The latest Insight Summary Report from Mercator Advisory Group indicates that more than three-quarters of young adults aged 18–34 use person-to-person payment services such as PayPal, Venmo, Google Wallet and Facebook Messenger.
- 57% of all respondents and 78% of young adults aged 18 to 34 use person-to-person payment services
- 46% use a P2P payment service at least once per month whilst 28% use one at least weekly
The rise in use of online and mobile commerce may be shifting the payment methods used. We continue to see slight declines in debit card use as consumers are faced with an ever-increasing range of payment options which may circumvent debit transactions.