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Seamless Transactions: The P2P Payment Revolution in 2024
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According to The Business Research Company's, 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 Drivers and Trends:
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.
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.
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Major Key Players of the Market:
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
P2P Payment Market 2024 Key Insights:
• 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%.
• Increasing Consumer Adoption Of Online Banking, Mobile Banking, And E-Commerce On The P2P Payment Market
• Payveris P2P Unleashes Cutting-Edge Cloud-Based Digital Payments Platform
• Asia-Pacific was the largest region in the P2P payment market in 2023
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