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 ā 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.
P2P Payments Market |
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Base Year: |
2023 |
Forecast Period: |
2024-2032 |
Historical Data: |
2017 to 2023 |
Market Size in 2023: |
USD 3.09 Tn. |
Forecast Period 2024-32 CAGR: |
17.8% |
Market Size in 2032: |
USD 12.79 Tn. |
Segments Covered: |
By Transaction Method |
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By Application |
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By Region |
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Key Market Drivers: |
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Key Market Restraints: |
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Key Opportunities: |
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Companies Covered in the report: |
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Chapter 1: Introduction
ā1.1 Research Objectives
ā1.2 Research Methodology
ā1.3 Research Process
ā1.4 Scope and Coverage
āā1.4.1 Market Definition
āā1.4.2 Key Questions Answered
ā1.5 Market Segmentation
Chapter 2:Executive Summary
Chapter 3:Growth Opportunities By Segment
ā3.1 By Transaction Method
ā3.2 By Application
Chapter 4: Market Landscape
ā4.1 Porter's Five Forces Analysis
āā4.1.1 Bargaining Power of Supplier
āā4.1.2 Threat of New Entrants
āā4.1.3 Threat of Substitutes
āā4.1.4 Competitive Rivalry
āā4.1.5 Bargaining Power Among Buyers
ā4.2 Industry Value Chain Analysis
ā4.3 Market Dynamics
āā4.3.1 Drivers
āā4.3.2 Restraints
āā4.3.3 Opportunities
āā4.5.4 Challenges
ā4.4 Pestle Analysis
ā4.5 Technological Roadmap
ā4.6 Regulatory Landscape
ā4.7 SWOT Analysis
ā4.8 Price Trend Analysis
ā4.9 Patent Analysis
ā4.10 Analysis of the Impact of Covid-19
āā4.10.1 Impact on the Overall Market
āā4.10.2 Impact on the Supply Chain
āā4.10.3 Impact on the Key Manufacturers
āā4.10.4 Impact on the Pricing
Chapter 5: P2P Payments Market by Transaction Method
ā5.1 P2P Payments Market Overview Snapshot and Growth Engine
ā5.2 P2P Payments Market Overview
ā5.3 Near Field Communication
āā5.3.1 Introduction and Market Overview
āā5.3.2 Historic and Forecasted Market Size (2017-2032F)
āā5.3.3 Key Market Trends, Growth Factors and Opportunities
āā5.3.4 Near Field Communication: Geographic Segmentation
ā5.4 Mobile Web Payments
āā5.4.1 Introduction and Market Overview
āā5.4.2 Historic and Forecasted Market Size (2017-2032F)
āā5.4.3 Key Market Trends, Growth Factors and Opportunities
āā5.4.4 Mobile Web Payments: Geographic Segmentation
ā5.5 SMS/Direct Carrier Billing
āā5.5.1 Introduction and Market Overview
āā5.5.2 Historic and Forecasted Market Size (2017-2032F)
āā5.5.3 Key Market Trends, Growth Factors and Opportunities
āā5.5.4 SMS/Direct Carrier Billing: Geographic Segmentation
ā5.6 Others
āā5.6.1 Introduction and Market Overview
āā5.6.2 Historic and Forecasted Market Size (2017-2032F)
āā5.6.3 Key Market Trends, Growth Factors and Opportunities
āā5.6.4 Others: Geographic Segmentation
Chapter 6: P2P Payments Market by Application
ā6.1 P2P Payments Market Overview Snapshot and Growth Engine
ā6.2 P2P Payments Market Overview
ā6.3 Media & Entertainment
āā6.3.1 Introduction and Market Overview
āā6.3.2 Historic and Forecasted Market Size (2017-2032F)
āā6.3.3 Key Market Trends, Growth Factors and Opportunities
āā6.3.4 Media & Entertainment: Geographic Segmentation
ā6.4 Energy & Utilities
āā6.4.1 Introduction and Market Overview
āā6.4.2 Historic and Forecasted Market Size (2017-2032F)
āā6.4.3 Key Market Trends, Growth Factors and Opportunities
āā6.4.4 Energy & Utilities: Geographic Segmentation
ā6.5 Healthcare
āā6.5.1 Introduction and Market Overview
āā6.5.2 Historic and Forecasted Market Size (2017-2032F)
āā6.5.3 Key Market Trends, Growth Factors and Opportunities
āā6.5.4 Healthcare: Geographic Segmentation
ā6.6 Retail
āā6.6.1 Introduction and Market Overview
āā6.6.2 Historic and Forecasted Market Size (2017-2032F)
āā6.6.3 Key Market Trends, Growth Factors and Opportunities
āā6.6.4 Retail: Geographic Segmentation
ā6.7 Hospitality & Transportation
āā6.7.1 Introduction and Market Overview
āā6.7.2 Historic and Forecasted Market Size (2017-2032F)
āā6.7.3 Key Market Trends, Growth Factors and Opportunities
āā6.7.4 Hospitality & Transportation: Geographic Segmentation
Chapter 7: Company Profiles and Competitive Analysis
ā7.1 Competitive Landscape
āā7.1.1 Competitive Positioning
āā7.1.2 P2P Payments Sales and Market Share By Players
āā7.1.3 Industry BCG Matrix
āā7.1.4 Ansoff Matrix
āā7.1.5 P2P Payments Industry Concentration Ratio (CR5 and HHI)
āā7.1.6 Top 5 P2P Payments Players Market Share
āā7.1.7 Mergers and Acquisitions
āā7.1.8 Business Strategies By Top Players
ā7.2 ALIBABA
āā7.2.1 Company Overview
āā7.2.2 Key Executives
āā7.2.3 Company Snapshot
āā7.2.4 Operating Business Segments
āā7.2.5 Product Portfolio
āā7.2.6 Business Performance
āā7.2.7 Key Strategic Moves and Recent Developments
āā7.2.8 SWOT Analysis
ā7.3 APPLE INC
ā7.4 CIRCLE INTERNATIONAL FINANCIAL LIMITED
ā7.5 GOOGLE LLC
ā7.6 ONE97 COMMUNICATIONS LIMITED (PAYTM)
ā7.7 PAYPAL HOLDINGS INC
ā7.8 SQUARE INC
ā7.9 WEPAY INC
ā7.10 WISE PAYMENTS LIMITED
ā7.11 ZELLE
ā7.12 VENMO LLC
ā7.13 OTHER MAJOR PLAYERS
Chapter 8: Global P2P Payments Market Analysis, Insights and Forecast, 2017-2032
ā8.1 Market Overview
ā8.2 Historic and Forecasted Market Size By Transaction Method
āā8.2.1 Near Field Communication
āā8.2.2 Mobile Web Payments
āā8.2.3 SMS/Direct Carrier Billing
āā8.2.4 Others
ā8.3 Historic and Forecasted Market Size By Application
āā8.3.1 Media & Entertainment
āā8.3.2 Energy & Utilities
āā8.3.3 Healthcare
āā8.3.4 Retail
āā8.3.5 Hospitality & Transportation
Chapter 9: North America P2P Payments Market Analysis, Insights and Forecast, 2017-2032
ā9.1 Key Market Trends, Growth Factors and Opportunities
ā9.2 Impact of Covid-19
ā9.3 Key Players
ā9.4 Key Market Trends, Growth Factors and Opportunities
ā9.4 Historic and Forecasted Market Size By Transaction Method
āā9.4.1 Near Field Communication
āā9.4.2 Mobile Web Payments
āā9.4.3 SMS/Direct Carrier Billing
āā9.4.4 Others
ā9.5 Historic and Forecasted Market Size By Application
āā9.5.1 Media & Entertainment
āā9.5.2 Energy & Utilities
āā9.5.3 Healthcare
āā9.5.4 Retail
āā9.5.5 Hospitality & Transportation
ā9.6 Historic and Forecast Market Size by Country
āā9.6.1 U.S.
āā9.6.2 Canada
āā9.6.3 Mexico
Chapter 10: Europe P2P Payments Market Analysis, Insights and Forecast, 2017-2032
ā10.1 Key Market Trends, Growth Factors and Opportunities
ā10.2 Impact of Covid-19
ā10.3 Key Players
ā10.4 Key Market Trends, Growth Factors and Opportunities
ā10.4 Historic and Forecasted Market Size By Transaction Method
āā10.4.1 Near Field Communication
āā10.4.2 Mobile Web Payments
āā10.4.3 SMS/Direct Carrier Billing
āā10.4.4 Others
ā10.5 Historic and Forecasted Market Size By Application
āā10.5.1 Media & Entertainment
āā10.5.2 Energy & Utilities
āā10.5.3 Healthcare
āā10.5.4 Retail
āā10.5.5 Hospitality & Transportation
ā10.6 Historic and Forecast Market Size by Country
āā10.6.1 Germany
āā10.6.2 U.K.
āā10.6.3 France
āā10.6.4 Italy
āā10.6.5 Russia
āā10.6.6 Spain
āā10.6.7 Rest of Europe
Chapter 11: Asia-Pacific P2P Payments Market Analysis, Insights and Forecast, 2017-2032
ā11.1 Key Market Trends, Growth Factors and Opportunities
ā11.2 Impact of Covid-19
ā11.3 Key Players
ā11.4 Key Market Trends, Growth Factors and Opportunities
ā11.4 Historic and Forecasted Market Size By Transaction Method
āā11.4.1 Near Field Communication
āā11.4.2 Mobile Web Payments
āā11.4.3 SMS/Direct Carrier Billing
āā11.4.4 Others
ā11.5 Historic and Forecasted Market Size By Application
āā11.5.1 Media & Entertainment
āā11.5.2 Energy & Utilities
āā11.5.3 Healthcare
āā11.5.4 Retail
āā11.5.5 Hospitality & Transportation
ā11.6 Historic and Forecast Market Size by Country
āā11.6.1 China
āā11.6.2 India
āā11.6.3 Japan
āā11.6.4 Singapore
āā11.6.5 Australia
āā11.6.6 New Zealand
āā11.6.7 Rest of APAC
Chapter 12: Middle East & Africa P2P Payments Market Analysis, Insights and Forecast, 2017-2032
ā12.1 Key Market Trends, Growth Factors and Opportunities
ā12.2 Impact of Covid-19
ā12.3 Key Players
ā12.4 Key Market Trends, Growth Factors and Opportunities
ā12.4 Historic and Forecasted Market Size By Transaction Method
āā12.4.1 Near Field Communication
āā12.4.2 Mobile Web Payments
āā12.4.3 SMS/Direct Carrier Billing
āā12.4.4 Others
ā12.5 Historic and Forecasted Market Size By Application
āā12.5.1 Media & Entertainment
āā12.5.2 Energy & Utilities
āā12.5.3 Healthcare
āā12.5.4 Retail
āā12.5.5 Hospitality & Transportation
ā12.6 Historic and Forecast Market Size by Country
āā12.6.1 Turkey
āā12.6.2 Saudi Arabia
āā12.6.3 Iran
āā12.6.4 UAE
āā12.6.5 Africa
āā12.6.6 Rest of MEA
Chapter 13: South America P2P Payments Market Analysis, Insights and Forecast, 2017-2032
ā13.1 Key Market Trends, Growth Factors and Opportunities
ā13.2 Impact of Covid-19
ā13.3 Key Players
ā13.4 Key Market Trends, Growth Factors and Opportunities
ā13.4 Historic and Forecasted Market Size By Transaction Method
āā13.4.1 Near Field Communication
āā13.4.2 Mobile Web Payments
āā13.4.3 SMS/Direct Carrier Billing
āā13.4.4 Others
ā13.5 Historic and Forecasted Market Size By Application
āā13.5.1 Media & Entertainment
āā13.5.2 Energy & Utilities
āā13.5.3 Healthcare
āā13.5.4 Retail
āā13.5.5 Hospitality & Transportation
ā13.6 Historic and Forecast Market Size by Country
āā13.6.1 Brazil
āā13.6.2 Argentina
āā13.6.3 Rest of SA
Chapter 14 Investment Analysis
Chapter 15 Analyst Viewpoint and Conclusion
P2P Payments Market |
|||
Base Year: |
2023 |
Forecast Period: |
2024-2032 |
Historical Data: |
2017 to 2023 |
Market Size in 2023: |
USD 3.09 Tn. |
Forecast Period 2024-32 CAGR: |
17.8% |
Market Size in 2032: |
USD 12.79 Tn. |
Segments Covered: |
By Transaction Method |
|
|
By Application |
|
||
By Region |
|
||
Key Market Drivers: |
|
||
Key Market Restraints: |
|
||
Key Opportunities: |
|
||
Companies Covered in the report: |
|
Frequently Asked Questions :
The forecast period in the P2P Payments Market research report is 2024-2032.
Alibaba, 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.
The P2P Payments Market is segmented into Transaction Method, Application, and region. By Transaction Method, the market is categorized into Near Field Communication, Mobile Web Payments, SMS/Direct Carrier Billing, Others. By Nature, the market is categorized into XXX. By Application, the market is categorized into Media & Entertainment, Energy & Utilities, Healthcare, Retail, and Hospitality & Transportation. By region, it is analyzed across North America (U.S.; Canada; Mexico), Europe (Germany; U.K.; France; Italy; Russia; Spain, etc.), Asia-Pacific (China; India; Japan; Southeast Asia, etc.), South America (Brazil; Argentina, etc.), Middle East & Africa (Saudi Arabia; South Africa, etc.).
P2P payments, also known as peer-to-peer transactions, allow to send money directly to another person. P2P payment systems, commonly referred to as money transfer applications like Venmo, PayPal, and Cash App, enable users to send and receive money through a connected bank account or credit card from their mobile devices.
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).