Fifty percent of first-time person-to-person payments users are aged 45 or older, according to survey data released today by Early Warning Services. The increase in usage among the older generations is seen as a reflection of growing confidence in payments solutions, with 52 percent of Generation X respondents and 46 percent of baby boomers saying they “trust” P2P payments — and are interested in using available solutions.
When survey respondents were asked for their reasons behind trying a P2P solution, 76 percent of Gen Xers and 74 percent of boomers ranked “offered through a financial institution they trust” as a top reason.
“Consumers above the age of 45 are overcoming their skepticism of P2P,” said Ravi Loganathan, chief data officer at Early Warning, the network operator for the bank-backed P2P solution Zelle. “Generation X and boomers have a high degree of trust in their financial institutions. The increase in trial can be attributed to solutions, such as Zelle, being included within the banking apps these consumers are comfortable using.”