The ongoing development of the P2P payments market has continued its dramatic growth as the market players continue to evolve.
The past year has brought seismic changes, including new value propositions, such as in-app payments for products and services, and new real-time payment capabilities finally being offered or announced for 2017 launch, notably with ZelleSM.
In addition to the dramatic changes in the market landscape, we continue to see a broadening of the user base beyond its traditional passionate advocates, the Millennials (ages 18–34).
The adoption by Gen X and even Baby Boomers is beginning to have significant ramifications in how P2P services are offered, because of changes in how new users want to access and use P2P payments.
As new consumers embrace P2P payments, bringing the product into the mainstream, traditional FIs will play a larger role.
That is, Gen X and Baby Boomers have shown an interest in using services from their primary FIs in addition to the P2P services offered by FinTech startups and social media, typically favoured by Millennials. As the base of consumers using P2P services broadens, so does the range of providers.
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