P2P Payment Market Outlook – 2030
The global P2P payment market size was valued at $1,889.16 billion in 2020, and is projected to reach $9,097.06 billion by 2030, growing at a CAGR of 17.3% from 2021 to 2030.
P2P payment is transfer of funds from one person’s bank account to another individual’s bank account. In addition, P2P transaction is initiated and completed by two people exchanging funds with banks by using internet to complete the transaction. In addition, P2P payment solution also helps individuals to request for a certain amount of payment to a particular person choosing from their contacts. Furthermore, majority of P2P end users are millennials, owing to high smartphone use and increase in adoption of m-commerce.
Increase in acceptance of online banking, mobile banking, and e-commerce by consumers and rise in adoption of smartphones among younger generation boost the P2P payment market growth. In addition, increase in the m-commerce industry across emerging countries positively impact growth of the market. Furthermore, the increase in the demand for seamless and contactless payment solutions has pushed both consumers and businesses to adopt digital payment systems more rapidly, including digital wallets and contactless payment options, which have made transactions faster and more secure, thereby increasing the convenience of P2P payments, supporting P2P payment market expansion.
However, factors such as rise in data breaches and security issues in P2P payments is expected to hamper the P2P payment market growth. In addition, the difficulty of resolving disputes and chargebacks in P2P transactions, especially those involving peer networks or cryptocurrencies, may make users hesitant or cautious about using these services, impeding the growth of the P2P payment market.
On the contrary, increase in demand for fast & hassle-free transaction services and growth in usage of NFC, RFID, and host card emulation technology in P2P payments market. The integration of technologies such as Near Field Communication (NFC), Radio Frequency Identification (RFID), and Host Card Emulation (HCE) is transforming P2P payments by making them even more efficient and secure. NFC and RFID allow for easy contactless transactions, while HCE technology enables users to make payments without the need for a physical card, increasing convenience. are expected to offer remunerative opportunities for expansion of the market during the forecast period.
The p2p payment market is expected to offer numerous opportunities for new players in the market. The shift in preference towards cashless transactions and the increase in the demand for digital payment solutions has led to the surge in the expansion of cross-border payments, which simplifies international money transfers and reduces associated fees. In addition, the integration of P2P payments with traditional financial institutions enables greater interoperability as P2P platforms can reach a broader user base, bridging the gap between digital wallets and bank accounts. Furthermore, targeting the unbanked and underbanked populations, particularly in emerging markets where mobile phones are prevalent, offers another avenue for growth. Innovations such as integration of blockchain and cryptocurrency further enhances the security, speed, and cost-efficiency of transactions, attracting a more tech-savvy user base. These factors are expected to offer remunerative opportunities for the growth of the p2p payment market.
For instance, on June 17, 2024, Apple announced the launch of "Tap to Cash," a new P2P feature that enables iPhone users to transfer money by simply holding their phones together. This innovative feature aims to streamline the process of peer-to-peer payments among users.
Moreover, leveraging AI and machine learning for smarter, more secure payment systems, along with integrating QR code payments for quick and easy transfers, can improve user experience and streamline transactions. Furthermore, the rise of subscription-based models for premium features or integrating social media platforms for effortless payments opens up new revenue streams. As consumers increasingly prioritize financial management, offering integrated budgeting and financial planning tools within P2P platforms is becoming an attractive opportunity. In addition, the increase in the adoption of P2P services that cater to merchants and e-commerce businesses taps into the growing online shopping trend, while the development of robust fraud detection mechanisms powered by AI ensures that security remains a top priority. This factors are expected to offer lucrative p2p payment market opportunity for growth.
For instance, April 17, 2023, CRED launched UPI peer-to-peer (P2P) payments, allowing users to make instant and secure transactions. The new feature includes options like Scan & Pay, enabling payments anywhere via UPI.
Type Insights
The P2P payment market has seen significant growth in recent years, driven by technological advances, convenience, and a shift toward cashless transactions. P2P payments allow individuals to send money directly to one another using digital platforms or mobile apps, bypassing traditional banking institutions.
1. Traditional Bank-Based P2P Payments
The integration of traditional financial institutions with P2P payment services platforms, offers seamless transfers directly from bank accounts. These systems leverage existing banking infrastructure and focus on offering convenience and security.
2. Mobile-First and Fintech P2P Solutions
Companies like PayPal, Venmo, and Cash App are examples of fintech-driven P2P services. These platforms cater specifically to younger, tech-savvy audiences and emphasize mobile-first experiences. These fintech solutions often include additional features such as cashback offers, cryptocurrencies, and investment options, distinguishing them from traditional bank services.
3. Cryptocurrency-Based P2P Payments
The rise of cryptocurrencies has introduced decentralized P2P payment options, where users can send digital currencies like Bitcoin or Ethereum directly to others without a central intermediary. This model appeals to individuals seeking privacy, lower fees, or international transfers without reliance on traditional banks. Cryptocurrencies are often seen as a more secure, borderless alternative, although they come with volatile risks.
For instance, on 26 February 2025, Coinbase partnered with Onboard Global to offer crypto peer-to-peer (P2P) payments to users in Nigeria. This collaboration aims to enhance financial inclusion by enabling seamless and secure cryptocurrency transactions through the Onboard platform.
Technology Insights
The future of the P2P payment market is being shaped by several key trends, driven by the integration of online loan platforms, AI-based lending, and cloud lending technologies. Online loan platforms have transformed the borrowing and lending process by directly connecting individuals, allowing for quicker access to credit without relying on traditional banks. These platforms streamline the loan application process, reduce overhead costs, and make credit more accessible to a broader range of users. Furthermore, AI-based lending is further revolutionizing this space by using advanced algorithms to assess creditworthiness based on a wide array of data, such as spending behavior and transaction history. This ensures faster, smarter, and more accurate lending decisions, while reducing human error and biases. In addition, AI allows for personalized loan offers tailored to individual needs, creating a more customized experience for borrowers. Cloud lending plays an essential role by providing scalable, cost-effective solutions that enhance flexibility and efficiency in managing lending processes. With cloud technology, platforms can scale quickly, integrate with other financial systems, and offer real-time processing, improving the overall user experience. As these innovations converge, they enable seamless P2P payments, instant loan offers, and secure, data-driven financial decisions, making financial transactions faster, more accessible, and tailored to the needs of today's digital economy. The continued integration of online loans, AI, and cloud technology is paving the way for a more inclusive, efficient, and user-friendly financial ecosystem, positioning P2P payment platforms as a cornerstone of the future of finance.
For instance, On May 2024, Xelix has announced a strategic partnership with SoftCo, a leading global Procure-to-Pay (P2P) automation technology company. This collaboration aims to combine their strengths in AI-powered accounts payable solutions and invoice automation to enhance efficiency and drive growth for their customers.
The mobile web payments segment is expected to garner a significant share during the forecast period. Mobile web payments is the most popular and preferred method of making mobile payment as users only need a smartphone, which drives growth of the P2P payment market in this segment. However, the near field communication segment is expected to witness growth at the highest rate during the forecast period, owing to varied features of NFC technology such as higher security, faster transaction processing and growing demand of NFC technology among the end users.
Region wise, the P2P payment market was dominated by Asia-Pacific in 2020, and is expected to witness the highest growth rate during the forecast period, owing to expansion of FinTech infrastructure and hefty investments from private & public players in the developing nations of Asia-Pacific region.
For instance, on January 3, 2025, WhatsApp launched its peer-to-peer (P2P) payment service for all 500 million users in India. This service, known as WhatsApp Pay, leverages India's Unified Payments Interface (UPI) to enable seamless money transfers directly within the app.
The report focuses on growth prospects, restraints, and trends of the P2P payment market analysis. The study provides Porter’s five forces analysis to understand impact of various factors, such as bargaining power of suppliers, competitive intensity of competitors, threat of new entrants, threat of substitutes, and bargaining power of buyers, on the P2P payment market share.
Report Coverage & Deliverables
The P2P payment market report provides comprehensive analysis, including global and regional market size estimates, growth projections, and key trends. It covers market drivers, challenges, and opportunities, with insights into strategic partnerships and technological advancements. Deliverables include detailed forecasts and competitive strategies from major market players.
These key players have adopted various strategies, such as product portfolio expansion, mergers & acquisitions, agreements, geographical expansion, and collaborations, to increase their market penetration and strengthen their foothold in the P2P payment market.
By Transaction Mode
Near Field Communication segment will dominate the market by the end of 2030
Segment Overview
The global P2P payment market is segmented on the basis of transaction mode, payment type, end user, application, and region. By transaction mode, the market is segregated into mobile web payments, near field communication, SMS/direct carrier billing and others. On the basis of payment type, it is categorized into remote and proximity. Depending on end-user, it is fragmented into personal and business. As per application, it is divided into media & entertainment, energy & utilities, healthcare, retail and hospitality & transportation. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
By Payment Type
Remote segment will dominate the market throughout the forecast period
Competitive Analysis
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 and Zelle. These key players have adopted various strategies, such as product portfolio expansion, mergers & acquisitions, agreements, geographical expansion, and collaborations, to increase their market penetration and strengthen their foothold in the P2P payment market.
Key Industry Developments
On October 2, 2024, Consumer Reports highlighted a lack of transparency among popular P2P payment services like Zelle, Cash App, Apple Cash, and Venmo regarding reimbursement policies for scam victims. The advocacy group reviewed user agreements from 2022 and again this year, urging these companies to provide clearer information on their refund processes.
On May 2024 report "Real-Time Payments Tracker® Series Report: P2P Payment Potential," it was noted that while P2P payments have surged in popularity for personal transactions and small purchases, there is an urgent need for financial institutions to enhance security measures to protect users from scams and fraud.
On August 15, 2024, FIS leveraged its scale and the NYCE debit network to enable streamlined P2P payments. This initiative aims to enhance the efficiency and security of transactions, providing users with a more seamless payment experience.
On January 28, 2025, X Money partnered with Visa to enhance its P2P payment platform. This partnership will leverage Visa Direct to enable real-time, secure transfers, allowing users to fund their X Wallet and make instant payments using their debit cards.
On August 15, 2024, FIS and Neural Payments partnered to offer a new P2P payment service. This collaboration integrated Neural Payments' solution into FIS' NYCE debit network, allowing bank customers to transfer money easily and securely, even if the recipient's bank doesn't use Neural Payments.
On February 24, 2025, PPRO has partnered with the European Payments Initiative (EPI) to enable Wero, a mobile-first wallet and instant account-to-account payment solution. This partnership aims to streamline and standardize payments across Europe, starting with P2P transactions in Germany, France, and Belgium.
By End User
Personal segment will maintain the lead during 2021 - 2030
COVID-19 Impact Analysis
During the COVID-19 pandemic wherein businesses are coping with operational challenges, many banks & financial institutions are providing their customers with new digital tools and techniques among which mobile payment and P2P payments have witnessed significant adoption. In addition, rise in adoption of smartphones across the globe provides growth potential for the P2P payment market.
Furthermore, various banks and fintech industries are adopting P2P payments to improve loss suffered, owing to the pandemic situation to improve their market share. In addition, rise in COVID-19 patients across the globe have led many individuals to adopt P2P payment options to transfer funds to their relatives in the medical emergency, which boosts growth of the P2P payment market in the pandemic situation.
By Application
Hospitality & Transportation segment will grow at a highest CAGR of 22.1% during 2021 - 2030
Top Impacting Factors
Growth in Adoption of Smartphones Among Younger Generation
Increase in rate of adoption of smartphones among youth across countries of Asia-Pacific such as China and India and rise in awareness about benefits of mobile payments, online payments, and others drive growth of the market. In addition, increase in adoption of high-speed internet connectivity such as 3G and 4G has enabled customers to have hassle-free payment services on their smartphones, which propels growth of the P2P payment market.
By Region
Asia-Pacific region would exhibit the highest CAGR of 20.1% during 2021 - 2030
Moreover, extensive growth in distribution network of smartphone companies has made smartphone devices easily available for end users. For instance, Samsung, Micromax, and Karbonn are major mobile phone company across the globe, owing to their pan India distribution channel, thus making online services accessible for rural population via their mobile phones. Rise in use of smartphones and rise in faster connectivity have enabled people to receive and make payments via their smartphones, which propels growth of the P2P payment market.
Increase in M-Commerce Industry Across Emerging Countries
Mobile commerce has increase in past few years, owing to increase in smartphone penetration and faster connectivity. Consumers are gradually opting for mobile shopping for many goods and services such as clothing and accessories, groceries, health & beauty, computers & electronics, and books, as it is easy to order and receive at doorstep. In addition, special offers and discount coupons offered by various vendors available on m-commerce platforms attract customers toward mobile P2P payment service, augmenting P2P payment market growth.
In addition, mobile commerce platform allows people to send and receive money through wireless handheld devices such as cellphones and tablets to their family and relatives, which accelerates growth of the P2P payment market around the world. Moreover, m-commerce provides a very convenient and easy to use systems to conduct family transactions propels growth of the P2P payment market across the globe.
Key Benefits For Stakeholders
The study provides an in-depth analysis of the P2P payment market forecast along with the current trends and future estimations to explain the imminent investment pockets.
Information about key drivers, restraints, & opportunities and their impact analysis on the global P2P payment market is provided in the report.
Porter’s five forces analysis illustrates the potency of the buyers and suppliers operating in the P2P payment market.
Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the P2P payment market players.
The quantitative analysis of the market from 2020 to 2030 is provided to determine the P2P payment market trends.
P2P Payment Market Report Highlights
| Aspects | Details |
 By TRANSACTION MODE |
|
 By PAYMENT TYPE |
|
 By END USER |
|
 By APPLICATION |
|
 By Region |
|
 Key Market Players | ALIBABA.COM, Circle Internet Financial Limited, PAYPAL HOLDINGS INC., ONE97 COMMUNICATIONS LIMITED (PAYTM), APPLE INC., SQUARE, INC., WePay Inc., Zelle, GOOGLE LLC, Wise Payments Limited |
Analyst Review
Adoption of P2P payments has increased over the years, owing to rise in online payment technology allowing end users to transfer funds from their bank account or credit card to another individual's account via the internet. In addition, key players are integrating advanced technologies to establish a secure connection between accounts of end users and trusted third-party vendors, by designating their bank accounts or credit card information for transferring and accepting funds. Furthermore, with the help of P2P payments, end users can automatically pay their bills using speech or just a tap on their mobile devices.
Key providers of the P2P payment market such as Alipay.com, PayPal Holdings, Inc., and One97 Communications Ltd. account for a significant share in the market. Moreover, companies are acquiring other P2P payments and other digital payment companies to improve their existing services and customer base. For instance, in August 2020, Metal Pay, a blockchain-based payment platform acquired blockchain explorer platform of EOS, Blocks.io, which has 10,000 daily users. In addition, with the acquisition, Metal Pay hopes to work together with Blocks.io developers to expand capabilities of the firm’s proprietary blockchain.
Furthermore, companies are partnering and collaborating with each other to provide integrated payment solution for better quality and user experience, which augments growth of the market. For instance, in July 2020, Circle and Genesis formed strategic partnerships to accelerate adoption and acceptance of digital dollar stablecoins in mainstream finance. In addition, the partnership includes a $25 million investment of capital into Circle from Digital Currency Group (DCG), for enhancing Circle's new suite of products for businesses and developers with new USD Coin (USDC) yield and lending services, which, in turn, drives growth of the market.
Moreover, with rise in number of mobile payments apps, various organizations are innovating new solutions to provide singular payment solutions for majority of payment apps, which propels growth of the market. For instance, in January 2020, Paytm launched unified QR code for merchants to enable business to accept unlimited payments through Paytm Wallet, Rupay Cards, and all UPI-based payment apps directly into their bank account at zero percent fee. Therefore, these factors notably contribute toward the growth of P2P payment market. According to the industry experts, the P2P payments are expected to witness increased adoption in the coming years, owing to increase in m-commerce industry across the emerging countries.
The P2P payment market is estimated to grow at a CAGR of 17.3% from 2021 to 2030.
The P2P payment market is projected to reach $9,097.06 billion by 2030.
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Increase in acceptance of online banking, mobile banking & e-commerce by consumers, and rise in adoption of smartphones among younger generation etc. boost the P2P payment market growth.
The key players profiled in the report include Alibaba.com, Apple Inc., Circle International Financial Limited, Google LLC, and many more.
On the basis of top growing big corporations, we select top 10 players.
The P2P payment market is segmented on the basis of transaction mode, payment type, end user, application, and region.
The key growth strategies of P2P payment market players include product portfolio expansion, mergers & acquisitions, agreements, geographical expansion, and collaborations.
Near Field Communication segment would grow at a highest CAGR of 21.0% during the forecast period.
Hospitality & Transportation segment will dominate the market by the end of 2030.
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