A new report shows that millennials use Venmo more than they use ATMs as if there was any doubt that to this audience an app like Venmo is a prime method of payment.

Rubiix, a social spending app that distributes advertising revenue among its users, released a report Friday showing ATM transactions among millennials have been on the decline over the past year in favor of Venmo.

Rubiix did not release specifics numbers, but the company gathered the data from 10 million credit and debit transactions across the county. According to its site, Rubiix users opt to share their spending data anonymously and, in return, receive a share of the advertising revenue from brands based on their relevance to digital media campaigns.

In an interview with Venture Beat, Oren Berdichevsky, Rubiix CEO and co-founder, said:

It’s not surprising that Venmo is now outpacing ATMs in terms of volume of transactions, because cash is certainly less convenient. But the fact that the average Venmo payment was almost exactly on par with the average ATM withdrawal was fascinating. This shows that Venmo has gone from a fun ‘pay me back’ app to a serious tool for transacting and shows a definitive trend toward a cashless economy.

This report backs information released by Venmo’s parent company PayPal during the last quarter showing that the P2P app’s payment volume increased 78% YOY, processing $14.2 billion in payment volume during the second quarter of the year. And PayPal only expects that number to increase in the third quarter.

Of course, this isn’t a trend specific to just Venmo and PayPal. P2P apps and mobile payments like Apple Pay, Google Pay, etc are increasingly becoming the go-to way to move money. In fact, a survey from Mercator earlier this year showed that among US consumers, 57% currently use a P2P payment service, and when it comes to millennials that number increases to 78%.

Even banks could not ignore the importance of digital P2P payments, which is why a handful of them came together with Early Warning to form Zelle. As of April this year, Zelle processed over $25 billion in transaction volume.

Read the report here.