P2P Payments Market Share, Size & Global Industry Analysis

P2P Payments Market Overview

Global P2P Payments Market Size Is Expected To Grow From USD 3.09 Trillion In 2023 To USD 12.79 Trillion By 2032, At A CAGR Of 17.1% During The Forecast Period (2024-2032).

Peer to Peer (P2P) payments are a method by which a user can send money from his bank account to another person's account using the Internet or a mobile device as the digital medium. Payments are divided into two categories according to whether they are transferred to accounts inside or outside of the bank. A transfer is considered internal if it is made to an account held by the bank. A domestic transfer is made to an account not held by the bank. When a customer saves the payee bank account information during payee maintenance, this category occurs. Customers can start both internal and domestic payments from a single Transfer Money screen. A recent Billtrust survey found that 32% of Generation Z use P2P payment systems like Venmo or Zelle six times or more each month, with 79% using them at least once every other month. The P2P payment market is expanding globally as a result of extensive digitalization and growing user acceptance of online platforms, smartphones, and e-commerce services.

Market Dynamics And Factors For P2P Payments Market

Drivers:

The Growing Use Of Mobile Payment Alternatives Boosting The Market Growth

The industry is being driven by rising smartphone adoption in both established and developing nations like China and India, as well as increased consumer awareness of the benefits of mobile and online payments. Users may now use hassle-free payment methods on their smartphones, which stimulates the industry boom, as high-speed internet connectivity alternatives like 4G and 5G become more frequently used. Furthermore, smartphone makers' distribution networks have grown dramatically, increasing end users' access to smartphone hardware. Major mobile phone producers like Samsung, and Xiaomi, for instance, can provide web services to the rural population via their mobile phones because they have a broad distribution network in India. Due to rising smartphone usage and faster connectivity, people now receive and make payments using their cell phones, which is fueling the worldwide P2P payments business. Additionally, P2P payment networks aim to spur business expansion by lowering the costs of hiring people, running branches, and upkeep of physical assets. These networks lower the market risk for investors by providing borrowers with a solid foundation for securing repayment. Investors can facilitate a variety of market risks, such as interest rates, unemployment rates, and risk of property values, with the help of a P2P payments service, which aids in the growth of the global P2P payments industry.

Restraints:

Threat Of Data Leak And Security Breach

Market expansion is anticipated to be hampered by rising data leaks and security problems. Due to the hazards involved, most people choose banks over peer-to-peer payment platforms. The market for peer-to-peer payments will likely be severely constrained as a result. Because they provide guarantees against debt without collateral, service providers run the danger of losing money, which might further harm market expansion.

Opportunity:

Highly Competitiveness Create Scope For New Convenient Services In The Market

Since peer-to-peer payment methods are being used by large populations and service providers are also substantial in the global market this creates competitiveness in the market and leads to a variety of products and services by different players. Many contenders engage in tough competition for the top spot. Important players either acquire new rivals or combine with them. The players also invest a lot of money in research and development initiatives. Due to these initiatives, the P2P payments business grows, leading to technological advancements, updates, and new P2P payment capabilities. There have been a lot of mergers, acquisitions, joint ventures, and partnerships as the P2P payments sector has grown. The goal of the participants at these events is to advance their status as thought leaders in the P2P payment industry, which will subsequently enhance growth prospects.

Segmentation Analysis Of the P2P Payments Market

By Transaction Method, Near Field Communication segment is expected to dominate the P2P Payments Market. 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. Thanks to NFC technology, retailers can now include customer loyalty programs in their payment options, and customers can easily use coupons on their mobile devices. This market's expansion is projected to be aided by the expansion of online business platforms and the continued usage of cutting-edge technology for financial transactions. The adoption of NFC-based installments would probably be accelerated by the rising popularity of wearable installment devices and the emergence of a flexible trading pattern.

By Application, the Retail sector dominates P2P Payments Market. The increasing use of cell phones and the corresponding expansion of portable trade agreements are encouraging the segment's potential future growth. Mobile applications are currently, by far, the most used method of making purchases. Several shopping apps are used for 54% of flexible business payments, according to J.P. Morgan's 2020 E-trade Payments Trends Report. Another important aspect influencing the trend for flexible installments is increased cross-line acceptance. The issue in the fragment is getting worse because certain banks are seeking to forcefully forward portable installments. A modified setup of comprehensive installment solutions is also being developed by organizations to meet specific problems in the executive, lending, and security sectors.

Regional Analysis Of the P2P Payments Market

Asia Pacific dominates P2P Payments Market and is expected to make substantial advancements during the forecasted period. This is a result of numerous governments encouraging the use of electronic payments. Additionally, developing countries like India are undertaking a wide range of efforts and programs to promote digital payments. The Digital India initiative is one instance of this. Among the market leaders in Asia-Pacific for P2P payments are China and Indonesia. The main factor influencing the potential P2P payments industry in China is the availability of cutting-edge FinTech services there. Due to the absence of alternative investment alternatives and the higher returns provided by P2P investments, China has also been attracting investors. Around 904 million individuals in China utilized mobile payments in 2021. Mobile payments have mostly replaced cash and credit cards as the preferred payment option in the retail sector.

The landscape for digital financial services in Asia-Pacific is rapidly evolving. Due to the epidemic, Asian markets, particularly Southeast Asia, have embraced digitalization at a fast pace. Digital and P2P payment options have seen a sharp growth in traction in this area. Growing and assuming significant roles within the financial technology ecosystem are emerging markets. For instance, Indonesia's fintech sector produced a whopping USD 329 million in revenue in 2020, of which an astounding USD 158 million came from the payments sector alone. The regional market will also be driven by evolving lifestyles, increasing smartphone penetration, and contemporary internet purchasing patterns over the forecast period.

North America is the second fastest-growing region in the P2P Payments Market. The area is distinguished by the presence of various notable market players. Furthermore, North America was a pioneer in adopting cutting-edge products. The prevalence of automated stores in the United States is another factor driving the use of flexible payment methods. In North America, the proliferation of web-based commerce is often to blame for the widespread use of flexible payment alternatives. A few businesses are developing applications for remote payments, allowing customers to make purchases from any location. To help clients make payments securely and remotely using mobile devices, Sum-up, for instance, announced the rollout of flexible payments and invoicing across Europe in 2020. The expanding usage of virtual terminals for remote charging is predicted to lead to an expansion of fuel classification. The market for P2P payments in the area is anticipated to be driven by these factors.

Top Key Players Covered In P2P Payments Market

• Alibaba.com
• Apple Inc.
• Circle International Financial Limited
• Google LLC
• One97 Communications Limited (Paytm)
• PayPal Holdings Inc.
• Square, Inc.
• WePay Inc.
• Wise Payments Limited
• Zelle
• Venmo, LLC and other major players.

Key Industry Development In The P2P Payments Market

In February 2022, the introduction of Tap to Pay on the iPhone was announced by Apple. The new 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 — no additional hardware or payment terminal is required.

In September 2021, the all-in-one, personalized PayPal app, which provides users with the greatest location to manage their financial lives, was recently unveiled by PayPal. 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, the new PayPal app will also feature PayPal Savings, a new high-return savings account offered by Synchrony Bank.

Chapter 1: Introduction
 1.1 Research Objectives
 1.2 Research Methodology
 1.3 Research Process
 1.4 Scope and Coverage
  1.4.1 Market Definition
  1.4.2 Key Questions Answered
 1.5 Market Segmentation

Chapter 2:Executive Summary

Chapter 3:Growth Opportunities By Segment
 3.1 By Transaction Method
 3.2 By Application

Chapter 4: Market Landscape
 4.1 Porter's Five Forces Analysis
  4.1.1 Bargaining Power of Supplier
  4.1.2 Threat of New Entrants
  4.1.3 Threat of Substitutes
  4.1.4 Competitive Rivalry
  4.1.5 Bargaining Power Among Buyers
 4.2 Industry Value Chain Analysis
 4.3 Market Dynamics
  4.3.1 Drivers
  4.3.2 Restraints
  4.3.3 Opportunities
  4.5.4 Challenges
 4.4 Pestle Analysis
 4.5 Technological Roadmap
 4.6 Regulatory Landscape
 4.7 SWOT Analysis
 4.8 Price Trend Analysis
 4.9 Patent Analysis
 4.10 Analysis of the Impact of Covid-19
  4.10.1 Impact on the Overall Market
  4.10.2 Impact on the Supply Chain
  4.10.3 Impact on the Key Manufacturers
  4.10.4 Impact on the Pricing

Chapter 5: P2P Payments Market by Transaction Method
 5.1 P2P Payments Market Overview Snapshot and Growth Engine
 5.2 P2P Payments Market Overview
 5.3 Near Field Communication
  5.3.1 Introduction and Market Overview
  5.3.2 Historic and Forecasted Market Size (2017-2032F)
  5.3.3 Key Market Trends, Growth Factors and Opportunities
  5.3.4 Near Field Communication: Geographic Segmentation
 5.4 Mobile Web Payments
  5.4.1 Introduction and Market Overview
  5.4.2 Historic and Forecasted Market Size (2017-2032F)
  5.4.3 Key Market Trends, Growth Factors and Opportunities
  5.4.4 Mobile Web Payments: Geographic Segmentation
 5.5 SMS/Direct Carrier Billing
  5.5.1 Introduction and Market Overview
  5.5.2 Historic and Forecasted Market Size (2017-2032F)
  5.5.3 Key Market Trends, Growth Factors and Opportunities
  5.5.4 SMS/Direct Carrier Billing: Geographic Segmentation
 5.6 Others
  5.6.1 Introduction and Market Overview
  5.6.2 Historic and Forecasted Market Size (2017-2032F)
  5.6.3 Key Market Trends, Growth Factors and Opportunities
  5.6.4 Others: Geographic Segmentation

Chapter 6: P2P Payments Market by Application
 6.1 P2P Payments Market Overview Snapshot and Growth Engine
 6.2 P2P Payments Market Overview
 6.3 Media & Entertainment
  6.3.1 Introduction and Market Overview
  6.3.2 Historic and Forecasted Market Size (2017-2032F)
  6.3.3 Key Market Trends, Growth Factors and Opportunities
  6.3.4 Media & Entertainment: Geographic Segmentation
 6.4 Energy & Utilities
  6.4.1 Introduction and Market Overview
  6.4.2 Historic and Forecasted Market Size (2017-2032F)
  6.4.3 Key Market Trends, Growth Factors and Opportunities
  6.4.4 Energy & Utilities: Geographic Segmentation
 6.5 Healthcare
  6.5.1 Introduction and Market Overview
  6.5.2 Historic and Forecasted Market Size (2017-2032F)
  6.5.3 Key Market Trends, Growth Factors and Opportunities
  6.5.4 Healthcare: Geographic Segmentation
 6.6 Retail
  6.6.1 Introduction and Market Overview
  6.6.2 Historic and Forecasted Market Size (2017-2032F)
  6.6.3 Key Market Trends, Growth Factors and Opportunities
  6.6.4 Retail: Geographic Segmentation
 6.7 Hospitality & Transportation
  6.7.1 Introduction and Market Overview
  6.7.2 Historic and Forecasted Market Size (2017-2032F)
  6.7.3 Key Market Trends, Growth Factors and Opportunities
  6.7.4 Hospitality & Transportation: Geographic Segmentation

Chapter 7: Company Profiles and Competitive Analysis
 7.1 Competitive Landscape
  7.1.1 Competitive Positioning
  7.1.2 P2P Payments Sales and Market Share By Players
  7.1.3 Industry BCG Matrix
  7.1.4 Ansoff Matrix
  7.1.5 P2P Payments Industry Concentration Ratio (CR5 and HHI)
  7.1.6 Top 5 P2P Payments Players Market Share
  7.1.7 Mergers and Acquisitions
  7.1.8 Business Strategies By Top Players
 7.2 ALIBABA
  7.2.1 Company Overview
  7.2.2 Key Executives
  7.2.3 Company Snapshot
  7.2.4 Operating Business Segments
  7.2.5 Product Portfolio
  7.2.6 Business Performance
  7.2.7 Key Strategic Moves and Recent Developments
  7.2.8 SWOT Analysis
 7.3 APPLE INC
 7.4 CIRCLE INTERNATIONAL FINANCIAL LIMITED
 7.5 GOOGLE LLC
 7.6 ONE97 COMMUNICATIONS LIMITED (PAYTM)
 7.7 PAYPAL HOLDINGS INC
 7.8 SQUARE INC
 7.9 WEPAY INC
 7.10 WISE PAYMENTS LIMITED
 7.11 ZELLE
 7.12 VENMO LLC
 7.13 OTHER MAJOR PLAYERS

Chapter 8: Global P2P Payments Market Analysis, Insights and Forecast, 2017-2032
 8.1 Market Overview
 8.2 Historic and Forecasted Market Size By Transaction Method
  8.2.1 Near Field Communication
  8.2.2 Mobile Web Payments
  8.2.3 SMS/Direct Carrier Billing
  8.2.4 Others
 8.3 Historic and Forecasted Market Size By Application
  8.3.1 Media & Entertainment
  8.3.2 Energy & Utilities
  8.3.3 Healthcare
  8.3.4 Retail
  8.3.5 Hospitality & Transportation

Chapter 9: North America P2P Payments Market Analysis, Insights and Forecast, 2017-2032
 9.1 Key Market Trends, Growth Factors and Opportunities
 9.2 Impact of Covid-19
 9.3 Key Players
 9.4 Key Market Trends, Growth Factors and Opportunities
 9.4 Historic and Forecasted Market Size By Transaction Method
  9.4.1 Near Field Communication
  9.4.2 Mobile Web Payments
  9.4.3 SMS/Direct Carrier Billing
  9.4.4 Others
 9.5 Historic and Forecasted Market Size By Application
  9.5.1 Media & Entertainment
  9.5.2 Energy & Utilities
  9.5.3 Healthcare
  9.5.4 Retail
  9.5.5 Hospitality & Transportation
 9.6 Historic and Forecast Market Size by Country
  9.6.1 U.S.
  9.6.2 Canada
  9.6.3 Mexico

Chapter 10: Europe P2P Payments Market Analysis, Insights and Forecast, 2017-2032
 10.1 Key Market Trends, Growth Factors and Opportunities
 10.2 Impact of Covid-19
 10.3 Key Players
 10.4 Key Market Trends, Growth Factors and Opportunities
 10.4 Historic and Forecasted Market Size By Transaction Method
  10.4.1 Near Field Communication
  10.4.2 Mobile Web Payments
  10.4.3 SMS/Direct Carrier Billing
  10.4.4 Others
 10.5 Historic and Forecasted Market Size By Application
  10.5.1 Media & Entertainment
  10.5.2 Energy & Utilities
  10.5.3 Healthcare
  10.5.4 Retail
  10.5.5 Hospitality & Transportation
 10.6 Historic and Forecast Market Size by Country
  10.6.1 Germany
  10.6.2 U.K.
  10.6.3 France
  10.6.4 Italy
  10.6.5 Russia
  10.6.6 Spain
  10.6.7 Rest of Europe

Chapter 11: Asia-Pacific P2P Payments Market Analysis, Insights and Forecast, 2017-2032
 11.1 Key Market Trends, Growth Factors and Opportunities
 11.2 Impact of Covid-19
 11.3 Key Players
 11.4 Key Market Trends, Growth Factors and Opportunities
 11.4 Historic and Forecasted Market Size By Transaction Method
  11.4.1 Near Field Communication
  11.4.2 Mobile Web Payments
  11.4.3 SMS/Direct Carrier Billing
  11.4.4 Others
 11.5 Historic and Forecasted Market Size By Application
  11.5.1 Media & Entertainment
  11.5.2 Energy & Utilities
  11.5.3 Healthcare
  11.5.4 Retail
  11.5.5 Hospitality & Transportation
 11.6 Historic and Forecast Market Size by Country
  11.6.1 China
  11.6.2 India
  11.6.3 Japan
  11.6.4 Singapore
  11.6.5 Australia
  11.6.6 New Zealand
  11.6.7 Rest of APAC

Chapter 12: Middle East & Africa P2P Payments Market Analysis, Insights and Forecast, 2017-2032
 12.1 Key Market Trends, Growth Factors and Opportunities
 12.2 Impact of Covid-19
 12.3 Key Players
 12.4 Key Market Trends, Growth Factors and Opportunities
 12.4 Historic and Forecasted Market Size By Transaction Method
  12.4.1 Near Field Communication
  12.4.2 Mobile Web Payments
  12.4.3 SMS/Direct Carrier Billing
  12.4.4 Others
 12.5 Historic and Forecasted Market Size By Application
  12.5.1 Media & Entertainment
  12.5.2 Energy & Utilities
  12.5.3 Healthcare
  12.5.4 Retail
  12.5.5 Hospitality & Transportation
 12.6 Historic and Forecast Market Size by Country
  12.6.1 Turkey
  12.6.2 Saudi Arabia
  12.6.3 Iran
  12.6.4 UAE
  12.6.5 Africa
  12.6.6 Rest of MEA

Chapter 13: South America P2P Payments Market Analysis, Insights and Forecast, 2017-2032
 13.1 Key Market Trends, Growth Factors and Opportunities
 13.2 Impact of Covid-19
 13.3 Key Players
 13.4 Key Market Trends, Growth Factors and Opportunities
 13.4 Historic and Forecasted Market Size By Transaction Method
  13.4.1 Near Field Communication
  13.4.2 Mobile Web Payments
  13.4.3 SMS/Direct Carrier Billing
  13.4.4 Others
 13.5 Historic and Forecasted Market Size By Application
  13.5.1 Media & Entertainment
  13.5.2 Energy & Utilities
  13.5.3 Healthcare
  13.5.4 Retail
  13.5.5 Hospitality & Transportation
 13.6 Historic and Forecast Market Size by Country
  13.6.1 Brazil
  13.6.2 Argentina
  13.6.3 Rest of SA

Chapter 14 Investment Analysis

Chapter 15 Analyst Viewpoint and Conclusion