August 14, 2009
US consumer interest in P2P payments services on the increase – survey
US consumers increasingly demand simple, secure person-to-person (P2P) payment services, a recent survey indicates. Also, the research reveals that consumers prefer to get these services from their financial institutions, rather than via independent services such as PayPal.
The results further revealed an increasing use of online money movement services and a growing interest in mobile banking capabilities. According to the survey, which was conducted by online financial services provider CashEdge, online banking has become a mainstream application for consumers. As such, 81 percent of respondents currently access their financial institution online at least four times per month and 89 percent of interviewees express a desire to ultimately move all banking and financial transactions online.
Furthermore, consumers are seeking additional online money movement services, including the ability to transfer funds securely to friends or family. The CashEdge survey points out that 81 percent of respondents would use a P2P service if offered by their financial institution, while 77 percent of them would prefer to use a P2P service offered by their own financial institution over an independent online P2P service. Also, 73 percent of respondents felt that a P2P service offered through their bank would be more secure than an independent P2P service, while 69 percent of participants regard a P2P service offered via their bank as more convenient than an independent P2P service.
The CashEdge survey polled more than 850 US consumers aged 18 years and older who use online banking capabilities.