P2P Payments Market Key Players | Circle Internet Financial Limited, Paypal Holdings Inc., WePay Inc., and ONE97 Communications Limited (PAYTM)

As per the study initiated by Evolve Business Intelligence, the global P2P Payments Market size accounted for USD 6.32 Billion in 2023, growing at a CAGR of 17.65% from 2023 to 2033. Peer-to-peer (P2P) payments refer to the direct transfer of funds between individuals using electronic platforms or mobile applications, bypassing traditional banking channels. This decentralized form of financial transaction allows individuals to send and receive money from one another quickly and conveniently, often utilizing mobile devices or online platforms. P2P payments have become increasingly popular for their simplicity and accessibility, enabling users to split bills, pay for goods and services, or send money to friends and family without the need for physical currency or traditional banking infrastructure.

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The P2P Payments market is primarily driven by the increasing adoption of mobile and digital payment solutions, offering users convenient and instantaneous money transfers. Growing awareness of the security and efficiency of P2P payment platforms, coupled with a shift towards cashless transactions, further fuels the market's expansion.

Key Players
Some of the major P2P Payments Market players holding high market shares include Circle Internet Financial Limited, PAYPAL HOLDINGS INC., WePay Inc., and ONE97 COMMUNICATIONS LIMITED (PAYTM). These players use partnership and collaboration as key strategies to gain significant market share to compete with market leaders. Some of the other major market players include APPLE INC., GOOGLE LLC, Zelle, SQUARE, INC., ALIBABA.COM, and Wise Payments Limited.

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Segmental Analysis
Based on Transaction Mode, the P2P Payments market is segmented into Mobile Web Payments, Near Field Communication, SMS/Direct Carrier Billing, and Others. The dominance of the Mobile Web Payments segment in the P2P Payments market is propelled by its widespread accessibility, user-friendly interfaces, and seamless integration with mobile devices, fostering a convenient and efficient means for individuals to engage in peer-to-peer financial transactions.

Based on Payment Type, the P2P Payments market is segmented into Remote, Proximity. The dominance of the Remote segment in the P2P Payments market is propelled by the growing demand for contactless and remote payment solutions, driven by the need for secure, convenient, and flexible transactions in various online and virtual settings.
Based on Application, the P2P Payments market is segmented into Media & Entertainment, Energy & Utilities, Healthcare, Retail, Hospitality & Transportation, and Others. The dominance of the Media & Entertainment segment in the P2P Payments market is propelled by the increasing adoption of streamlined and secure payment options for digital content, subscriptions, and online services, reflecting evolving consumer preferences in the modern digital.

Key Region/ Countries Covered
• North America (US, Canada, Mexico)
• Europe (Germany, U.K., France, Italy, Spain, Russia, Nordic Countries, BeNeLux, Rest of Europe)
• Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Rest of Asia Pacific)
• Middle East and Africa (Saudi Arabia, UAE, Egypt, South Africa, Rest of MEA)
• Latin America (Mexico, Brazil, Argentina, Rest of Latin America)

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