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(MoneyNewsWire.Net, June 18, 2024 ) THE P2P PAYMENTS MARKET IS PROJECTED TO REACH USD 12794.25 BILLION, GROWING AT A RATE OF 4.11%, ACCORDING TO INTROSPECTIVE MARKET RESEARCH.
P2P Payments Market size was valued at USD 3087.94 Bn in 2023 and is expected to reach USD 12794.25 Bn by 2032, at a CAGR of 17.11 %.
Pune, 14, June 2024: The P2P Payments Market was valued at USD 3087.94 billion in 2023 and is expected to reach USD 12794.25 billion by 2032, with a CAGR of 17.11 %. Peer-to-peer (P2P) payments are digital methods for users to send money from their bank account to another's account using the internet or mobile device. These payments are categorized into internal and domestic transfers, with internal transfers made to bank-held accounts and domestic transfers made to non-bank accounts. Customers can start both types of payments from a single Transfer Money screen. A recent Billtrust survey revealed that 32% of Generation Z use P2P payment systems like Venmo or Zelle six times or more each month, with 79% using them at least once every other month. The P2P payment market is expanding globally due to digitalization and user acceptance of online platforms, smartphones, and e-commerce services. P2P payment solutions enable individuals to exchange funds online and request payments from contacts. The majority of P2P end users are millennials due to smartphone use and m-the commerce adoption. The market growth is boosted by increased acceptance of online banking, mobile banking, and e-commerce. However, data breaches and security issues may hinder growth.
P2P Payments Market Dynamics
The global P2P payments industry is fueled by rising smartphone adoption in countries like China and India, and increased consumer awareness of the benefits of mobile and online payments. High-speed internet connectivity alternatives like 4G and 5G are increasingly used, and smartphone manufacturers' distribution networks have grown, increasing access to hardware. Major mobile phone producers like Samsung and Xiaomi can provide web services to rural populations through their mobile phones in India. P2P payment networks aim to spur business expansion by lowering costs of hiring people, running branches, and maintaining physical assets. They also lower market risk for investors by providing borrowers with a solid foundation for securing repayment. This helps in the growth of the global P2P payments industry by facilitating various market risks, such as interest rates, unemployment rates, and property value risks.
The global market for peer-to-peer payment methods is highly competitive, with numerous players offering various products and services. This competition leads to intense competition, with key players either acquiring rivals or combining with them. They invest heavily in research and development, leading to technological advancements and new P2P payment capabilities. As the sector grows, mergers, acquisitions, joint ventures, and partnerships occur. The goal of these events is to advance their status as thought leaders in the P2P payment industry, thereby enhancing growth prospects.
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P2P Payments Market Regional Insights
The Asia Pacific P2P Payments Market is expected to experience significant growth due to government initiatives and initiatives in developing countries like India. China and Indonesia are the market leaders, with China's FinTech services attracting investors due to the lack of alternative investment options and higher returns. In 2021, around 904 million people in China used mobile payments, replacing cash and credit cards as the preferred payment option in the retail sector.
The digital financial services landscape in Asia-Pacific is rapidly evolving, with emerging markets such as Indonesia's fintech sector contributing significantly to the financial technology ecosystem. The region is also driven by evolving lifestyles, increasing smartphone penetration, and contemporary internet purchasing patterns. North America is the second fastest-growing region in the P2P Payments Market, with notable market players and the prevalence of automated stores in the United States. The proliferation of web-based commerce and the development of applications for remote payments are also driving the use of flexible payment methods.
The growing use of virtual terminals for remote charging is predicted to lead to an expansion of fuel classification. Overall, the Asia Pacific P2P Payments Market is expected to be driven by these factors.
P2P Payments Market Segment Analysis
By Transaction Method
Near Field Communication
Mobile Web Payments
SMS/Direct Carrier Billing
Others
The Near Field Communication (NFC) segment is expected to dominate the P2P Payments Market due to its simple and hassle-free payment solution. NFC technology allows retailers to include customer loyalty programs and mobile coupons. The market's expansion is aided by online business platforms and the continued use of cutting-edge technology for financial transactions. The adoption of NFC-based installments is likely accelerated by the popularity of wearable devices and flexible trading patterns.
By Application
Media & Entertainment
Energy & Utilities
Healthcare
Retail
Hospitality & Transportation
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GLOBAL P2P PAYMENTS MARKET BY REGION
NORTH AMERICA
USA
Canada
Mexico
EASTERN EUROPE
Russia
Bulgaria
The Czech Republic
Hungary
Poland
Romania
Rest of Eastern Europe
WESTERN EUROPE
Germany
United Kingdom
France
The Netherlands
Italy
Spain
Rest of Western Europe
ASIA PACIFIC
China
India
Japan
South Korea
Malaysia
Thailand
Vietnam
The Philippines
Australia
New-Zealand
Rest Of APAC
MIDDLE EAST & AFRICA
Turkey
Bahrain
Kuwait
Saudi Arabia
Qatar
UAE
Israel
South Africa
SOUTH AMERICA
Brazil
Argentina
Rest of South America
P2P Payments's Key Competitors include:
com
Apple Inc.
Circle International Financial Limited
Google LLC
One97 Communications Limited (Paytm)
PayPal Holdings Inc.
Square, Inc.
WePay Inc.
Wise Payments Limited
Zelle
Venmo, LLC and other major players.
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Key questions answered in the P2P Payments Market report are:
Which market segment dominated the global P2P Payments market in 2023?
What are the current global trends in the P2P Payments market?
What future industry applications and trends are emerging in the P2P Payments market?
What growth strategies are companies adopting to expand their presence in the P2P Payments market?
Who are the leading companies in the P2P Payments market, and what are their product portfolios?
What are the primary challenges that the P2P Payments market may face in the future?
Which region had the largest share of the P2P Payments market in 2023?
How is the regulatory environment influencing the P2P Payments market?
Key Offerings:
Market Size, Share, Size & Forecast by Different Segments | 2024−2032
P2P Payments Market Dynamics – Growth Drivers, Restraints, Opportunities, and Key Trends by Region
Market Trend Analysis
Pestle Analysis
Porter’s Five Forces Analysis
Industry Value Chain Analysis
Ecosystem
Regulatory Landscape
Price Trend Analysis
Patent Analysis
Technology Evolution
Investment Pockets
P2P Payments Market Segmentation
Competitive Landscape – Profiles of selected key players in a strategic perspective
Competitive landscape – Competitive Benchmarking, P2P Payments Market Share by Manufacturer (2023), Industry BCG Matrix, Heat Map Analysis, Mergers & Acquisitions
Analyst Viewpoint and Conclusion
Introspective Market Research, a prominent Service Industry research firm, has released the following reports:
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