蘑菇AV

The number of mobile peer-to-peer (P2P) payment users in the US is growing, reaching nearly three quarters (74.4%) of US smartphone users by 2028, per our forecast.

The P2P payments space is deeply entrenched by competitors that have large networks of loyal users

It opened up its ecosystem and seemingly gave up its grand financial services ambitions. But it鈥檚 still a major payments player.

US mobile peer-to-peer (P2P) payments have reached a critical mass, and spending is surging鈥攂ut the media鈥檚 spotlight on fraud has stoked consumer concerns, threatening user and spending growth. In 2023, providers will tackle the security issue head-on as they aim to become consumers鈥� primary wallet.

This feature will help Venmo catch up to other P2P apps and bring in more frequent users.

Weaker discretionary spending would curb payment volume for Square sellers and potentially lower adoption of Cash App鈥檚 crypto services.

Why this matters: 蘑菇AV 63% of Gen Z credit card users have switched to another payment method, per Cash App Afterpay. Gen Zers are trading down to debit cards or other alternatives like buy now, pay later (BNPL), potentially eroding payments volume, swipe fee revenues, and interest income for issuers.

Gen Zers are driving growth in both emerging and traditional payment methods as they embrace cards, BNPL, and digital wallets. Payment providers must now align their offerings with Gen Z鈥檚 preferences as the cohort鈥檚 spending power grows.

Just a third of adults in Canada will use mobile peer-to-peer (P2P) payments this year, and adoption will barely grow through 2027. Mobile banking apps and digital wallets must rethink their strategies to capture P2P users鈥攎aking the most of a population that doesn鈥檛 yet have strong P2P brand loyalty.

The rule would require larger payment apps to be regulated like banks. Ending this rule would be a win for Apple Pay and Google Wallet

It鈥檚 a major win for the P2P player as the Trump administration dismantles the agency

Starting March 23, Chase will 鈥渄elay, decline, or block鈥� payments using its discretion and may also request more information when consumers add a payment recipient to Zelle. Chase said Zelle was never intended to be used as a payment mechanism for buying things on social media. It鈥檚 designed to send money between trusted friends and family members.

Zooming in on Cash App: Services outside of Cash App鈥檚 popular peer-to-peer (P2P) payments product were key growth drivers this quarter. The number of Cash App Card active users increased 11% YoY, totaling 24 million. And spend per active user also increased on a yearly basis.

Fraud concerns aren鈥檛 slowing down the P2P player as its growth outpaces peers

Two US payment systems鈥擣edNow and the RTP network鈥攁re driving real-time payments growth. New features, industry innovation, and emerging use cases will help them overcome implementation hurdles.

Leading cash-back credit cards need to drive acquisition in a cutthroat segment of the card market. Our exclusive consumer survey data reveals which emerging features issuers should invest in to win over customers.