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Online Payments

Millennial women power digital banking revolution as Payfriendz tops App Store chart

Wednesday 30 March 2016 | 10:02 AM CET

Payfriendz, a person-to-person (P2P) payment start-up, has seen daily user download numbers of its app grow tenfold in 2016, spiking at nearly 12,000 downloads a day in February and jumping to the top of the UK Apple App Store finance chart, according to the company insights.

The app is used by a significant proportion of UK students who usually make small payments (average payment value just over GBP 4) or split bills with friends at bars and restaurants. The average user is between 18 and 24, the majority of them being women under the age of 24.

With the rise of the mobile internet, and the coming of age of Millennial-generation consumers, person-to-person payment apps have been rapidly gaining in popularity, first in the US with Venmo, bought by PayPal in 2013, and now in Europe with Payfriendz. The company is using a hybrid of social media marketing and promotion to encourage downloads of the app.

In a sign of the potential of the new P2P model of financial services delivery (a market estimated to be worth USD 1 trillion dollars globally by McKinsey), the company announced a tie-up with Paysafe in 2016 to allow app users to connect a MasterCard to their account to make payments outside the Payfriendz user-base.

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