Peer-to-peer (P2P) payment apps are nearly ubiquitous in the US, and each is trying to craft a compelling use case to attract younger generations. Our forecasts size up each app by volume and number of users and explore how they’re competing for P2P spend.

Key Question: What attracts users to each P2P app, and how are apps preparing for the brief window to capture younger consumers’ loyalty?

Key Stat: Nearly three-quarters of US smartphone users will send money over P2P payment apps by 2028, per our forecast. Attracting Gen Z and Gen Alpha will be critical for apps to keep growing in such a saturated market.