Report Id: SNS/ICT/1262 | May 2022 | Region: Global | 125 Pages
Report Scope & Overview:
The P2P Payment Market was valued at USD 89.21 billion in 2021 and is predicted to increase at a CAGR of 15.6 % from 2022 to 2028, reaching USD 246.1 billion.
P2P payment refers to the transfer of funds from one person's bank account to another. Furthermore, a P2P transaction is begun and completed by two persons transferring funds with banks via the internet. Furthermore, P2P payment solutions enable users to request a certain amount of money to a specific person among their connections. Furthermore, due to increased smartphone use and m-commerce acceptance, the bulk of P2P end users are millennials.
Increased consumer acceptance of online banking, mobile banking, and e-commerce, as well as increased smartphone penetration among the younger generation, are driving the P2P payment business forward. Furthermore, the rise of the m-commerce business in emerging nations has a beneficial influence on market growth. However, market development is projected to be hampered by reasons such as an increase in data breaches and security difficulties in P2P payments. On the other hand, rising demand for quick and painless transaction services, as well as increased use of NFC, RFID, and host card emulation technologies in P2P payments, are likely to provide lucrative potential for market expansion throughout the projection period.
Low operating cost
There are no international standards for cross-border payments.
Service providers are at danger since they give loan guarantees without any collateral, putting them at risk of losing money.
Globally, the unbanked population is rapidly declining.
A growing number of individuals have access to financial services.
Evolving cyber-attacks on electronic payments
Developing countries' inadequate infrastructure
IMPACT OF COVID-19:
Many banks and financial institutions are giving their consumers with new digital tools and approaches, like mobile payment and peer-to-peer payments, during the COVID-19 epidemic, when companies are dealing with operational issues. Furthermore, the global proliferation of smartphones gives development potential for the P2P payment business.
Furthermore, numerous banks and fintech companies are using peer-to-peer payments to reduce losses incurred as a result of the epidemic and increase market share. Furthermore, the rising number of COVID-19 patients throughout the world has prompted many people to use P2P payment methods to send money to family members in a medical emergency, boosting the P2P payment market's development.
The key players operating in the P2P payment industry are Alibaba.com, Apple Inc., Circle International Financial Limited, Google LLC, One97 Communications Limited (Paytm), PayPal Holdings Inc., Square, Inc., WePay Inc., Wise Payments Limited and Zelle.
The greatest share is made up of mobile online payments. This rise can be attributed to rising worldwide disposable income as well as the advent of low-cost smartphone manufacturers in the Asia area. Furthermore, the broad usage of smartphones has come from the increased use of online services. The kind of purchase section includes airtime transfer and top-ups, merchandise and coupons, and travel and ticketing.
The greatest segment is retail payments. It's made up of an online marketplace. Online marketplaces are a type of network that connects individual merchants with potential purchasers. Seller advertising, buyer and seller ratings based on prior transactions, payment processing, and escrow services are all things that online marketplace may provide. Payments for travel and hospitality, transportation and logistics, energy and utilities, and other services.
By Transaction Mode:
Mobile Web Payments
Near Field Communication
SMS/Direct Carrier Billing
By Payment Type:
By End User:
18 to 30 Year
31 to 54 Year
55 to 73 Year
Media & Entertainment
Energy & Utilities
Hospitality & Transportation
In 2021, Asia Pacific owned the greatest proportion of the global P2P payment market. Asia Pacific will continue to lead the world in peer-to-peer payments. China and Indonesia lead Asia Pacific. The availability of innovative FinTech facilities in China is the most crucial driving element for the prospective P2P lending business. In addition, the China P2P lending business has attracted investors due to a lack of alternative investment opportunities and better returns from P2P lending.
Rest of Europe
Rest of Asia-Pacific
The Middle East & Africa
Rest of the Middle East & Africa
Rest of Latin America
|Market Size in 2021||US$ 89.21 Bn|
|Market Size by 2028||US$ 246.1 Bn|
|CAGR||CAGR of 15.6% From 2022 to 2028|
|Report Scope & Coverage||Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook|
|Key Segments||• by Transaction Mode (Mobile Web Payments, Near Field Communication, SMS/Direct Carrier Billing and Others)
• by Payment Type (Remote and Proximity)
• by End User (Personal and Business)
• by Application (Media & Entertainment, Energy & Utilities, Healthcare, Retail and Hospitality & Transportation)
|Regional Analysis/Coverage||North America (USA, Canada, Mexico), Europe
(Germany, UK, France, Italy, Spain, Netherlands,
Rest of Europe), Asia-Pacific (Japan, South Korea,
China, India, Australia, Rest of Asia-Pacific), The
Middle East & Africa (Israel, UAE, South Africa,
Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America)
|Company Profiles||Alibaba.com, Apple Inc., Circle International Financial Limited, Google LLC, One97 Communications Limited (Paytm), PayPal Holdings Inc., Square, Inc., WePay Inc., Wise Payments Limited and Zelle|
|Key Drivers||• Low operating cost
• More transparency
|Market Opportunities||• Globally, the unbanked population is rapidly declining.
• A growing number of individuals have access to financial services.
Frequently Asked Questions (FAQ) :
Table of Contents
1.1 Market Definition
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
4.1 COVID-19 Impact Analysis
4.2 Impact of the Ukraine-Russia War
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Global P2P Payment Market Segmentation, by Transaction Mode
8.1 Mobile Web Payments
8.2 Near Field Communication
8.3 SMS/Direct Carrier Billing
9. Global P2P Payment Market, by Payment Type
10. Global P2P Payment Market, by End User
10.1.1 18 to 30 Year
10.1.2 31 to 54 Year
10.1.3 55 to 73 Year
11. Global P2P Payment Market, by Application
11.1 Media & Entertainment
11.2 Energy & Utilities
11.5 Hospitality & Transportation
12. Regional Analysis
12.2 North America
12.2.1 the USA
12.3.2 the UK
12.3.6 The Netherlands
12.3.7 Rest of Europe
12.4.2 South Korea
12.4.6 Rest of Asia-Pacific
12.5 The Middle East & Africa
12.5.3 South Africa
12.6 Latin America
12.6.3 Rest of Latin America
12. Company Profiles
12.1.2 Products/ Services Offered
12.1.3 SWOT Analysis
12.1.4 The SNS view
12.2 Apple Inc.
12.3 Circle International Financial Limited
12.4 Google LLC
12.5 One97 Communications Limited (Paytm)
12.6 PayPal Holdings Inc
12.7 Square, Inc.
12.8 WePay Inc
12.9 Wise Payments Limited
13. Competitive Landscape
13.1 Competitive Benchmarking
13.2 Market Share analysis
13.3 Recent Developments
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