Almost 40{8b3f73219b5080a422b1f04099b73d538078b62721cecdfd0086dbdff3438969} of U.S. adult consumers never disconnect from their smartphones, according to the 2015 Bank of America Mobility Report.

Because of its ubiquitous nature, the smartphone is starting to become the primary digital banking channel, especially among millennials. This consumer segment takes their smartphones everywhere, and use them for all aspects of their life, including purchases and banking transactions.

Also, mobile person-to-person (P2P) transfers are increasingly replacing cash and checks for informal transactions, particularly among millennials.

89 percent of U.S. adults check their smartphones at least several times daily, and 36 percent report they constantly check their devices. This growing dependency is visible in managing finances. U.S. millennials increasingly use digital banking channels for banking tasks, and visit their banks’ branches less often than ever before. As a result, the smartphone is expected to become the foundational banking channel.

What is expected to really drive the mobile P2P market is be ability for consumers to chat via social media apps and at the same time embed mobile e-money transfers in their messages. With the global adoption of social media and particularly with the growing use of P2P for international remittances to emerging markets, there is a need to be able to embed international e-money transfers within social media communications.

The e-money Mail Me app was developed from wanting to develop a social tool that can incorporate ‘social e-money transferring’. e-money Mail Me is a millennial-oriented social media app that meets an unmet need in the market by mixing global e-money transfers with instant communications.

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