New peer-to-peer (P2P) payment technologies are gradually replacing traditional payment forms among millennial consumers, according to a recent report from Nielsen.
Mobile users age 18-34 account for the largest share of mobile payment users—55 percent indicated that they use mobile payment services. Thirty-five percent of mobile payment users are 35-54 years old .
When it comes to making payments between friends and family, 22 percent of smartphone users and 28 percent of tablet users said they use a mobile app, such as Venmo, to transfer money.
Approximately half of all P2P payment app users said they use the technology while dining. The other most common uses of the technology are to pay for gifts, entertainment, merchandise and household bills.
According to the report, 71 percent of P2P payment app users said the technology helps to reduce tensions around splitting the bill when out at a meal with other people, and three in four noted the convenience of the technology.
The report was compiled using a sample population of more than 3,700 respondents who were 18 years old or older and have used their mobile device for banking, shopping or paying within the past 30 days.