SCOTTSDALE, Ariz. – A new study has found 50% of first-time P2P users are age 45 or older.
Early Warning Services, LLC, the network operator behind Zelle that conducted its second Digital Payments Adoption Study, said the results show older generations are giving P2P a try due to growing confidence and trust in digital payments.
Fifty-two percent of Generation X and 46% of Boomer respondents said they “trust” P2P payments, and are interested in using available solutions, the survey found. Seventy-six percent of Generation X and 74% of Boomers surveyed ranked “offered through a financial institution they use” as a top reason to trial P2P payments.
The study surveyed more than 1,500 U.S. consumers in Q4-2018 to measure consumers’ trial and usage of payment solutions.
“Consumers above the age of 45 are overcoming their skepticism of P2P and are beginning to trial digital payments as part of their changing mobile and online banking behavior,” said Ravi Loganathan, chief data officer at Early Warning. “Generation X and Boomers have a high degree of trust in their financial institutions. The increase in trial can be attributed to solutions, such as Zelle, being included within the banking apps these consumers are comfortable using.”
Early Warning Services reported consumers at more than 5,100 financial institutions are using Zelle for P2P, whether it’s through their financial institution’s mobile banking app, or by enrolling their debit cards in the Zelle mobile app. Currently, Zelle is available in the banking apps of more than 79 financial institutions, with 271 more under contract, the company said.