Peer-to-peer payment apps have surpassed banking apps in popularity over the past few years, according to data collected by Sensor Tower. The company shows that in 2015 and 2016, banking apps took the top three spots in finance apps; but were surpassed by P2P apps in 2017 and 2018.
Chase, Wells Fargo, and Bank of America took the top three spots across both main app stores in 2015, with PayPal and Credit Karma filling to other two spots in the top five. These five apps swapped positions slightly in 2016; but the major change came in 2017.
PayPal suddenly shot to the top of the list, followed by Square’s Cash app, Venmo, and Credit Karma. Chase is the only bank left in the top five. This changed slightly in 2018, as the top four changed positions, Chase fell away and was replaced by Capital One.
Sensor Tower says mobile banking apps grew download numbers by just 10% between 2015 and 2017, while downloads of P2P apps tripled to 46 million. This saw banking app market share fall 24% in the first half of 2018, from 42% in 2015, as money transfer apps jumped from 13% to 27%.