P2P Payment Market: Industry Size, Share, Consumption, Trends, Analysis And Forecast To 2033

The Business Research Company has updated its global market reports, featuring the latest data for 2024 and projections up to 2033

The Business Research Company offers in-depth market insights through P2P Payment Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.

Market Size And Growth Forecast:
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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Market Segmentation:
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

Major Driver - Increasing Consumer Adoption Of Online Banking, Mobile Banking, And E-Commerce On The P2P Payment Market
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.

Competitive Landscape:
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

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Top Trend - Innovative Stride Transforming P2P Payments With UPI Integration
Major companies operating in the P2P payment market are focused on introducing advanced solutions, such as P2P payment services, to gain a competitive edge in the market. P2P payment services are electronic transactions made directly between two individuals without the need for a central authority or financial institution to act as an intermediary. For instance, in April 2023, CRED, an India-based Banking company launched UPI-based Peer-to-Peer (P2P) payments. UPI-based Peer-to-Peer (P2P) payments is the use of the Unified Payments Interface (UPI) for facilitating Peer-to-Peer (P2P) transactions. It allows users to send and receive money directly from their bank accounts using UPI. It enables them to make payments to CRED members or non-members by searching their contact list, adding phone numbers, or UPI IDs.

The Table Of Content For The Market Report Include:
1. Executive Summary
2. P2P Payment Market Characteristics
3. P2P Payment Market Trends And Strategies
4. P2P Payment Market - Macro Economic Scenario
5. P2P Payment Market Size And Growth
…..
27. P2P Payment Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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