When Americans transfer money electronically, they don't typically turn to their bank. More often than not, they use a P2P app.
But while the likes of Paypal, Venmo, and Cash App continue to dominate — 68.1% of Americans over 14 will use one of them at least once a month in 2024 — things are changing.
According to our digital banking research platform FinTech Insights, a growing number of banks and credit unions are investing significant resources in improving money transfer functionality on web and iOS.
The question is, are these enhancements giving them what it takes to fight for the top spot? Or are their chances of getting on the podium, let alone winning gold, slim to none?