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P2P Payment Market Research, Size, Forecast To 2033
P2P Payment Market
The Business Research Company presents an extensive market research report on the P2P Payment Global Market Report 2024 , furnishing businesses with a competitive edge through a detailed examination of the market structure, encompassing estimates for various segments and sub-segments.
Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the industry. This report market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.
Market Sizing:
The P2P payment market size has grown rapidly in recent years. It will grow from $2.95 billion in 2023 to $3.4 billion in 2024 at a compound annual growth rate (CAGR) of 15.1%. The growth in the historic period can be attributed to smartphone penetration, changing consumer behavior, security and trust, globalization of commerce, financial inclusion initiative.
The P2P payment market size is expected to see rapid growth in the next few years. It will grow to $6.4 billion in 2028 at a compound annual growth rate (CAGR) of 17.2%. The growth in the forecast period can be attributed to contactless and QR code payments, integration with messaging apps, open banking initiatives. Major trends in the forecast period include digital transformation, cryptocurrency integration, request for payment services, cross-border P2P payments, integration with social media platforms.
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Key Market Players:
Major companies operating in the P2P payment market report are Apple Inc., Alibaba Group, PayPal Holdings Inc., Fiserv Inc., Square Inc., Block Inc., Stripe Inc., Global Payments Inc., FIS Global Inc., Klarna AB, Shopify Inc., Worldpay Inc., Nexeo Payments Corp, Toast Inc., Jack Henry & Associates Inc., SoFi Technologies Inc., Paysafe Group plc, Adyen N.V., Green Dot Corporation, Affirm Holdings Inc., Circle Internet Financial Limited, Lightspeed POS Inc., Afterpay Touch Group Ltd., Remitly Global Inc., Payoneer Inc., Flywire Corporation, Upstart Holdings Inc., ClearXchange LLC, Netspend Corporation
Market Drivers:
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 growth.
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https://www.thebusinessresearchcompany.com/report/p2p-payment-global-market-report
The P2P payments market covered in this report is segmented -
1) By Transaction Mode: Mobile Web Payments, Near Field Communication, SMS or Direct Carrier Billing, Other Transaction Modes
2) By Payment Type: Remote, Proximity
3) By Application: Media and Entertainment, Energy and Utilities, Healthcare, Retail, Hospitality and Transportation, Other Applications
4) By End User: Personal, Business
The report answers the following questions:
What are the primary factors propelling the market during the projected period?
In which region is the most substantial growth expected?
Which trend will take center stage in the upcoming period?
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