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Account-to-Account and Person-to-Person Transfers: Emerging Players Pose Threat to PayPal
Javelin Strategy & Research, August 2012, Pages: 30
Account-to-account (A2A) and person-to-person (P2P) transfers have greatly expanded in functionality in recent years, enabling consumers to complete over $195 billion in domestic transfers in the past year. P2P transfers have traditionally been paper-based transactions and have only recently moved more aggressively toward delivery through electronic channels. While the total dollar volume of A2A transfers towers over the total dollar volume of P2P transfers, the P2P realm is unique in that it has the potential to provide important revenue for FIs and vendors alike. This report examines consumer use and the total market activity for various online and mobile A2A and P2P transfers, including online and mobile intra-institution transfers, online and mobile inter-institution transfers, wire transfers, and transfers using a money service business such as Western Union or MoneyGram.
- What types of electronic channels do consumers use to make A2A and P2P transfers?
- What is the market sizing — including adoption and total dollars transferred — for each of the transfer channels?
- What are some of the P2P initiatives that have recently come to market, and how are these developments expected to aid consumer adoption?
- What channel options are likely to be most successful for P2P delivery?
- What is needed for consumers to fully adopt mobile P2P technology?
- How common is consumer use of international transfers?
- How can mobile technology boost the adoption of international P2P transfers?
Financial institutions: online banking, mobile banking, payments services, marketing; payment services vendors; online banking vendors; payments processors; mobile banking vendors; mobile payment vendors; multichannel vendors.
This report is based on data collected online during March 2012 from 5,304 respondents who are primary and shared financial managers. Market sizing estimates were reweighted to reflect all adult consumers. The overall margin of sampling error is ±1.38 percentage points at the 95% confidence level.
The report also incorporates data collected online in June 2011 from 3,180 consumers with mobile phones or smartphones.
The overall margin of sampling error for this study is ±1.74 percentage points at the 95% confidence level.
Both surveys targeted respondents based on representative proportions of gender, age, and income compared to the overall U.S. online population
TRANSFERRING MONEY: ONE OF THE FINAL CASH FRONTIERS
A2A TRANSFERS CONTINUE TO DOMINATE THE TRANSFER REALM
Leveraging the ACH Network
CONSUMERS ARE PRIMED TO ADOPT P2P
PLAYERS IN THE P2P ECOSYSTEM
Potential Disruptors: New Players in the P2P Realm
MOBILE MONEY MOVEMENT OPPORTUNITIES
LOOKING BEYOND BORDERS: REMITTANCES AND GLOBAL TRANSFERS
Table of Figures
Figure 1: Total Dollar Volume Transferred Through Electronic A2A and P2P Channels
Figure 2: Total Spend and Percent of Consumers Using A2A Transfers by A2A Transfer Type and Channel
Figure 3: Total Spend and Percent of Consumers Using P2P Transfers by P2P Transfer Type and Channel
Figure 4: Overview of the P2P Ecosystem
Figure 5: Total Dollar Volume Transferred Through Online and Mobile Channels
Figure 6: Profile of Online P2P and Mobile P2P Users
Figure 7: Likelihood to Use Domestic and International Mobile P2P Transfers by Underbanked and All Mobile Consumers
Figure 8: Javelin's Surveyed Transfer Channels
Figure 9: Basic Features of Bank Offerings by Mobile Monitoring, Money Movement, and Advanced Capabilities
Figure 10: Percent Share of the Total Dollar Volume of A2A Transfers by A2A Transfer Type and Channel
Figure 11: Percent Share of the Total Dollar Volume of P2P Transfers by P2P Transfer Type and Channel
Figure 12: Essential Features Required to Promote Mobile P2P Transfers
Figure 13: Top Concerns With Mobile P2P Use
- Western Union
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