P2P Payment Market Report 2024-2033: Size, Share, Growth, Trends, Analysis, Demand, Outlook

"The Business Research Company has recently revised its global market reports, now incorporating the most current data for 2024 along with projections extending up to 2033.

P2P Payment Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.

The Market Size Is Expected To Reach $6.4 billion In 2028 At A CAGR Of 17.2% :
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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P2P Payment Market Major Segments
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

Key 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.

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Prominent Trend - Payveris P2P Unleashes Cutting-Edge Cloud-Based Digital Payments Platform
Technological advancement is a key trend gaining popularity in the P2P payment market. Companies operating in the P2P payment sector are focused on introducing P2P payment solutions to strengthen their market position. For instance, in July 2021, Payveris, a US-based cloud-based software company, launched Payveris P2P, a cloud-based money movement and digital payments platform. The Payveris P2P functionality would be integrated into client banking apps, allowing end-users to send money to other bank accounts identified by email addresses and phone numbers.

P2P Payment 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

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Largest And Fastest Growing Region In The Market
Asia-Pacific was the largest region in the P2P payment market in 2023. North America was the second largest region of the P2P payment market. The regions covered in the p2p payment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The Table Of Content For The Market Report Include:
1. Executive Summary
2. P2P Payment Market Report Structure
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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