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Gifts, Allowances, Emergencies... Send Them Money Now!
From friends and family to online social networks, people are more connected now than ever before and expect instant interactions with members of their social circle.
Currently, giving money to friends or relatives for any occasion, whether festive, commonplace, or an emergency, is a chore. Cash, checks, or money orders are inconvenient for either the giver or the recipient, or both.
Just some of the reasons for social money transfers are:
- Emergency money from parents
- Friends sharing meals and splitting the check
- Paying the babysitter
- Additional spending money for college students
The use of cash and checks are on the decline especially among teens, tweens, and 20-29 consumers. Most students carry less than $25; 80% of college students prefer credit cards, debit cards, and electronic payments mechanisms over cash.
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Friends and Family
