Payment Apps Are Quickly Changing How We Transfer Money To Each Other, And Around The World

A new generation of apps is introducing millions of consumers to the idea of using their phones as payment tools.

This is especially true in the context of peer-to-peer payment transactions. These include money transfers between friends and family, international remittances, and even fees and wages paid to independent workers. Globally, the market is well over $US1 trillion.

In a new report from BI Intelligence, we explain why mobile peer-to-peer (P2P) payment apps offer consumers significant advantages over cash and check transactions. They make transferring money faster, less expensive, and more precise. They also reduce the hassle of going to a money transfer agency, remembering a checkbook, or finding an ATM.

We also profile 10 of the most exciting P2P payment apps and explain how they may serve as the bridge to wider use of smartphones to complete in-person “walletless transactions,” at stores and restaurants.

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Here are some of the key takeaways from the report:

In full, the report:

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