Mobile P2P payments are reaching market maturity in the US as spending soars, but security challenges threaten to reverse gains. Providers are working to assuage consumer fears while adding a robust array of features to tighten user relationships.
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.
Key Question: How will providers respond to the mobile P2P market’s increasing maturity?
KEY STAT: High user penetration means P2P providers must diversify their growth strategies to shore up user relationships and drive spending.
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Report Snapshot
Mobile P2P users are reaching a critical mass, but untapped segments remain.
Growth in mobile P2P payment spending is outpacing adoption, as cash usage falls and new features multiply.
Industry leader Zelle could be constrained by a limited feature set and reputational challenges.
Venmo’s status in the zeitgeist is enhanced by new features, but its maturity has caused it to fall back.
Cash App can leverage parent company Block’s ecosystem to tap a unique base for growth.
PayPal is falling off the P2P growth curve—but it can still be a powerful supplement to PayPal’s more advanced features.
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Mobile P2P payments are reaching market maturity in the US as spending soars, but security challenges threaten to reverse gains. Providers are working to assuage consumer fears while adding a robust array of features to tighten user relationships.