The total volume of account-to-account money transfers reached$938 billion in 2015, and it turns out consumers are morecomfortable with online transfers via desktop or laptop thanmobile transactions.

Those are two of the results revealed in the report “P2PPayments in 2015” from the Pleasanton, Calif.-based JavelinStrategy & Research. The report also described how the marketcontinues to grow and evolve as new technologies, vendors andcapabilities provide consumers with a range of payment options.

Javelin examined the overall P2P market, including the variouschannel segments driving market growth and sizing. The report alsoreviewed the consumer segment power users of P2P and theirpreferred channels, and provided additional perspectives on theA2A, or “me to me,” money transfer market.

The FFIEC defines online P2P or email payments as those thattypically use traditional payment networks to transfer fundselectronically from one consumer to another. Like P2P payments, A2Atransfers are commonly initiated through the consumer's Internetbanking service, a biller's payment website, or telephoneinstruction from the consumer. Unlike P2P transfers, consumers mustaccess an existing retail payment account (deposit account) at afinancial institution in an A2A transaction.

“Consumers are more comfortable making A2A transfers from a PCor laptop than from a mobile device, particularly when transferringfunds between different institutions,” Javelin said.

Consumers conducted $714.78 billion in A2A online transfers inthe past 12 months, which compares to $224.04 billion in A2A mobiletransfers. The report revealed online banking systems’ longtimeaccessibility, as well as the limits placed on mobile bankingplatforms, as likely reasons for the online channel preference.

Wire transfers from financial institutions dominated the marketwith $139.21 billion transferred in the past year. The next-largestcategory was online transfers from a financial institution, at$84.85 billion. Because most online bank transfers are low-cost orfree and made at the consumer’s convenience, they represent a majorthreat to financial institution wire transfers.

While much hype surrounds the mobile P2P services offered bycompanies such as Venmo and Facebook, money transmitters such asWestern Union and Money Gram are generating enough annual volume todemonstrate a strong consumer need for the service as well.Consumers sent $139.21 billion in P2P payments from financialinstitutions and another $30.8 billion from money transmitterservices.

In addition, the average transaction dollar value of a financialinstitution-provided P2P service totals $227, compared to $130 forservices not provided by a financial institution.

Other findings from the report include:

• Consumer adoption of online A2A transfers within the samefinancial institution stood at 55%, compared to 38% for the samefunction on a mobile device.
• Adoption of A2A transfers between financial institutions was37% in the past 12 months for the online channel versus 27% for themobile channel.
• The bulk of mobile A2A transfers performed moved money withinthe same institution ($170.29 billion).
• Online P2P transfers show the highest levels of consumeradoption, with 32% at financial institutions and 31% at non-bankproviders such as PayPal.