Major players in the P2P payment market are, Alibaba Group Holding Limited, Apple Inc, Circle Internet Financial Limited, ClearXchange, CurrencyFair Ltd. , Dwolla Inc. , Google LLC, One97 Communications Limited, PayPal Holdings Inc.
New York, Dec. 09, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "P2P Payment Global Market Report 2022: Ukraine-Russia War Impact" - https://www.reportlinker.com/p06372093/?utm_source=GNW
, SnapCash, Square Inc., TransferWise Ltd., WePay Inc., Wise Payments Limited, and Zelle.
The global P2P payment market is expected to grow from $ 2.24 billion in 2021 to $ 2.64 billion in 2022 at a compound annual growth rate (CAGR) of 17.8%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, effecting many markets across the globe. The P2P payment market is expected to reach $ 4.93 billion in 2026 at a CAGR of 16.9%.
The P2P payment market consists of sales of P2P payment services by entities (organizations, sole traders, and partnerships) that are used to send and receive money from mobile devices through a linked bank account or card. Peer-to-peer (P2P) payments is a mechanism through which users can transfer funds from their bank account to another individual’s account via a digital medium, i.e., the internet or a mobile device. Payments are categorized based on transfer, i.e., to an account within the bank or outside the bank.
The main types of transaction modes in P2P payment are mobile web payments, near-field communication, and SMS/direct carrier billing, and others.Mobile web payments refer to payment services operated under financial regulation and performed from or via a mobile device.
Instead of paying with cash, cheque, or credit cards, a consumer can use a mobile phone to pay for a wide range of services and digital or hard goods.The different types of payment include remote, proximity payments that are used in several applications such as media and entertainment, energy and utilities, healthcare, retail, hospitality, transportation, and others.
The various end users include personal and business.
Asia-Pacific was the largest region in the P2P payment market in 2021. The regions covered in the P2P payment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The increase in acceptance of online banking, mobile banking, and e-commerce by consumers is expected to propel the P2P payment market’s growth going forward. Online banking enables users to complete all banking-related tasks, including money transfers, access to historical transactional data, cash withdrawals, deposits, etc., with a single click. Customers can execute financial transactions on a secure website or mobile application with online mobile banking or Internet banking. Due to advanced and convenient features, people adopting online banking and mobile banking is promoting P2P payments market. For instance, according to a recent global survey of 2,899 in April 2022 conducted by Finder Row Pty Ltd, an Australia-based proprietary company, 26% of respondents in India claim to have a digital bank account, and another 13% intend to open one within the next year, bringing the country’s overall percentage of those with one to 39%. By the end of 2027, the percentage is anticipated to increase even more, reaching 46%. Therefore, the increase in acceptance of online banking, mobile banking, and e-commerce by consumers is driving the demand for the P2P payment market.
Technological advancement is a key trend gaining popularity in the P2P payment market.Companies operating in the P2P payment sector are focused on introducing P2P payment solutions to strengthen their market position.
For instance, in July 2021, Payveris, a US-based cloud-based software company, launched Payveris P2P, a cloud-based money movement and digital payments platform. The Payveris P2P functionality would be integrated into client banking apps, allowing end-users to send money to other bank accounts identified by email addresses and phone numbers.
In December 2019, PayPal Holdings Inc., a US-based financial technology company, acquired GoPay (Guofubao Information Technology Co. Ltd.) for an undisclosed amount. The acquisition would help PayPal to become the first foreign payment platform and provide online payment services in China. Paypal would be a stronger partner to Chinese financial institutions and technology platforms from this deal. GoPay is an Indonesia-based digital payment platform.
The countries covered in the P2P payment market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The P2P payment market research report is one of a series of new reports that provides P2P payment market statistics, including P2P payment industry global market size, regional shares, competitors with an P2P payment market share, detailed P2P payment market segments, market trends and opportunities, and any further data you may need to thrive in the P2P payment industry. This P2P payment market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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