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Even with digital peer-to-peer (P2P) methods like PayPal and Venmo available, millennials prefer getting paid back in cash, according to January 2016 research.
GOBankingRates surveyed 1,000 US millennial internet users. Respondents were asked what their preferred way of getting paid back by friends and family was. More than half (58%) of US millennial internet users said cash was.
Only 11% of respondents said they preferred getting paid back via PayPal, 8% preferred an electronic bank transfer and another 8% said a check was their preferred method. Even fewer respondents said that other digital P2P payment methods like Venmo, Google Wallet and Square Cash were the preferred way they wanted to be paid back by friends and family.
Breaking it down by gender, female millennials were more likely to prefer getting paid back in cash than male millennials. In fact, 64% said they did, compared to 53% of males. Men were more likely to prefer all other payment methods.
While cash is still king for millennials, mobile P2P transactions are increasing. In fact, Ovum predicted that mobile P2P money transfers will increase from $15.22 billion in 2014 to $270.93 billion in 2019.
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