Consumer Awareness of P2P Services Jumps, Study from TRANSACT Exhibitor TSYS Finds
The latest Consumer Payment Study from TSYS, an ETA member and TRANSACT exhibitor, has found that peer-to-peer payments services like PayPal’s Venmo and Square’s Cash app have jumped in both awareness and usage.
According to the report, the portion of survey over 1,200 American respondents who reported using a P2P payment service jumped from 29 percent to 44 percent over the last year. Similarly, awareness of P2P payment services increased 8 percent over last year, reaching 81 percent.
Mobile platforms for payments are increasingly popular. Two in three respondents are interested in using their mobile phones to redeem loyalty or rewards points for immediate discounts in purchases, and consumers expressed preference for digital day-to-day account management on their mobile devices. For example, the share of consumers who prefer to text messages for receiving alerts about potential unauthorized use of their cards doubled from 20 percent to 40 percent between 2015 and 2019, and 61 percent are interested in receiving alerts on their phones each time their card is used to make a purchase.
Notwithstanding these preferences, human-to-human interaction still won the day for dispute resolution and customer service. Seventy-two percent of those surveyed prefer calling customer service to talk to a representative, up from 63 percent last year, the study found.
“Americans are demonstrating a strong appetite for digital technologies, especially mobile channels, when it comes to how they bank and make payments,” said John Dale Hester, Senior Vice President of Relationship Management at TSYS, in a press release. “But that willingness to adopt the latest technology has its limits. When people encounter a problem with a payment card, most still want to interact with a real person.”
TSYS will be exhibiting their payments technologies at TRANSACT, the world’s largest payments technology event, next week. TSYS Senior Executive Vice President and President of Merchant Solutions Philip McHugh and TSYS President of Integrated Solutions Henry Helgeson will also give an M&A Spotlight panel on the SecureTrust Main Stage at TRANSACT on Wednesday, May 1st. Click here to learn more and register.
Click here to read more about the TSYS Consumer Payment Study.
TRANSACT is the world’s largest payments technology event, happening April 30-May 2 at the Mandalay Bay in Las Vegas. Over 4,000 payments technology industry professionals will attend the show, coming from every corner of the payments ecosystem for unrivaled networking and leading-edge networking. Click here to register.