As Use of Wallets for In-Store Payments Disappoint, P2P Payments to Surpass $120 Billion in 2017

NFC TIMES Exclusive Insight – Research firm eMarketer predicts that mobile peer-to-peer payments in the U.S. will grow by 55% to more than $120 billion in 2017, an amount that is expected to double by 2021.

On the other hand, while use of mobile proximity payments will also continue to grow, because of “long-established use of credit cards in the US, mobile payments will not see widespread adoption in the near future,” said the firm.

The firm charts a considerable growth in P2P payments app usage this year. It believes that 63.5 million adults, representing one-third of smartphone users in the U.S., will use a P2P payments app at least once a month this year. The firm said the rollout of Zelle will be a key contributor to the increase in the use of P2P payment apps. Other apps contributing include Venmo and Square Cash.

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