The Quest To Kill Cash: How Peer-To-Peer Payments Apps Are Improving The Way We Pay

Using mobile devices to make peer-to-peer payments may not be a widely used service — yet. But they’re poised to take off phenomenally. The service may even pave the way for using your smartphone to pay in-store.

A peer-to-peer (P2P) payment is a payment made outside of a formal business context. Paying a babysitter or paying a roommate for your share of the rent are examples.

As they stand, peer-to-peer payments aren’t as easy as they could be. They are primarily made in cash or with a check, which means they are slow or require making a trip to an ATM or bank. But if you use the Venmo app, for example, to pay your roommate for your share of the rent, you can make the payment instantly whether you’re near or far, even if you don’t have a check or cash.

In a new report from BI Intelligence, we forecast the value of mobile P2P payment services to consumers is so great that they will see a meteoric rise in adoption in the next five years. We explain why businesses are offering mobile P2P services, how fast they are going to take off, and profile 10 companies that are making headway in the space.

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Here are some of the key takeaways from the report:

In full, the report:

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