P2P Payment Market Expected to Reach $14,506.8 Million by 2034

According to a new report published by Allied Market Research, titled, “P2P Payment Market," The P2P payment market was valued at $2,851.1 million in 2024, and is estimated to reach $14,506.8 million by 2034, growing at a CAGR of 17.3% from 2025 to 2034.

P2P payments, or Peer-to-Peer payments, are a way to transfer money directly between two individuals or entities, often using digital platforms or apps, without involving traditional intermediaries like banks. This means users can send and receive money directly to each other via platforms such as PayPal, Google Pay, or PhonePe. One of the key P2P payment market trends is the increase in the adoption of digital payments platforms, driven by the surge in demand for fast, convenient, and contactless transaction experiences. In addition, there is a growing trend in the integration of advanced technologies such as Artificial Intelligence (AI) and Machine Learning (ML). These technologies help detect and prevent fraudulent activities in real time, significantly boosting the security of mobile P2P transfers. Furthermore, the emergence of social media payment solutions is gaining traction, enabling users to send and receive money directly through messaging apps and social platforms, thereby streamlining the payment process and increasing user engagement. Another notable trend in the market is surge in the adoption of blockchain technology to provide decentralized and transparent transaction mechanisms, reducing costs and increasing trust in P2P payments, especially for cross-border transactions. In addition, there is growing emphasis on P2P payment platforms providing financial services to underbanked populations, particularly in developing regions, by offering accessible and cost-effective digital transaction solutions. Furthermore, the governments are implementing stricter guidelines to ensure consumer protection, prevent money laundering, and uphold data privacy standards.  

The P2P payment market size is expected to witness substantial growth during the forecast period. The major factor driving the P2P payment market growth is the widespread adoption of smartphones and the increasing availability of affordable mobile internet, providing users with access to payment platforms conveniently, anytime, and anywhere. Furthermore, the rise of e-commerce and the gig economy has led to surge in the demand for quick and seamless payment solutions, accelerating the demand for digital wallets for P2P payments. In addition, the rising adoption of mobile wallets such as PayPal, Venmo, Google Pay, and others contribute toward the growth of the P2P payment market. In regions with limited access to traditional banking infrastructure, P2P payment systems provide an inclusive alternative, bridging the financial gap for underbanked populations. Furthermore, improvements in cybersecurity, including encryption and two-factor authentication, enhance user trust and reduce concerns regarding data breaches, fueling the growth of the market.  

On the basis of transaction mode, the global P2P payment market share was dominated by the mobile web payments segment in 2024 and is expected to maintain its dominance in the upcoming years, owing to the increase in smartphone penetration and improved mobile internet access. In addition, there is a growing demand for contactless and instant digital payment options, supported by expanding fintech innovations and regulatory encouragement toward cashless transactions, contributing to market expansion. However, the near field communication segment is expected to experience the highest growth during the forecast period. This segment is experiencing increase in the adoption of near field communication (NFC) technology, enabling quick, secure, and contactless money transfers between devices in close proximity.  

By region, Asia-Pacific dominated the market share in 2024 for the P2P payment market. This is due to the dominance of mobile app-based payments, which have become the preferred mode for P2P transactions. This trend is supported by the widespread use of smartphones, improved mobile internet connectivity, and the integration of P2P payment features into messaging and social media platforms, contributing significantly to the region’s market growth. However, LAMEA is expected to experience the fastest growth during the forecast period. The region is experiencing notable growth, driven by factors such as increase in the use of smartphones and internet access expanding the reach of digital payment platforms, enabling more users to engage in P2P transactions, which is expected to provide lucrative growth opportunities for the market in this region. 

Key findings of the study   

• By Transaction Mode, the mobile web payments segment held the largest share in the P2P payment market for 2024.    

• By Payment Type, the proximity segment held the largest share in the P2P payment market for 2024.    

• By End User, the personal segment held the largest share in the P2P payment market for 2024.    

• Region-wise, Asia-Pacific held the largest market share in 2024. However, LAMEA is expected to witness the highest CAGR during the forecast period.  

The key players profiled in the P2P payment market analysis are PayPal Holdings, Inc., Google LLC, Apple Inc., Payoneer Inc., Block, Inc., National Association and Bremer Insurance Agencies, Inc., ONE97 COMMUNICATIONS LIMITED, PAYTM), N26 Bank SE, Circle Internet Financial, LLC, Wise plc, Samsung Electronics Co., Ltd., Remitly, Inc., Skrill (Paysafe Holdings UK Limited), NetSpend Corporation, Vodafone Group Plc., Chime Financial, Inc., Early Warning Services, LLC, Tencent Holdings Limited, Alipay, and Paysend. These players have adopted various strategies to increase their market penetration and strengthen their position in the P2P payment industry.