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Global P2P Payment Market is expected to reach $4,491.14 million by 2027 growing at a CAGR of 11.8% during 2019 to 2027.
Some of the key players profiled in the P2P Payment Market include Circle Internet Financial Limited, clearXchange, CurrencyFair LTD, Dwolla Inc, One97 Communications Ltd, PayPal Pte Ltd, SnapCash, Square Inc, Tencent and TransferWise Ltd.
Rising demand for non-cash payment and increasing number of smartphone & computer users are the major factors driving the market growth. However, privacy and data security concerns and lack of awareness about P2P payment are restraining the market growth. Moreover, increase in support from public authorities would provide ample opportunities for the market growth.
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Person-to-person payments (P2P) are the online technology that allows customers to transfer funds from their bank account or credit card to another individual’s account via the Internet. It is based on the successful Paypal approach where customers establish a secure connection of accounts with a trusted third-party vendor, designating their bank account or credit card information for transferring and accepting funds. An alternative approach is where customers use an online interface or mobile application to assign the number of funds to be transferred.
Based on transaction mode, the NFC/smartcard segment is likely to have a huge demand as it helps to serve the customers better by giving them an easy and hassle-free mode of payment.
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By geography, North America is going to have a lucrative growth during the forecast period. Increase use of payments in industrial as well as commercial has boosted the global P2P payment market in North America.
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Locations Covered: • Remote Payments
• Proximity Payments
Transaction Modes Covered: • Short Message Service (SMS) • Mobile Apps
• NFC/Smartcard
Type of Purchases Covered: • Airtime Transfer & Top-Ups • Merchandise & Coupons • Money Transfers & Payments
• Travel & Ticketing
Types Covered: • E-Commerce • Internet
• Smartphone
Technologies Covered: • 5G
• Cloud
Applications Covered: • Energy & Utilities Payments • Retail Payments • Transportation & Logistics Payments
• Travels & Hospitality Payments
Regions Covered:
• North America o US o Canada o Mexico • Europe o Germany o France o Italy o UK o Spain o Rest of Europe • Asia Pacific o Japan o China o India o Australia o New Zealand o South Korea o Rest of Asia Pacific • South America o Argentina o Brazil o Chile o Rest of South America • Middle East & Africa o Saudi Arabia o UAE o Qatar o South Africa
o Rest of Middle East & Africa
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