Bank of America and Zelle recently announced a 138% increase in peer-to-peer payments since last year. The new generation is starting to phase out the physical card when doing transactions. It is more common for younger generations to transfer money utilizing Zelle, PayPal, or another mobile option rather than using cash or an IOU. These applications allow you to use different features, as in chat, when transferring money. Banks are starting to become more dynamic and are changing the way they transmit and transfer payments.

Businesses in general should have Apple Pay and Google Pay activated. Consumers are not going to continue paying with the card in their pocket in the near future. Consumers are going to want to utilize their mobile device to make payments. Payments started with a Diner’s Card, then moved to plastic cards that we embossed, then there were the flat cards, then there were the chip and pin cards. These all lead up to the creation of mobile and peer-to-peer payments. This type of payment is really going to gain traction because of the youth has now become the new business owner. It is exciting to see how this will continue to change in the future.

 

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