US Mobile P2P Payments Forecast 2024

How Apps Attract Users in a Heavily Saturated Market

Report by Tyler Van Dyke  | May 28, 2024
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Executive Summary
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Table of Contents
Executive Summary
P2P transaction value growth will rapidly outpace user growth
Zelle is the uncontested leader of P2P apps
Venmo is using new features to retain users and spend
Cash App is trying to move upstream
PayPal is a mobile P2P also-ran
Sources
Media Gallery
About This Report
US P2P apps need to tap new uses and services to stay competitive, especially amid Zelle’s dominance. Here’s how each app sizes up and differentiates to attract younger generations.
Topics
Financial Services
Payments
United States
Table of Contents
Executive Summary
P2P transaction value growth will rapidly outpace user growth
Zelle is the uncontested leader of P2P apps
Venmo is using new features to retain users and spend
Cash App is trying to move upstream
PayPal is a mobile P2P also-ran
Sources
Media Gallery

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

Charts in This Report

US Gen Z P2P Payment Users, 2024-2028 (millions and % change)

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authors

Tyler Van Dyke

Contributors

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