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Malauzai’s Monkey Insights Analyzes P2P Payments


Anna Stanley/Catherine Laws


AUSTIN, Texas (Aug. 22, 2017)Malauzai Software, a provider of mobile and Internet banking SmartApps™ for community financial institutions, released its August Monkey Insights that looked at person-to-person (P2P) Payments usage within community banks and credit unions. July 2017 data from 435+ banks and credit unions, covering 13.9 million logins and 805,000 active Internet and Mobile Banking users, was analyzed. A survey of more than 400 consumers was also completed to further examine Venmo usage and this data was combined with the P2P usage data.

Key findings include:

  • Bank P2P is about 3% with active virtual bank users, and the average transfer is $450; it happens approximately twice a month;
  • Venmo transfers average $25 whereas banks are about $450;
  • More than 50% of Venmo users leave the money at Venmo to pay other Venmo users;
  • Most Venmo Users are between 20 – 30 years old; and
  • 100% Growth in Bank P2P – 771 institutions offer P2P in some form or another in their Mobile Banking app or on their Internet Banking site.

Each month, Malauzai Chief Product Officer Robb Gaynor assesses the company’s data to determine the trends that financial institutions would find beneficial. “P2P continues to grow at an incredibly rapid rate; we don’t expect this to change anytime soon. I was not surprised that Venmo was the hands-down number one P2P application as it offers users much more than just a tool to complete a transaction, but rather a community where users can interact with and engage other users.

“A majority of banks are now offering similar P2P functionality in some fashion, but usage continues to lag behind third party providers like Venmo. I anticipate this will shift as banks start to roll out faster, real-time solutions like Zelle. It is interesting that financial institutions’ P2P applications have a higher dollar value associated with each transaction. This speaks to the generational usage of Venmo and just how easy it has become to transfer money to a friends’ account who may have bought your dinner. ”

About Malauzai Software

Malauzai was incorporated in 2009 in response to the growing demand for a technology company that could provide innovative mobile solutions for community financial organizations. As a cool company in a cool town with a focus primarily on community financial institutions, Malauzai provides Consumer, Small Business, Business, Employee SmartApps, SmartwebApps  and SmartwearApps that enhance the customer experience for mobile and Internet banking, ultimately resulting in increased value for financial institutions.

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