TOKYO, Sept. 06, 2022 (GLOBE NEWSWIRE) -- TOKYO, September 07, 2022 (GLOBE NEWSWIRE) – The Global P2P Payment Market Size accounted for USD 1,872 Billion in 2021 and is estimated to achieve a market size of USD 9,135 Billion by 2030 growing at a CAGR of 19.7% from 2022 to 2030.
P2P Payment Market Report Key Highlights
• Global P2P payment market value was worth USD 1,872 billion in 2021, with a 19.7% CAGR from 2022 to 2030
• Asia-Pacific P2P payment market led the market in 2021 with 34% of market share
• According to research, PayPal Holdings Inc.'s dominance in the P2P payment market in 2021
• Among end user, personal segment occupied more than 60% of total market share
• Growing use of the internet for online purchasing is propelling the P2P payment industry
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Report Coverage:
| Market | P2P Payment Market | |
| P2P Payment Market Size 2021 | USD 1,872 Million | |
| P2P Payment Market Forecast 2030 | USD 9,135 Million | |
| P2P Payment Market CAGR During 2022 - 2030 | 19.7% | |
| P2P Payment Market Analysis Period | 2018 - 2030 | |
| P2P Payment Market Base Year | 2021 | |
| P2P Payment Market Forecast Data | 2022 - 2030 | |
| Segments Covered | By Type, By Payment Type, By End User, By Application, And By Geography | |
| P2P Payment Market Regional Scope | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa | |
| Key Companies Profiled | Alibaba Group Holdings Limited, Visa Inc., Google, American Express Company, Samsung Electronics Co. Ltd., PayPal Holdings Inc., Apple Inc., Amazon.com Inc., Money Gram International, WeChat, and M Pesa. | |
| Report Coverage |
Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis | |
The increasing digitalization in diverse sectors, as well as technological breakthroughs, will serve as growth drivers for the P2P payment market. P2P payment benefits such as efficiency, simplicity, reliability, and convenience of use will provide significant growth potential for the peer-to peer (P2P) payment market size. P2P payments allow users to transfer money instantly while maintaining their bank account information secret. Moreover, funds are sent with the touch of a button. As a result of these factors, the demand for P2P payment is likely to increase.
Besides that, the currently underway Covid-19 outbreak has made the in-person financial sector much more difficult, resulting in a large number of hesitant first-time customers of digital banking. The expansion is seen in all sectors of financial services, from e-commerce to capital management, although peer-to-peer (P2P) payment solutions have witnessed particularly high development, building on a trend that began prior to the epidemic. Furthermore, the increased usage has resulted in a windfall for the leading fintech companies and distributors of P2P services. Venmo and SquareSQ, two of the most active participants, were started over a decade ago.
Global P2P Payment Market Dynamics
P2P payments, also known as peer-to-peer payments, are digital payment transfers from one participant to another via an intermediary. Furthermore, all P2P transactions are carried out digitally, eliminating the requirement for a middleman, resulting in exceptionally cheap transaction costs averaging from 2-3%, giving an enhanced user experience as well as transparency. Also, since P2P payments are secured and feature fraud security measures, it represents one of the most cost-effective and secure payment options. Besides that, many apps and online solutions use biometrics and digital alerts for every transaction to safeguard the money and ensure transparency.
Rapid digitalization increased consumer acceptance of electronic or digital banking solutions, online wallets, and e-commerce, and increased smartphone penetration among the younger crowd all contribute to the expansion of the worldwide P2P payment market share. Furthermore, a rise in the m-commerce business across emerging economies has a beneficial impact on market growth. However, problems such as a rise in information breaches or security concerns with P2P payments are projected to stymie market expansion. On the other, a boost in the desire for convenient and simple payment solutions, as well as increased use of RFID, NFC, and host card emulation technologies in P2P payments, is likely to provide the lucrative potential for the P2P payment market trend throughout the projection period.
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Market Segmentation
The global P2P payment market has been segmented by Acumen Research and Consulting based on type, payment type, end user, and application. By type, the market is separated into SMS/direct carrier billing, mobile web payments, near field communication, and others. By payment type, the market is divided into remote, and proximity. By end user, the market is classified into business, and personal. By application, the industry is categorized into hospitality & transportation, energy & utilities, media & entertainment, healthcare, retail, and others.
Global P2P Payment Market Regional Outlook
The global P2P payment market is divided into five geographic regions: Asia-Pacific, Europe, North America, Latin America, and the Middle East and Africa. According to the P2P payment industry analysis, North America is predicted to increase at a rapid pace in the coming year. The presence of numerous significant market participants, the deployment of advanced technologies, and expanding small and medium businesses are driving the growth of the regional market. Furthermore, North America has been a forerunner in the consumption of cutting-edge products. The expanding number of automation retailers in the United States is also driving the use of versatile payment options. The extensive usage of flexible payment methods in North America is usually attributed to the expansion of web-based commerce. A few companies are working on remote payment applications that will enable customers to make payments from almost anywhere. As a result, these factors will drive regional market expansion in the coming years.
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P2P Payment Market Players
The market for peer-to-peer payments is very fragmented. A variety of competitors are engaged in heavy competition for a prominent position. Key players either acquire or combine new businesses. Moreover, corporations make a significant investment in research and development. These initiatives result in technology breakthroughs and growth in P2P payment improvements and features, eventually resulting in the expansion of the P2P payment business.
Some of the prominent P2P payment market companies are Alibaba Group Holdings Limited, Visa Inc., Google, American Express Company, Samsung Electronics Co. Ltd., PayPal Holdings Inc., Apple Inc., Amazon.com Inc., Money Gram International, WeChat, and M Pesa.
Questions Answered By This Report
- What was the market size of P2P Payment Market in 2021?
- What will be the CAGR of P2P Payment Market during the forecast period from 2022 to 2030?
- Who are the major players in Global P2P Payment Market?
- Which region held the largest share in P2P Payment Market in 2021?
- What are the key market drivers of P2P Payment Market?
- Who is the largest end user P2P Payment Market?
- What will be the P2P Payment Market value in 2030?
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The Global Payment Gateway Market is expected to grow at a CAGR of around 12.6% from 2021 to 2028 and expected to reach the market value of around USD 90.5 Billion by 2028.
The Global Payment Processing Solutions Market is anticipated to grow at a CAGR of around 15.2% during the forecast period 2020 to 2027 and to reach around USD 102.3 Billion by 2027.
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