The survey asked consumers what influenced them to try P2P payments. For millennials and Gen Xers, recommendations from family and friends were the highest driver of use.
Older users, though, said they were more likely to try a P2P if the service was offered by a financial institution that they already used. Some 70% of boomers said this was a key driver, compared with just 35% of millennials.
It's worth noting that the source of the survey, Zelle, is a network of large financial institutions, including Bank of America, Citi, JPMorgan Chase and Wells Fargo. Zelle allows banking customers to transfer money to others within a network of 30-plus US banks.
“One of the main hurdles new apps face is building trust and a sizable audience,” eMarketer forecasting analyst Cindy Liu said. “But Zelle has leapfrogged the early stages of adoption by having the benefit of being embedded into the already existing apps of participating banks.”