Author: Acumen Research and Consulting

P2P payment Market Size in 2021 was USD 1,872 Billion, Market Value set to reach USD 9,135 Billion by year 2030 at 19.7% CAGR

P2P Payment Market Overview

Peer-to-peer (P2P) payments are electronic transactions that are made directly between two people, without the need for a central authority or financial institution to act as an intermediary. P2P payments can be made using a variety of methods, such as mobile apps, online platforms, or in-person using near field communication (NFC) technology. P2P payments are typically fast, convenient, and secure, making them a popular choice for sending and receiving small amounts of money for splitting bills, paying rent, or sending money to a friend.

The P2P payment market size has seen considerable growth in recent years, with the increased usage of smartphones and the rapid adoption of digital payment methods. P2P payment platforms offer a convenient and secure way for individuals to transfer funds, and many offer additional features such as the ability to send and receive money internationally, the comfort of tracking and managing expenses, and integration with several financial products

There are a number of well-known P2P payment platforms on the market, such as PayPal, Venmo, and Zelle. These platforms have been implementing various measures, including encryption, 2FA authentication, and fraud monitoring systems, to protect user data and prevent unauthorized transactions.

P2P payment Market Research Report Highlights and Statistics

• The Global P2P Payment Market Size to Reach USD 9.135 Trillion By 2030, Growing At A CAGR Of 19.7% from 2022 to 2030.
• The Asia-Pacific region is expected to be the fastest-growing market for P2P payments, due to the increasing adoption of mobile devices and digital payment methods in the region.
• In the United States, the P2P payment market share is quite dominant, with players including PayPal and Venmo having a combined market share of over 75%.
• The P2P payment market is expected to be disrupted by the adoption of blockchain technology, which offers lower fees and faster transaction times compared to traditional P2P payment platforms.
• The increasing use of P2P payments for e-commerce transactions is also driving market growth, with integrated payment platforms for online shopping.
• Security and fraud prevention are key concerns in the market for P2P payments.
• The P2P payment market is expected to see increased competition from traditional financial institutions and non-traditional players.

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P2P payment market trends

• The adoption of blockchain technology for P2P payments has been a trend in the last 2 years, with platforms such as Bitcoin and Ethereum offering decentralized and secure transactions using cryptocurrency.
• There has also been a trend towards increasing security and fraud prevention measures in the P2P payment market, with platforms implementing encryption, two-factor authentication, and fraud monitoring systems to protect user data and prevent unauthorized transactions.
• P2P lending is a financial system in which individuals can lend and borrow money from each other without the need for traditional financial intermediaries such as banks.
• Pros of P2P system over credit cards include
  • Extra layer of security
  • Can avoid credit card debt
  • Convenient to send and receive money and pay for items online
  • Cons of peer-to-peer payment services
• Cons of p2p system include
  • No credit card rewards
  • Not all online retailers accept p2p payments
  • Different refund policies and levels of protection
  • May have a harder time getting money back in case of disputes
  • Does not help build credit history or increase credit score

P2P Payment Market Dynamics

• Convenience: P2P payment services are quick and easy to send and receive money electronically.
• Increase in smartphone adoption has made it easier for people to use P2P payment services on the go.
• Our society is moving towards a cashless future due to various reasons.
• Increased security layers as there have been several instances of sensitive financial information leakages and hacking of financial systems.
• Younger demographics, who are likely to use digital payment methods, are driving the growth of the P2P payment market.
• Government initiatives: around the world are promoting the use of digital payment methods, including P2P payment services to reduce cash usage and increase financial inclusion.
• Expanding merchant acceptance: As more merchants start accepting P2P payment methods, the market for these services is likely to grow.
• Increasing adoption by businesses: SMEs are adopting P2P payment services as a way to streamline their payment processes and reduce costs.
• Partnership and collaboration amongst companies, banks, financial institutions to expand their reach and increase adoption.
• Innovation and new features: by P2P payment service providers to make their services more appealing to users.

Growth Hampering Factors

• Competition from traditional financial institutions as well as other payment methods: Many banks offer their own P2P payment services, which may make it harder for standalone P2P payment providers to compete. That said, competition from other payment methods, such as mobile payments or digital wallet can also be challenging.
• Regulation: P2P payment providers may face stricter regulatory requirements, increasing their compliance costs and hamper growth.
• Security concerns: instances of data breaches and fraud can impose second thoughts in the consumer minds.
• Limited use cases could limit the appeal and adoption.
• Lack of consumer awareness: Some consumers may be unaware of P2P payment services, or may not understand how to use them.
• Limited international availability: P2P payment services are yet to be adopted worldwide, many poorer nations may have limited or no p2p systems at all.

Market Segmentation

• Demographic segmentation: factors such as age, gender, income, and education level. For instance, a P2P payment app aimed at college students may have a different marketing strategy than one targeting retirees.
• Payment type segmentation: bill payments, rent, or transfers between friends and family.
• Technology segmentation: mobile apps, online portals, or text messages.
• Geographical segmentation: P2P payment services may be more popular in certain regions or countries, and may be marketed differently in these areas.
• Behavioral segmentation: market segmentation based on users' attitudes, values, and lifestyles. For example, a P2P payment app that emphasizes security and privacy may appeal to users who value these features.

P2P payment Market Regional Overview

• Asia Pacific: The P2P payment market share in the Asia Pacific region is the largest in terms of revenue along with being highly diverse and varying from country to country. In China, Alipay and WeChat Pay are the dominant players, whereas in India, Paytm and Google Pay are popular.
• North America: The P2P payment market share in North America is the second most dominant along with being quite well-developed, with several popular apps and services available to consumers. In the US, Venmo and PayPal are among the largest players and in Canada, Interac e-Transfer is a popular option.
• Europe: The P2P payment market in Europe is also highly diverse, with a mix of local and international players. In the UK, PayPal and Zelle are popular, while in France, Orange Cash and Lydia are widely used. In Germany, PayPal and Paydirekt are among the most popular options.

P2P Payment Market Key Players

• PayPal: one of the most well-known P2P payment platforms and is available worldwide.
• Venmo: a popular P2P payment app in the United States that allows users to send and receive money and make purchases.
• Alipay: a Chinese payment platform that offers P2P payment services as well as online and in-store payment processing for merchants.
• WeChat Pay: WeChat Pay is a Chinese P2P payment platform that is integrated with the popular messaging app WeChat.
• Paytm: Paytm is a popular P2P payment platform in India that also offers payment processing for merchants.
• Google Pay: Widely used in the United States, India, and Australia.

Other players include Zelle, Interac e-Transfer, Orange Cash, Lydia, Paydirekt, Square Cash, Apple Pay, Cash App, Dwolla, Facebook Pay, Neteller, Payoneer, Paysafecard, Revolut, Skrill, TransferWise, Xoom, and Yandex Money.

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