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The Top 10 Reasons Gen Z and Millennials Use Peer-to-Peer Payment Apps

Gen Z and Millennials are using peer-to-peer payment apps for much more than just simple transactions between friends…

Written and Edited by the YPulse Editorial Team

Nov 21 2024
North America

KEY TAKEAWAYS

Gen Z is using peer-to-peer apps to purchase food, with food-related transactions being one of their top reasons for app use
Gen Z and Millennials are also using these platforms to manage their finances
P2P apps have become spaces for users to connect socially beyond financial transactions, too

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...