Market Overview:
The Global P2P Payments Market size is expected to grow from USD 2621.34 billion in 2022 to USD 9720.42 billion by 2030, at a CAGR of 17.8% during the forecast period (2023-2030).
By using the Internet or a mobile device as the digital medium, a user can send money from his bank account to another person's account using peer-to-peer (P2P) payments. Depending on whether they are sent to accounts inside or outside of the bank, payments are split into two categories. If a transfer is made to an account that the bank manages, it is regarded as internal. To an account that the bank does not own, a domestic transfer is made. This category happens when a customer saves the payee’s bank account details during payee maintenance. One Transfer Money screen allows users to start both internal and domestic payments.
Top Key Players Covered In The P2P Payments Market:
- Alibaba.com (China)
- Apple Inc. (U.S.)
- Circle International Financial Limited (U.S.)
- Google LLC (U.S.)
- One97 Communications Limited (Paytm) (India)
- PayPal Holdings Inc. (U.S.)
- Square Inc. (U.S.)
- WePay Inc. (U.S.)
- Wise Payments Limited (U.K.)
- Zelle (U.S.)
- Venmo LLC. (U.S.), and Other Major Players.
Market Dynamics and Factors:
The growing use of mobile payment alternatives boosting the market growth is driving the P2P payments market. Rising smartphone adoption as well as increased consumer awareness of the benefits of mobile and online payments are driving the market. Now users can use hassle-free payment methods on their smartphones, the industry is experiencing a boom as 4G and 5G alternatives for high-speed internet connectivity are increasingly popular. Additionally, the distribution networks of smartphone manufacturers have expanded significantly, enhancing end users' access to smartphone hardware. Because they have a wide distribution network in India, major mobile phones manufacturers like Samsung and Xiaomi, for example, can offer web services to the rural population via their mobile
High competitiveness creates scope for new convenient services in the market are expected to increase the growth of the P2P payments market. The participants make significant financial investments in R&D projects. As a result of these initiatives, the P2P payments industry expands, resulting in technological updates, advancements, and new P2P payment capabilities. With the expansion of the P2P payments market, there have been numerous mergers, acquisitions, joint ventures, and partnerships. The participants of these events hope to strengthen their position as thought leaders in the P2P payment sector, which will improve growth prospects.
P2P Payments Market Report Highlight:
- By Transaction Method, Near Field Communication segment is anticipated to lead the growth of the P2P Payments market in the forecasted timeframe. Strong demand in the NFC (near field communication) market will enable customers to better serve themselves by offering them a simple and hassle-free payment solution.
- By Application, the Retail segment is expected to have the highest share of the P2P Payments market over the projected period. The increasing use of cell phones and the corresponding expansion of portable trade agreements are encouraging the segment's potential future growth.
- The Asia Pacific region is expected to have the highest share of the P2P Payments market over the projected period. Because numerous governments encourage the use of electronic payments. Additionally, developing countries like India are undertaking a wide range of efforts and programs to promote digital payments.
Key Industry Development:
In February 2022, Tap to Pay on the iPhone was announced by Apple. This feature will enable millions of merchants in the US, from small businesses to large retailers, to use their iPhones to seamlessly and securely accept other digital wallets, including Apple Pay, contactless credit and debit cards, and Apple Pay, with just a simple tap to their iPhone.
In September 2021, Recently PayPal unveiled the all-in-one, personalized PayPal app, which provides users with the greatest location to manage their financial lives. In addition to new in-app shopping options that let users earn points redeemable for cash back or PayPal shopping credit and find bargains with hundreds of shops.
P2P Payments Market Segmentation:
By Transaction Method
- Near Field Communication
- Mobile Web Payments
- SMS/Direct Carrier Billing
- Others
By Application
- Media & Entertainment
- Energy & Utilities
- Healthcare
- Retail
- Hospitality & Transportation
For this report, Introspective Market Research has segmented the P2P Payments Market based on region:
Regional Outlook (Revenue in USD Million; Volume in Units, 2023-2030)
- North America
- The U.S.
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Russia
- Spain
- Rest Of Europe
- Asia Pacific
- China
- India
- Japan
- Singapore
- Australia
- New-Zealand
- Rest of APAC
- Middle East & Africa
- Turkey
- Saudi Arabia
- Qatar
- UAE
- Israel
- South Africa
- South America
- Brazil
- Argentina
- Rest of SA
