Our recent PayPal study found that 84% of Americans have repaid a friend or family member for something they owed. On average, Americans pay friends back almost 35 times a year, to the tune of almost $5,000 per year in total.
With so much money between friends, it’s no surprise that friendship and peer-to-peer (P2P) payments go together like BFFs. Almost half of Americans say that money has impacted their friendships, for better or for worse. In fact, the rise of P2P payments among family and friends has spawned a whole new behavior: almost 40% of Americans send their friends small sums of money when they aren’t expecting it. More than half of the time, these “penny pokes” are to say thank you or to cheer their friend up.