Trends in social payments: Why Venmo leads the way with millennials

The race to the top of the mobile P2P payments market is on. In fact, global research firm Ovum projects that the value of mobile P2P transfers will reach $270.93 billion worldwide in 2019.  According to Ken Research, P2P transfers will emerge as one of the two fastest growing segments of U.S. fintech between now and 2020.

“We are entering a shake-out year for mobile P2P payments as many powerful entities both within and outside the banking industry scramble for market share,” said Tom Brennan, Senior Product Manager for CO-OP Financial Services. “And one of the fastest growing technologies within this space is the social payment – especially among millennials.”

Research by First Annapolis finds that mobile payment adoption is, in fact, highest among millennials today, with 82 percent of survey respondents under the age of 35 reporting that they had made a mobile payment – and 37 percent reporting that they had made a P2P transfer.

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