Boston, August 20, 2012 – A new report from Aite Group sizes U.S. online banking and bill pay person-to-person transactions for 2012. Based on a Q2 2012 Aite Group survey of 1,115 U.S. consumers, this report splits the online banking and bill pay channel into separate channels for online banking, online bill pay, mobile banking, mobile bill pay, tablet banking, and tablet bill pay.
Whether they realize it or not, nearly all U.S. consumers are involved in P2P transactions. Such transactions, which include splitting a restaurant check and giving a cash birthday gift, amount to nearly US$900 billion in P2P transactions each year. When it comes to using a financial institution’s online, mobile, or tablet banking or bill pay capabilities for these dealings, only about one in six U.S. consumers made a P2P transaction in the first three months of 2012. Why don’t more consumers use electronic forms of payment when making P2P transactions? It’s not for lack of awareness about alternatives to cash and checks; more likely, these consumers don’t use mobile, find cash more convenient, or want to avoid a fee.
“Adoption of electronic P2P payments isn’t keeping pace with the adoption of other technologies,” says Ron Shevlin, senior analyst with Aite Group and author of this report. “One in five U.S. consumers now banks via the mobile channel, yet the growth rate for online and mobile P2P is dismal compared with opportunities such as e-commerce and new economy disbursements."
This 15-page Impact Note contains 11 figures and one table. Clients of Aite Group’s Retail Banking service can download the report by clicking on the icon to the right.