In 2020, curiosity about peer-to-peer (P2P) payments escalated to necessity. As branches reduced services or closed doors and postal services were disrupted, the pandemic pushed even more consumers to digital solutions for sending and receiving money. The appetite for P2P, which has been growing steadily since smartphones hit the mainstream in the late 2000s, is only going to grow even more as branches and businesses return to normal operations.
P2P gives individuals the control and immediacy of an in-person cash transaction, plus the convenience of anywhere/anytime access. They mirror the low-friction experience of digital wallets, bypassing the need to dig for an account number or physical card in order to complete a transaction. And with nearly three-quarters of American consumers engaged with at least one P2P platform, they’re inching closer and closer to the goal of universal acceptance.
Here’s my take on five significant trends credit union leadership should watch in the months to come:
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