Question

Another payment type enabled by smartphones is person-to-person payments, which are apps that allow people to send money electronically from their account to someone else’s, just using their phone. Review this survey data (starting on page 2) and answer the questions. How does the rate of P2P amongst millennials compare to that of all survey participants? Why do you think millennial usage is so much higher?

Answer 1

Answer and Step-by-step explanation:

Person to person payment is an online technology that allows customers to transfer their money and funds from their account to another account through mobile phones. A p2p app allows one user to send money to another user by using an app or website—transaction including anything from paying a dinner bill, rent, or contributing to charity.

The increased obtaining of online banking, mobile banking, and e-commerce by users has paved the way for greater use of person-to-person payments. In the payment markets sending money between smartphones has become an ordinary matter. According to Billtrust, young adults are using a person to person payment more than two generations.

Nearly half of smartphone owners regularly used p2p payment apps. Most people used p2p payment app because it offers better security or most of their peers use it.

Millennials have often led older Americans in their adoption and use of technology. More than 93% millennial (who turns ages 23 to 38 this year) have their smartphones. Similarly, the vast majority of millennials use social media, compared with smaller shares among old generations.