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P2P Payment Market Expected to Reach $9,097.06 Billion By 2030

 

Report Code : A02236

quote Near field communication (NFC) segment is expected to experience significant growth in the coming years, owing to increase in need for better connectivity between devices and surge in production of NFC-based smartphones across the globe quote

Pramod Borasi
Senior Research Analyst at Allied Market Research

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According to a recent report published by Allied Market Research, titled, P2P Payment Market By Transaction Mode, Payment Type, End User, and Application: Global Opportunity Analysis and Industry Forecast, 2021–2030”, 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 payments allow one person to transfer money instantly to another through a digital platform, normally through an application or a web-hosted platform. In addition, P2P payments keep user data safe and secure as very little personal information is attached to any transaction, this helps minimize risk of data breaches and frauds. Furthermore, key factors that drive the market includes increase in acceptance of online banking, mobile banking, and e-commerce by consumers and growth in adoption of smartphones among younger generation.

In addition, increase in the m-commerce industry across emerging countries positively impacts growth of the market. However, factors such as rise in data breaches and security issues in P2P payments is expected to hamper the market growth. On the contrary, increase in demand for fast & hassle-free transaction services and growth in use of NFC, RFID, and host card emulation technology in P2P payments are expected to offer remunerative opportunities for expansion of the market during the forecast period.

Depending on payment type, the remote segment garnered the largest P2P payment market share, and is expected to grow in the upcoming years as it offers secure and safe payment gateways for the end users. However, the proximity segment is expected to grow at the fastest rate during the forecast period, owing to introduction of mobile point-of-sale (mPOS) solutions across the globe, which is anticipated to encourage SMEs to accept mobile-based payments.

Region wise, the mobile payment market was dominated by Asia-Pacific is expected to witness highest growth rate during the forecast period, owing to growth in the mobile commerce industry and rise in demand for mobile payment solutions among youth of emerging countries of Asia-Pacific.

The outbreak of COVID-19 is anticipated to have a positively impact on the growth of P2P payment market. This is attributed to significant rise in adoption of mobile payments by end users has been observed, owing to rise in patients of corona virus and growth in health issues in carrying cash and paying through cash, which drives the P2P payment market growth across the globe. In addition, banks and fintech industries are providing their customers with options of mobile payments and contactless payments all across the globe to speed up their transaction process and to enhance P2P payment market.

Moreover, post COVID-19, it is expected that preference for mobile payments would increase as banks and fintech industries are more likely to reduce their operational cost to improve digital experience among their customers. In addition, governments across developing countries of Asia-Pacific are adopting various strategies to boost digitization of banking services among end users, which would help them to improve the overall economy. Thus, these rising innovations drives the growth of P2P payment market

Key Findings of the Study

  • By transaction mode, the mobile web payment segment accounted for the largest P2P payment market share in 2020.
  • Region wise, Asia-Pacific generated highest revenue in 2020.
  • Depending on payment type, the remote segment generated the highest revenue in 2020.

The key players operating in the P2P payment market analysis 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 players have adopted various strategies to increase their market penetration and strengthen their position in the P2P payment industry.

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quote P2P Payment Market Transaction Mode (Mobile Web Payments, Near Field Communication, SMS/Direct Carrier Billing and Others), Payment Type (Remote and Proximity), End User (Personal and Business), and Application (Media & Entertainment, Energy & Utilities, Healthcare, Retail and Hospitality & Transportation): Global Opportunity Analysis and Industry Forecast, 2021–2030 quote

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