Boston, March 16, 2017 – Over the last decade, new methods for making P2P payments have been driven by the evolution of the on-demand society, consumers’ increasing desire to monitor and control payments, and technological advancements such as widespread smartphone use. The U.S. P2P payments market is estimated to be more than US$1.2 trillion, and this opportunity is driving intense competition between FIs and alternative P2P payment services, both of which are removing friction through innovative uses of technology. The size of the P2P payments market indicates there is room for multiple winners in the space, which will likely be the companies that lead the way in bringing ubiquity to P2P payments.

This report, part one of a two-part series examining the digital P2P payments landscape in the U.S., estimates the size of the digital P2P payments market and summarizes the leading trends. It is based on Aite Group interviews with 23 executives from leading organizations, including both FI and alternative providers of digital P2P payment services, over the three-month period from October 2016 to December 2016.

This 29-page Impact Report contains 12 figures and three tables. Clients of Aite Group’s Retail Banking & Payments service can download this report, the corresponding charts, and the Executive Impact Deck.

This report mentions Aavamo, Abe.ai, ACI Worldwide, Alibaba, Amazon, Apple, Bank of America, Capital One, Circle, Citibank, clearXchange, Coins.ph, Co-op Financial Services, Dwolla, Early Warning Systems, Facebook, FIS, FirstBank, Fiserv, Frost Bank, Google, Jack Henry, JP Morgan Chase, Kasisto, Korbit, Kore, Mastercard, Moneygram, NACHA, PayPal, Payveris, Remitly, Samsung, Skype, Snapchat, Square, Starbucks, Tencent, The Clearing House (TCH), Tilt, Transferwise, Twitter, Uber, US Bank, Venmo, Visa, Walmart, Wells Fargo, Western Union, WhatsApp, WorldRemit, Xoom, and Zelle.