P2P Payment Market Outlook 2025-2034: Key Trends, Growth Drivers, and Market Share

What industry-specific factors are fueling the growth of the p2p payment market?
The surge in the usage of online banking, mobile banking, and e-commerce by consumers globally is anticipated to elevate the progress of the P2P payment market. Online banking provides customers with the capability to carry out all banking necessities, from money transfers and reviewing transaction history, to cash withdrawals and deposits with just a few clicks. These financial transactions are carried out on secure websites or mobile applications facilitated by online mobile or internet banking. The progression and convenience of online and mobile banking have led to higher adoption rates, boosting the P2P payments market. For example, a recent worldwide survey of 2,899 individuals conducted in April 2022 by the Australia-based company Finder Row Pty Ltd, disclosed that 26% of the respondents from India claimed to possess a digital bank account while another 13% planned on opening one within the forthcoming year. This would raise the percentage of digital account holders in India to 39%. This percentage is predicted to further amplify, reaching 46% by the conclusion of 2027. As a result, the surge in the embracement of online banking, mobile banking, and e-commerce by consumers is fueling the P2P payment market growth.

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How will the growth rate of the p2p payment market shape industry trends by 2034?
In the past few years, the size of the P2P payment market has witnessed significant expansion. It is projected to increase from a value of $3.32 billion in 2024 to about $3.78 billion in 2025, reflecting a compound annual growth rate (CAGR) of 13.9%. This remarkable growth during the historical phase can be linked to factors such as increased usage of smartphones, alterations in consumer attitudes, heightened security and trust, the worldwide proliferation of commerce, and initiatives aimed at financial inclusion.

In the coming years, the P2P payment market is projected to witness significant enlargement. The market size is anticipated to reach $7.77 billion by 2029, growing at a compound annual growth rate (CAGR) of 19.7%. The expected growth within the forecast period can be credited to elements such as contactless and QR code payments, integration with messaging applications and the introduction of open banking initiatives. Noteworthy trends within this period include digital transformation, incorporation of cryptocurrency, demand for payment services, cross-border P2P transactions, and amalgamation with social media platforms.

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What new trends are reshaping the p2p payment market and its opportunities?
Key players in the P2P payment market are actively engaging in creating technological innovations like the P2P security layer. This not only boosts security using cutting-edge techniques such as encryption, biometric verification, and underhandedness detection algorithms but also adds to building user faith by ensuring safer transactions. A P2P security layer constitutes protocols and methods devised to protect data and communications in P2P networks. It emphasizes on aspects like authentication, encryption, data soundness, and managing access to defend users from potential security risks. For instance, Bitget, a cryptocurrency exchange firm based in China, launched a shield in August 2024. This shield provides fiscal safeguard against sca*ms, thereby elevating user assurance in P2P trading. It aims at propagating a secured trading environment and encouraging sound security practices amongst users.

What major market segments define the scope and growth of the p2p payment market?
The P2P payment 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

Subsegments:
1) By Mobile Web Payments: In-app Payments, Mobile Browser Payments, Near Field Communication (NFC)
2) By Contactless Payments: Contactless Card Payments, Mobile Wallet Payments
3) By SMS Or Direct Carrier Billing: SMS Payments, Carrier Billing Payments
4) By Other Transaction Modes: QR Code Payments, Bank Transfers

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Which region dominates the p2p payment market?
Asia-Pacific was the largest region in the P2P payment market in 2024. 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.

Which key market leaders are driving the p2p payment industry growth?
Major companies operating in the P2P payment market include 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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What Is Covered In The P2P Payment Global Market Report?

•Market Size Forecast: Examine the p2p payment market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the p2p payment market for a structured understanding.
•Key Players Overview: Analyze major players in the p2p payment market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the p2p payment market.
•Segment Contributions: Evaluate how different segments drive overall growth in the p2p payment market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the p2p payment market.
•Industry Challenges: Identify potential risks and obstacles affecting the p2p payment market.
•Competitive Landscape: Review strategic developments in the p2p payment market, including expansions, agreements, and new product launches.

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