Venmo leading 'social payments' sector: Co-Op Financial Services
Mobile payment adoption is highest for millennials, with 82% of respondents under the age of 35 reporting that they had made a mobile payment and 37% reporting that they had made a peer-to-peer transfer. Venmo is acquiring a large share of this market through its Facebook-like social elements, and reported a $4.9bn payment volume in Q3 of 2016. Research firm Ovum projects that the value of mobile peer-to-peer transfers will reach $297bn worldwide in 2019.

The race to the top of the mobile P2P payments market is on. In fact, global research firm Ovum projects that the value of mobile P2P transfers will reach $270.93 billion worldwide in 2019. According to Ken Research, P2P transfers will emerge as one of the two fastest growing segments of U.S. fintech between now and 2020.

“We are entering a shake-out year for mobile P2P payments as many powerful entities both within and outside the banking industry scramble for market share,” said Tom Brennan, Senior Product Manager for CO-OP Financial Services. “And one of the fastest growing technologies within this space is the social payment – especially among millennials.”

Research by First Annapolis finds that mobile payment adoption is, in fact, highest among millennials today, with 82 percent of survey respondents under the age of 35 reporting that they had made a mobile payment – and 37 percent reporting that they had made a P2P transfer.