The rapid advancement of social media platforms into the payments and finance markets, as well as millennials' devotion to apps like Venmo, were major factors driving a 47% increase in the U.S. digital person-to-person payments market last year, according to a new report from Aite Group.

Digital P-to-P transactions soared to $147 billion last year, from $100.3 billion in 2015, and the market's current trajectory indicates it will reach $316.6 billion by 2020, the report suggests. But few of the factors fueling this transaction volume growth can be directly attributed to banks.

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