US Mobile P2P Payments Forecast 2024

How Apps Attract Users in a Heavily Saturated Market

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.

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Table of Contents

  1. Executive Summary
  2. P2P transaction value growth will rapidly outpace user growth
  3. Zelle is the uncontested leader of P2P apps
  1. Venmo is using new features to retain users and spend
  2. Cash App is trying to move upstream
  3. PayPal is a mobile P2P also-ran
  1. Sources
  2. Media Gallery

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Tyler Van Dyke


Suzy Davidkhanian
VP, Content
Iwona Drapala
Senior Forecasting Analyst
David Morris
Principal Analyst

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