PaymentsJournal
SUBSCRIBE
  • Analysts Coverage
  • Truth In Data
  • Podcasts
  • Videos
  • Industry Opinions
  • News
  • Resources
No Result
View All Result
PaymentsJournal
  • Analysts Coverage
  • Truth In Data
  • Podcasts
  • Videos
  • Industry Opinions
  • News
  • Resources
No Result
View All Result
PaymentsJournal
No Result
View All Result

P2P Use All Hype?

Sarah Grotta by Sarah Grotta
October 13, 2017
in Analysts Coverage
0
mobile internet, biometric payments

mobile internet, wifi connection on smartphone in cafe

1
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn

Credit Union Times highlighted the results of a recent survey conducted by Austin, Texas-based financial software company Malauzai that concludes that bank person-to-person (P2P) transactions are not being adopted by bank customers, belying trends reported by other sources.  What is taking off, according to the same study, are account to account transfers (A2A) and mobile remote deposit capture.  Here’s a synopsis of the report findings:

“Person-to-Person payments are a huge disappointment,” Malauzai said in its “Monkey Insights” report published Wednesday. “This makes P2P a low-volume task coming in number 11 in the list of most-used digital banking features. Lots of hype and no results. Zelle, real-time, etc., none of it changes these metrics. The Venmo phenomenon continues to confound us bankers, as clearly it is growing, even if its average transfer value is sub $30. Different type of P2P but way more successful.”

Credit union members and other financial institution customers nonetheless still find value in mobile banking, according to the data. The average smartphone user logged into mobile banking 18 times a month and spent a minute and a half per session; desktop logins, on the other hand, were less than half of that at just 8.5 times on average for the month, though those users stayed on for just over five minutes. Members used “quick-balance” features, which let members see balances without performing a traditional login, 37 times on average during the month.

Without much knowledge of the composition of the study, it’s difficult to know how representative these finding may be of the market at large.  It is an interesting point, however, and bears consideration and comparison with other trends.  If financial institutions (FIs) consider P2P as the indicator of future, mobile transaction use like mobile payments, FIs may also want to consider A2A user trends as well.

Overview by Sarah Grotta, Director, Debit Advisory Service at Mercator Advisory Group

Read the full story here

Tags: P2P
1
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn

    Analyst Coverage, Payments Data, and News Delivered Daily

    Sign up for the PaymentsJournal Newsletter to get exclusive insight and data from Mercator Advisory Group analysts and industry professionals.

    Must Reads

    Why Businesses Need to Adopt Real-Time Payments as a Competitive Differentiator

    Why Businesses Need to Adopt Real-Time Payments as a Competitive Differentiator

    January 27, 2023
    faster payments

    Faster Payments Are Set to Revolutionize Modern Digital Payments

    January 26, 2023
    How AI can Help Manage Payments Risk in 2023

    How AI can Help Manage Payments Risk in 2023

    January 25, 2023
    cross-border payments

    How to Implement Effective and Innovative Cross-Border Payment Strategies

    January 24, 2023
    credit card experiences, digital payments, b2b payments

    Will Consumer-to-Business Payment Trends Drive B2B Global Growth in 2023?

    January 23, 2023
    Faster Payments Faster Identity Verification, connected car, payments

    2023 Predictions: Authentication, Digital Identity, and In-Car Payments

    January 20, 2023
    bank data

    Interconnectivity, Data Sharing, and Security Are Vital for Banks to Thrive

    January 19, 2023
    B2B Payments, cryptocurrency

    Crypto as a Practical Solution to B2B Payments

    January 18, 2023

    • Advertise With Us
    • About Us
    • Terms of Use
    • Privacy Policy
    • Subscribe
    ADVERTISEMENT
    • Analysts Coverage
    • Truth In Data
    • Podcasts
    • Videos
    • Industry Opinions
    • News
    • Resources

    © 2022 PaymentsJournal.com

    • Analysts Coverage
    • Truth In Data
    • Podcasts
    • Industry Opinions
    • Faster Payments
    • News
    • Jobs
    • Events
    No Result
    View All Result

      Register to download the Brighterion eBook - The power of today’s market-ready AI to reduce transaction fraud