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June 7, 2017

US consumers make more P2P payments from mobile devices: Fiserv

By Prasad

US consumers are paying more bills from mobile devices and making more person-to-person (P2P) payments while venturing into digital wallets, according to a latest report from fintech firm Fiserv.

The survey, in which more than 3,000 US banking customers participated, has revealed that the share of customers using mobile bill pay has increased from 22% in 2015 to 28% in 2016.

Approximately, 41% customers used mobile banking service to pay bills in the past 30 days.

The percentage of customers using P2P payments also rose by over one-third from 2015 to 2016, growing from 14% to 19%, the study revealed.

Digital wallet adoption has also increased from 11% in 2015 to 13% in 2016.

Fiserv chief operating officer Mark Ernst said: “Consumers are living more digital lives, and that is being reflected in the way they pay. Bill payments and person-to-person payments from mobile devices are making their way toward the mainstream, while digital wallets are showing slow but steady growth reminiscent of the early days of online banking.”

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