Person-to-person (P2P) payments have revolutionized the way consumers exchange money, with the number of users growing exponentially. Once a nice-to-have, digital P2P payments have become a must-have solution for financial institutions.
Taking the industry by storm: The adoption of P2P applications is growing at rates U.S. retail banking has not seen since the rush to launch debit cards in the late '80s and early '90s.
of U.S. consumers
made an electronic
P2P payment in 2017
volume expected to reach
$261 billion by 2019
By 2020, 2 out of 3
adults will use a P2P
Sources: Digital Person-to-Person Payments in the U.S., Aite Group, 2017 | P2P Market Sizing, Javelin, 2017
Mobile made all the difference.
Though P2P payment technology has been around for more than a decade, its recent popularity was spurred by the adoption of mobile phones and tablets.
Source: P2P Market Sizing, Javelin, 2017
Percentage of consumers who have used online or mobile P2P payment solutions by generation:
Source: Digital Tracker Study, Early Warning Services, LLC, July 2018
Source: Zelle Network
Number of revenue-producing services at primary financial organization
Source: Expectations & Experiences: Consumer Payments, Fiserv, 2017
Zelle not only benefits consumers, but financial institutions as well.
Ubiquity for consumers
Customer retention and attraction
Website and mobile app monetization
Turnkey Service for Zelle
Reduces implementation complexity and delivers fast time to market
Built and enabled P2P payments for more than 2,600 financial institutions
Digital money movement specialists
30 billion digital payments annually and more the $75 trillion moved annually
Risk management expertise
Best-in-class tools and practices
Implementation timing may vary by financial institution
Zelle and the Zelle related marks are wholly owned by Early Warning Services, LLC and are used herein under license.