People tend to trust financial institutions, making mobile payments more attractive to older generations, according to Zelle, which recently studied how different age groups behave and think about P2P apps.
Zelle questioned more than 9,000 U.S. mobile-savvy millennials, Gen Xers and boomers who own smartphones, are aware of P2P and have used online or mobile banking.
“What stood out is the openness among older generations to start actively incorporating P2P services into their day-to-day banking habits,” said Ravi Loganathan, head of digital strategy and operations at Early Warning, Zelle’s network operator.
Since security is a top issue for Gen X and boomers, removing that barrier opened the door to many more users.
The generations still approach P2P differently. Here’s what you may or may not know about P2P and millennials, Gen X and boomers.