To track consumer adoption, use, and attitudes toward digital payments, the study surveyed more than 9,000 U.S. consumers who own smartphones and have accessed online or mobile banking.

The study found that adoption and usage of digital person-to-person (P2P) payments are increasing among all generations, with consumers pointing to trust in friends and family and trust in their financial institutions as the primary reasons for engaging in a digital payment. Boomers ranked trust in financial institutions as the most important influence on engaging in a digital payment, while Millennials and Generation X ranked recommendations from friends/family/peers as their primary influence.

“Trust is at the heart of the consumer payment relationship,” said Ravi Loganathan, Head of Business Intelligence at Early Warning Services. “Our research showed that new segments of consumers engaged in a P2P payment for the first time because it was offered from their known and trusted mobile banking environment or it came recommended by friends, family, or peers.”


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