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Accenture Survey: P2P Gains Steam
Monday, November 16, 2015 6:40 AM

Peer-to-peer payments (P2P) are gaining traction with American consumers, with 46 percent of respondents having used the function, according to 2015 North American Consumer Digital Payments Survey from Accenture Consulting.

What’s more, 15 percent of consumers say that they make P2P payments regularly (at least daily and weekly), according to the report. With 42 percent of respondents still using checks for person-to-person transactions, there is opportunity to migrate more consumers to this new form of payment.

Awareness of mobile payments also continues to rise. Roughly 52 percent of respondents said they are “extremely aware” of mobile payments as an option—that’s up 9 percentage points since 2014.

The key to mobile adoption may be rewards. Roughly 79 percent said they would use mobile payments more often if discounted pricing or coupons were offered, and 78 percent would boost their mobile payments frequency if they were able to get rewards points.

Survey results revealed that 19 percent of U.S. consumers use their mobile phones regularly at merchant locations to make payments.

The growth of connected devices might also be a predictor of future mobile acceptance. The survey cited data that projects 50 billion connected devices in use by 2020. Every 1 percent of devices wired for payments means that there are between 250 million and 500 million “new initiation points” for commerce transactions.

Even with so many choices, consumers use traditional payment vehicles most often to complete transactions—for now. Sixty-seven percent of consumers report using cash most frequently. Consumers also commonly use debit cards (59 percent) and credit cards (50 percent) and checks less commonly (16 percent).

Year-over-year data reveal essentially flat growth in consumer preferences for using cash, debit cards and checks and a 5 percentage point-drop in consumers’ preferences for credit cards to 2015 from 2014.