64% of Millennials Want Access to P2P Transfer Solutions From Messaging Apps

Guy Talmi CMO

PayKey survey results indicate a clear demand for banks to provide their P2P transfer facilities within a social context. After surveying 500 UK millennials, an impressive 64% of respondents reported that they would like to have a solution like the PayKey payment button while chatting on Whatsapp or other messaging apps.

 

The results should come as no surprise to those involved in the mobile P2P money transfer market. In recent years, a growing number of millennial consumers have started using mobile P2P transfer solutions offered by non-traditional providers. Social media and technology companies, as well as a host of new dedicated P2P providers, have recognised strong millennial demand for immediate and contextual transfer experiences. Companies like Facebook, WeChat and many others, now offer intuitive and convenient P2P transfer services from the social platforms where millennials spend most of their time. Most banks, on the other hand, continue to do nothing, leaving their outdated and millennial unfriendly mobile P2P transfer facilities to annoy and frustrate customers.

 

Millennials expect more!

 

PayKey survey findings provide powerful insight into millennial customer demands. The simple reality is that millennials are not like the generations that preceded them. They have grown up during a digital age defined by smartphones, social media, and the instant availability of information and services. Millennials expect instant convenience in every aspect of their lives, and banking is no different!

 

When compared to transfer solutions now offered by non-bank P2P providers, most banks are no match in terms of convenience and ease of use. Current bank transfer facilities are counterintuitive and completely out of context. They require users to leave the social applications where they spend the vast majority of their time, log into a dedicated app and fill in several data fields to make a simple transfer to a friend or family member.

 

Banks must go where their customers are

 

64% of PayKey survey respondents would like to have a P2P transfer solution while chatting on Whatsapp or other messaging apps. That is a significant percentage that should give bank executives the impetus to change their current mobile P2P transfer facilities. By simply providing millennial customers with mobile P2P transfer facilities where they spend most of their time – engaged in social media and messaging applications, the payment experience becomes intuitive, contextual, and straightforward. Banks that can fit in with millennial lifestyles and bridge the gap between social networks and their mobile banking applications will send a clear message to customers that they are important, and give themselves the chance to stand out as industry leaders.