Global P2P Payment Market to surpass USD 1927.23 million by 2030 from USD 5491.60 million in 2020 at a CAGR of 12.10% in the coming years, i.e., 2021-30. The growing demand for non-cash payments and the number of mobile and computer owners are the key drivers of market growth. In addition, growing public support will provide ample business growth opportunities. P2P payments are providing consumers with greater conviction, accessibility and have simplified, faster and cheaper transfers. Users can send and receive payments anywhere with the cell phone. This transaction is easy for each computer to configure and retain. Each user is his/her system administrator and can manage his/her shared sources. Moreover, there are relatively lower total costs to create and operate this form of network.
Online solution enables users to transfer funds from the bank account or credit card to another person’s account via Internet, is person to person payments (P2P). The effective PayPal approach involves clients establishing a secure connection between accounts and a reliable party client to designate their bank account or credit card details for money transfer and acceptance. An alternative solution is to provide the number of funds to be transmitted with customers using an online interface or mobile application.
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Global P2P Payment Market: Key Players
One97 Communications Ltd.
PayPal Pte Ltd
Circle Internet Financial Limited
Other Prominent Players
Global P2P Payment Market: Segments
NFC/smartcard segment to grow with the highest CAGR during 2020-30
Global P2P Payment Market is segmented by Transaction mode into NFC/Smartcard, SMS, and Mobile Apps. High demand in the NFC/smartcard category would probably help customers serve better by offering them a simple and hassle-free payment process.
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Global P2P Payment Market Dynamics
Lower operational cost
P2P payment platform aims to minimize operating costs by lowering the costs of physical branches, hiring, and branch management, thus increasing business growth. Peer to peer payment network offers an effective framework to ensure repayment mechanism for borrowers, which reduces the investor’s market risk. With the aid of a person-to-person payment service, investors can reduce various types of market risks such as interest rate, unemployment levels, and risk of property prices, which further positively impact global business development.
Most people prefer to choose banks over person-to-person payment services as they may pose potential risks and this is an important factor expected to hinder global person-to-person payment market revenue growth. Consequently, service providers are at risk as they provide guarantees against the debt without any collateral, which can result in a loss to providers. That’s another aspect that might negatively affect global person-to-person lending market growth.
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Global P2P Payment Market report also contains analysis on:
By Transaction mode
Consumer Credit payment
Real Estate payments
Small Business payment
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