Alkami Telemetry Data – Peer-to-Peer Payments (P2P)
Peer-to-Peer Payment (P2P) adoption is growing, fast.
Source: The 2023 Alkami Data Telemetry Report: State of the Industry℠, Emerging Financial Institution Opportunities in an Uncertain Economy / “The Definitions of “Money” and “Payments” Continue to Evolve” page 11.
What we’re seeing: Alkami telemetry confirms P2P is a growing, common trend that is becoming the norm, with both transactions and user adoption growing by 400 percent from 2018 to 2022. There is no material difference in average transaction by age cohort. While younger age ranges have higher penetration, adoption is healthy among those in their 50s and 60s.
Takeaway: Peer-to-Peer payments are becoming more commonplace, among all age groups.
Call to action for FIs: Account holders want a fast and secure way to send money to a private party of their choosing. If an FI is not offering it as part of their digital experience, then there is a risk the account holder will take their business elsewhere.
Download Our 2023 Alkami Data Telemetry Report: State of the Industry℠, Emerging Financial Institution Opportunities in an Uncertain Economy”