Global P2P Payment market size in 2021 was USD 1,872 billion, market value to grow to USD 9,135 billion by 2030 at 19.7% CAGR as per Acumen Research and Consulting
P2P Payment Market Overview
Peer-to-peer (P2P) payment systems allow individuals to transfer money to one another without the need for a financial institution to facilitate the transaction. P2P payments can be made through a variety of channels, including online platforms, mobile apps, and in-person methods. These systems are often faster and more convenient than traditional methods of payment, such as checks or wire transfers, and can be used for a wide range of purposes.
The peer-to-peer (P2P) payment market is a rapidly growing segment within the financial technology (fintech) industry. This growth is driven by a number of factors, including the increasing adoption of mobile payments, the rise of gig economy platforms, and the increasing prevalence of online transactions.
The P2P payment market is competitive, with numerous players vying for market share. Some of the leading players in the P2P payment market include PayPal, Venmo, Zelle, Square Cash, and Apple Pay. These platforms offer various features and benefits to users, including fast transaction speeds, low fees, and integration with other financial services.
P2P Payment Market Segmentation
- Type of payment platform:
- Mobile app-based platforms which can be accessed through a mobile app and are often linked to a user's bank account or debit card. Examples include PayPal, Venmo, and Square Cash.
- Web-based platforms which can be accessed through a website and are often linked to a user's bank account or debit card. Examples include PayPal and Google Wallet.
- Type of payment service:
- Person-to-person (P2P) payments: Allow individuals to send and receive money directly from one another.
- Business-to-person (B2P) payments: Allow businesses to send and receive money from individuals.
- Target audience:
- Consumer P2P payment platforms which are targeted at individual consumers and are often used for personal transactions such as paying friends and family or splitting bills.
- Business P2P payment platforms which are targeted at businesses and are often used for professional transactions such as invoicing and payment processing.
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Dynamics of the P2P Payment Market
- Increasing adoption of mobile payments: The proliferation of smartphones and the growing comfort of consumers with mobile payments has led to a rise in the use of P2P payment platforms.
- Rise of gig economy platforms: The growth of gig economy platforms such as Uber and Airbnb has increased the demand for P2P payment options for both consumers and businesses.
- Increasing prevalence of online transactions: The shift towards online shopping and other digital transactions has driven the need for convenient and secure P2P payment options.
- Competition among P2P payment platforms: The P2P payment market is highly competitive, with numerous players vying for market share. This competition has led to the introduction of new features and benefits by these platforms in an effort to attract and retain users.
- Regulatory environment: The market is subject to regulatory oversight, particularly in regards to money laundering and fraud prevention, impacting the operations and growth of P2P payment platforms.
- Evolving Technological advancements: with the introduction of new technologies, such as blockchain and artificial intelligence, which can impact the market dynamics.
P2P Payment Market Overview by Region
- North America: The P2P payment market share in North America is highly developed and is expected to continue its strong growth during the forecast period, with high levels of adoption among consumers and businesses.
- Asia Pacific: The P2P payment market size in the Asia Pacific region is also experiencing strong growth, with the region projected to have the highest CAGR (compound annual growth rate) among all regions during the forecast period. Leading players in the Asia-Pacific P2P payment market include Alipay and WeChat Pay. The market is driven by factors such as the increasing adoption of mobile payments, the rise of e-commerce, and the proliferation of smartphones in the region.
- Europe: The P2P payment market in Europe is also experiencing good growth, with the region projected to have a significant share of the global P2P payment market. Leading countries include the UK, France, and Germany.
Key P2P Payment Market Players
- PayPal: One of the most well-known P2P payment platforms, PayPal allows individuals and businesses to send and receive money online. It also offers other financial services such as invoicing, payment processing, and credit card processing.
- Venmo: A popular P2P payment platform owned by PayPal, Venmo is targeted at younger users and allows users to easily split bills and pay friends and family.
- Zelle®: A P2P payment platform owned by a consortium of major banks, Zelle allows users to send and receive money directly from their bank account. It is popular for its fast transaction speeds and integration with bank accounts.
- Square Cash: A P2P payment platform owned by Square, Square Cash allows users to send and receive money from their debit card or bank account. It also offers a business version for invoicing and payment processing.
- Apple Pay: A P2P payment platform offered by Apple, Apple Pay allows users to make payments through their iPhone or Apple Watch. It is popular for its convenience and security features.
Other players include Google pay, Alipay, WeChat Pay, Stripe, Cash App, Dwolla, Interac Corp., Orange Money , Lydia, paydirekt GmbH, NETELLER Malta, Payoneer, paysafecard, Revolut, Skrill, Wise , Xoom, A PayPal Service, and YooMoney
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