Remote deposit capture and internal money transfers are growing, but P2P payments definitely aren't, according to new statistics from Austin, Texas-based financial software company Malauzai.
Only about 12% of all banks and credit unions with mobile apps offer P2P payments in their apps, and just 1.2% of active digital banking users actually chose to make a P2P payment, according to data the company collected for September 2017 from over 435 banks and credit unions.
"Person-to-Person payments are a huge disappointment," Malauzai said in its "Monkey Insights" report published Wednesday. "This makes P2P a low-volume task coming in number 11 in the list of most-used digital banking features. Lots of hype and no results. Zelle, real-time, etc., none of it changes these metrics. The Venmo phenomenon continues to confound us bankers, as clearly it is growing, even if its average transfer value is sub $30. Different type of P2P but way more successful."
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