Peer-to-peer payment apps have become a staple for Gen Z and Millennials, with YPulse’s Fintech report showing 91% of 13-39-year-olds are using at least one of these apps. Our data also shows that they prefer to manage their finances on an app over any other method, including manually and sites on their computers. Of course, we saw big banks race to keep up with Millennials’ rapid adoption of apps like Venmo and CashApp with their own P2P offerings years ago. But now Gen Z has grown up using P2P apps, which could have an impact on their banking choices as they age into financial independence: PYMNTS Intelligence reports 36% of 18-24-year-olds say they would select non-bank services for online payments rather than relying on their traditional bank. Finance companies, traditional banks or otherwise, have a unique opportunity to catch Gen Z’s affinity as they become more financially independent. The reality is that P2P apps are being used at young ages: YPulse’s Fintech report shows that 77% of 13-17-year-olds...
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