September 2018 – Cash Between Friends, Anytime, Anywhere: Mobile P2P

This report examines the mobile P2P payment interfaces offered by firms in the Bank Monitor coverage group as well as PayPal and Venmo, analyzing usability, core capabilities and advanced features. More firms offer P2P payments in mobile apps than on desktop sites, with 15 of the 18 coverage group firms (83%) supporting various capabilities of the Zelle network. Since all these firms allow outgoing payments, scheduling options and request capabilities further distinguish the best platforms from the rest. Interface design is key, as firms must strike a balance between interoperability for the Zelle network and internal consistency within mobile app designs. These interfaces should also be easily findable—in two taps or fewer—though one-tap access is ideal to encourage mobile adoption.

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