The P2P Payment Market was valued at USD 119.20 billion in 2023 and is predicted to increase at a CAGR of 15.6% from 2024 to 2031, reaching USD 380.15 billion in 2031.
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.
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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.
KEY DRIVERS:
Low operating cost
More transparency
RESTRAINTS:
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.
OPPORTUNITIES:
Globally, the unbanked population is rapidly declining.
A growing number of individuals have access to financial services.
CHALLENGES:
Evolving cyber-attacks on electronic payments
Developing countries' inadequate infrastructure
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.
Market, By Transaction Mode:
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.
Market, By Application:
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
Others
By Payment Type:
Remote
Proximity
By End User:
Personal
18 to 30 Year
31 to 54 Year
55 to 73 Year
Business
By Application:
Media & Entertainment
Energy & Utilities
Healthcare
Retail
Hospitality & Transportation
Others
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.
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REGIONAL COVERAGE:
North America
The USA
Canada
Mexico
Europe
Germany
The UK
France
Italy
Spain
The 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 the Middle East & Africa
Latin America
Brazil
Argentina
Rest of Latin America
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, Zelle & Other Players
| Report Attributes | Details |
| Market Size in 2023 | USD 119.20 Bn |
| Market Size by 2031 | USD 380.15 Bn |
| CAGR | CAGR of 15.6% From 2024 to 2031 |
| Base Year | 2023 |
| Forecast Period | 2024-2031 |
| Historical Data | 2020-2022 |
| 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. |
Ans: The growth rate of the P2P Payment Market is 15.6% over the forecast period 2023-2030.
Ans: The market size of the P2P Payment Market is expected to reach USD 328.87 billion by 2030.
Ans: The Covid-19 pandemic impacted the P2P Payment Market significantly. The detailed analysis is included in the final report.
Ans: The key players of the P2P Payment Market 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.
Ans: Asia-Pacific region dominated the P2P Payment Market.
Table of Contents
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges
4. Impact Analysis
4.1 COVID-19 Impact Analysis
4.2 Impact of Ukraine- Russia war
4.3 Impact of ongoing Recession
4.3.1 Introduction
4.3.2 Impact on major economies
4.3.2.1 US
4.3.2.2 Canada
4.3.2.3 Germany
4.3.2.4 France
4.3.2.5 United Kingdom
4.3.2.6 China
4.3.2.7 Japan
4.3.2.8 South Korea
4.3.2.9 Rest of the World
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
8.4 Others
9. Global P2P Payment Market, by Payment Type
9.1 Remote
9.2 Proximity
10. Global P2P Payment Market, by End User
10.1 Personal
10.1.1 18 to 30 Year
10.1.2 31 to 54 Year
10.1.3 55 to 73 Year
10.2 Business
11. Global P2P Payment Market, by Application
11.1 Media & Entertainment
11.2 Energy & Utilities
1.3 Healthcare
11.4 Retail
11.5 Hospitality & Transportation
11.6 Others
12. Regional Analysis
12.1 Introduction
12.2 North America
12.2.1 the USA
12.2.2 Canada
12.2.3 Mexico
12.3 Europe
12.3.1 Germany
12.3.2 the UK
12.3.3 France
12.3.4 Italy
12.3.5 Spain
12.3.6 The Netherlands
12.3.7 Rest of Europe
12.4 Asia-Pacific
12.4.1 Japan
12.4.2 South Korea
12.4.3 China
12.4.4 India
12.4.5 Australia
12.4.6 Rest of Asia-Pacific
12.5 The Middle East & Africa
12.5.1 Israel
12.5.2 UAE
12.5.3 South Africa
12.5.4 Rest
12.6 Latin America
12.6.1 Brazil
12.6.2 Argentina
12.6.3 Rest of Latin America
13. Company Profiles
13.1 Alibaba.com
13.1.1 Financial
13.1.2 Products/ Services Offered
13.1.3 SWOT Analysis
13.1.4 The SNS view
13.2 Apple Inc.
13.3 Circle International Financial Limited
13.4 Google LLC
13.5 One97 Communications Limited (Paytm)
13.6 PayPal Holdings Inc
13.7 Square, Inc.
13.8 WePay Inc
13.9 Wise Payments Limited
13.10 Zelle
14. Competitive Landscape
14.1 Competitive Benchmarking
14.2 Market Share Analysis
14.3 Recent Developments
15. Conclusion
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