Peer-to-Peer Payments Research

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Peer-to-Peer Payments Research

Key Takeaways

Introduction

We have curated data to provide an overview on peer-to-peer (P2P) payments. This has included, but not been limited to the number of people that are utilizing P2P, the number of people accessing mobile peer-to-peer payment apps, how people are using P2P payment apps, any age cohort usage data, and any trust perceptions surrounding the adoption of P2P payments. We kept a United States focus for this aspect of the research.

We have also presented a competitive landscape for Venmo, PayPal, Cash App, Zelle, Google Pay, and Apple Pay. For each competitor, we have provided their main messaging and value proposition; what they offer [products and/or services]; 2-3 examples of their recent creatives; any partnerships within the last 12 months; links to any news/media/announcements made in the past 12 months; their market share only if it was publicly available and did not require a triangulation; and the number of users they have. We felt this was best presented in a custom Google spreadsheet for both ease of viewing and comparison. There are two tabs on this spreadsheet, as we decided to house the examples of their recent creatives separately. For these creatives, please refer to row 59 and onward for the source links to them. While the entire presentation can be viewed in the Google spreadsheet, we have provided three highlights below under the header: "Competitive Landscape: P2P Companies".

Finally, we turned to providing an overview surrounding peer-to-peer "super apps". This has included, but not be limited to, which companies are rolling out super apps, what they are and will be able to do, what consumers might be expecting from these super apps, and data surrounding super apps and how they evolved in China to how they are now coming to the west. For this part, we kept a global geographic focus. We want to note that we did see the comment left for this particular section asking for this to be kept to 10 hours or fewer. This section was only scoped to three hours. If a deeper understanding of "super apps" is required, we can certainly do that in any subsequent projects that might want to be kicked off. For now, this section should better inform the reader if this is required.

1] Peer-to Peer Payments

Number of People Utilizing P2P/Accessing Mobile P2P Payment Apps

  • OLS Payments Vice President of Sales & Marketing, Sumit Varshney, explains that "[c]onsumers are looking for more seamless and integrated financial services apps that allow many functions from the same app. They can pay for food, transportation, have banking accounts, enable P2P and use money management tools."
  • Five times more respondents, in an American January 2021 survey, revealed that they have at some point used PayPal than Apple Pay. Globally, PayPal's users, based on active registered accounts, continued to grow in 2020, rising nearly 24% year over year by the close of 2020.
  • In an April 2020 AARP study, 71% of U.S. adults stated that they are using P2P payment platforms. When it comes to the frequency of use, 24% report that they use them sometimes, 35% state they use them frequently, and 41% assert they use them rarely.
  • When examining racial cohorts, Black and Hispanic Americans are both more likely to frequently use P2P payment platforms than their White counterparts, [31%, 27%, and 22%, respectively]. On the other hand, White's and African Americans were more likely to assert that they rarely use P2P payment platforms than Hispanic Americans, [46%, 39%, and 30%, respectively].

Age Cohort Usage Data

How P2P Payment Apps are Being Used

Consumer Trust Perceptions

2] Competitive Landscape: P2P Companies

3] Peer-to -Peer Super apps

Data on Companies that are Rolling out Super Apps

Super App Capabilities

Super Apps: Consumer Expectations

China Super App Evolution

Research Strategy

For this research on peer-to-peer payments, we leveraged the most reputable sources of information that were available in the public domain, including the websites of the peer to peer payment competitors themselves, as well as reputable and credible sources such as eMarketer, Payments Dive, Tech Crunch, Pymnts, Bloomberg, EY, and Forbes.

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