Global P2P Payments Market By Application And Transaction Method: Global Opportunity Analysis And Industry Forecast, 2023-2030

Market Overview:

The P2P Payments Market is expected to grow at a significant growth rate, and the analysis period is 2022-2028, considering the base year as 2021.

Peer to Peer (P2P) payments enable users to transfer money from their bank accounts to other individuals' accounts using the Internet or mobile devices as the digital medium. These payments can be categorized as either internal or domestic transfers, based on whether they are made to accounts within or outside of the bank. Internal transfers occur when the payee's account is held by the same bank, while domestic transfers are made to accounts held by other banks. Customers can initiate both types of transfers from a single Transfer Money screen by saving the payee's bank account information. According to a recent survey conducted by Billtrust, 32% of Generation Z individuals use P2P payment systems.

Key Players For The Global 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.

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Market Dynamics:

Driver:

The market for mobile payment alternatives is experiencing significant growth, driven by several factors. One key factor is the increasing adoption of smartphones in both developed and developing countries, such as China and India. This widespread smartphone usage has led to greater awareness among consumers about the benefits of mobile and online payments. As high-speed internet connectivity options like 4G and 5G become more accessible, users can now conveniently make payments through their smartphones, contributing to the industry's expansion.

Opportunities:

The high level of competitiveness in the market for peer-to-peer payment methods, along with the significant presence of service providers worldwide, creates opportunities for the introduction of new convenient services. This competitive environment encourages various players to offer a wide range of products and services to cater to the needs of a large user base. The intense competition drives contenders to vie for the top position, often resulting in acquisitions or collaborations with new rivals. Significant investments are made in research and development initiatives, leading to technological advancements, updates, and the introduction of innovative P2P payment capabilities.

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The Report Will Include A Major Chapter

•Patent Analysis
•Regulatory Framework
•Technology Roadmap
•BCG Matrix
•Heat Map Analysis
•Price Trend Analysis
•Investment Analysis
•Company Profiling and Competitive Positioning
•Industry Value Chain Analysis
•Market Dynamics and Factors
•Porter's Five Forces Analysis
•Pestle Analysis

Moreover, the report includes significant chapters such as Patent Analysis, Regulatory Framework, Technology Roadmap, BCG Matrix, Heat Map Analysis, Price Trend Analysis, and Investment Analysis which help to understand the market direction and movement in the current and upcoming years.

Market Segmentation

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.

By Transaction Method:

•Near Field Communication
•Mobile Web Payments
•SMS/Direct Carrier Billing
•Others

By Application:

•Media & Entertainment
•Energy & Utilities
•Healthcare
•Retail
•Hospitality & Transportation

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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.

By Region:

•North America (U.S., Canada, Mexico)
•Eastern Europe (Bulgaria, The Czech Republic, Hungary, Poland, Romania, Rest of Eastern Europe)
•Western Europe (Germany, U.K., France, Netherlands, Italy, Russia, Spain, Rest of Western Europe)
•Asia-Pacific (China, India, Japan, South Korea, Malaysia, Thailand, Vietnam, The Philippines, Australia, New Zealand, Rest of APAC)
•Middle East & Africa (Turkey, Saudi Arabia, Bahrain, Kuwait, Qatar, UAE, Israel, South Africa)
•South America (Brazil, Argentina, Rest of SA)

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.

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Table of Content:

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 (2016-2028F)
  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 (2016-2028F)
  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 (2016-2028F)
  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 (2016-2028F)
  5.6.3 Key Market Trends, Growth Factors and Opportunities
  5.6.4 Others: Geographic Segmentation

Chapter 6: P2P Payments Market by Application

Continued….

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