stays in P2P accounts.
Our research validates what we see every day, money is going digital. And in large numbers. Whether it’s paying bills or splitting the cost of dinner with friends, more and more people are engaging with their money digitally. As money and spending become more digital, how are you engaging your customers?