Peer-to-peer payments in the U.S. 2023 | Statista (2024)

FAQs

What percent of Americans use P2P payments? ›

Recent surveys by Consumer Reports have documented how widely P2P payment services are used in the U.S. Well over half of Americans (64 percent) use a P2P payment app for payments to and from individuals, including four out of five (81 percent) of the 18 to 29 age group, according to a March 2022 nationally ...

Peer-to-peer (P2P) payments are increasing significantly in the US, driven by tremendous growth from Venmo and Zelle. eMarketer's latest estimates show that P2P mobile transactions will total $309.95 billion this year, growing 27.9% to hit $396.48 billion in 2020.

We forecast 169.6 million US consumers will use a mobile P2P payment app this year—that's 68.1% of smartphone users. By 2028, nearly three-quarters will use these apps. Amid high penetration, user growth will slow from a 6.7% increase in 2024 to just 2.9% in 2028.

Four in ten Americans (40%) say they use P2P services at least once a month; 18% use them at least once a week. Three in ten (31%) have never used P2P services.

Sharing work or media through a peer-to-peer (P2P) network is legal if you own the copyright, thus you own the right to determine if and how that work is distributed. For example, you can write and produce an original song and make it available for others to download for free through a P2P file sharing program.

Latest P2P payment statistics

The popularity of these services is evident in the market valuation, underscoring the widespread adoption of this technology. The global P2P payment market was valued at USD 2.21 trillion in 2022 and is expected to hit around USD 11.62 trillion by 2032.

The global peer to peer (P2P) lending market size was estimated at USD 110.9 billion in 2023 and is projected to hit around USD 1,168.1 billion by 2033, growing at a CAGR of 26.6% from 2024 to 2033.

We asked U.S. consumers about "Biggest e-commerce payment brands" and found that "PayPal" takes the top spot, while "Skrill" is at the other end of the ranking. Find this and more survey data on most used online payments by brand in our Consumer Insights tool.

Lenders for P2P loans may be enticed by the high returns they can make compared to other investing options. Typical returns for P2P investors per year average at about 5 percent to 9 percent while some investors see 10 percent or more returns.

What is the future of P2P commerce? ›

The peer-to-peer (P2P) marketplace ecosystem is estimated to be valued at US$ 1,526.2 million in 2024. The peer-to-peer (p2p) marketplace market is predicted to rise at a CAGR of 18.7% from 2024 to 2034. The global peer-to-peer (p2p) marketplace is anticipated to reach US$ 8,474.8 million by 2034.

Low entry cost: You do not need huge investments to start building your P2P lending portfolio. The entry-level price is low, and a new investor can begin with as little as INR 50,000 to INR 1 lakh and slowly increase their portfolio size.

Zelle is a P2P payment app created by a consortium of US banks. It's popular for its speed and wide availability. Zelle is available through a number of banks and credit unions in the US. Signing up for Zelle, users need to provide their bank account information.

The global P2P payments market size was worth USD 2,219 billion in 2021. It is expected to reach USD 8,078.81 billion by 2030, growing at a CAGR of 17.53% during the forecast period (2022–2030).

It's also important to know that, even though they may be associated with your bank account, no fraud protections exist on P2P apps. Once you press send it's virtually impossible to get your money back. Impersonation scams: Criminals often persuade victims to send money by pretending to be someone they're not.

84% of consumers have used P2P services; among users, 44% utilize P2P services at least once a week. PayPal — the spearheader of P2P payments — is the most popular service among consumers (84%), followed by Venmo (49%). Amid a jump in popularity, security and fraud concerns put P2P users at risk of losing money.

According to a 2022 survey, the share of consumers who have ever used a P2P app is significantly higher for younger generations (85 percent for those age 18–29 and 30–44) than for older generations (64 percent for those age 45–59 and 38 percent for those age 60 or over) (Consumer Reports 2023).

General P2P Payment Statistics

More than 159 million U.S. residents are expected to make at least one P2P mobile payment in 2023. That means more than 47% of the country's population is planning to or has used a P2P payment service.

Peer-to-peer, or P2P, loans are funded by private investors. This makes them popular with small businesses, individuals who may not fit the traditional mold for a loan and investors looking to diversify their portfolios.