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US mobile peer-to-peer (P2P) payments have reached a critical mass, and spending is surging—but the media’s 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’ primary wallet.

Visa+ will connect Venmo and PayPal before expanding to other wallets. Here's what it means for P2P apps.

Customers can transfer PYUSD between PayPal and external wallets, send peer-to-peer (P2P) payments, use it for purchases at checkout, and convert supported cryptocurrencies seamlessly. This move also strengthens PYUSD’s role in cross-border transactions by enabling faster, cheaper, and more stable global transactions. Crypto debit card usage will grow, enabling seamless crypto-to-fiat spending.

While this base uses Venmo mostly for peer-to-peer (P2P) purchases, the app is quickly growing its buy button’s base: The number of monthly active Pay with Venmo users shot up 20% YoY in Q3. Adding Venmo as a payment option can boost JetBlue’s appeal among younger consumers: 45% of millennials and 42% of Gen Zers use Venmo, per a March 2023 survey from The Motley Fool.

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—making the most of a population that doesn’t yet have strong P2P brand loyalty.

Respondents cited the most interest in faster payments for peer-to-peer (P2P) and bill payments. Interest in faster payments is also exploding for business-to-business (B2B) payments. Real-time payments support between 60% and 70% of domestic B2B transactions in the US, according to Melio.

In addition to offering peer-to-peer (P2P) payments, Visa CEO Ryan McInerney also said the solution will help X creators get paid faster. The companies are also working on other use cases. What’s next? Visa is preparing to launch account-to-account (A2A) payments in Europe early this year. The initial use case is bill pay, but it will expand to other payment types in the future, McInerney said.

Customers can use the stablecoin for P2P payments between PayPal, Venmo, and third-party wallets and for fee-free remittances via Xoom. While PayPal has not released any of its own data on the stablecoin, so far, adoption seems to be minimal. PYUSD’s market cap is $503.23 million, per CoinMarketCap, making it the seventh-largest stablecoin.

Max adds new paid sharing feature with profile transfer tools: As inflation rises, Max bets on flexibility over price hikes to reduce churn and increase retention.

Budgeting concerns, high interest rates, and other factors are pushing the generation to alternatives.

Peer-to-peer (P2P) recommendations carry more clout than influencer partnerships. Independent comments, reviews and ratings, and friends’ posts and recommendations are more likely to drive conversion than endorsements from content creators and influencers, per Retail Economics and TikTok.

All of these launches are part of Apple’s push to improve the functionality of the Apple Cash Card and to grow its peer-to-peer (P2P) payments share after rival Google Wallet ended its P2P service. Our take: The change in payments strategy reflects Apple’s larger approach to focus more on outsourcing services through partnerships rather than building the infrastructure in-house.