Asia-Pacific P2P Payment Market Size Booming at CAGR of 20.2% During 2023-2029
Asia-Pacific P2P payment market is gaining traction because of the expansion of internet banking, increased smartphone adoption, and greater convenience of online payments, which appeal to a younger generation.
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Report Ocean, a leading strategic consulting and market research firm, in its recent study, expects Asia-Pacific P2P payment market size to zoom at an impressive CAGR of 20.2% during the forecast period between 2023 and 2029. The expansion of internet banking, increased smartphone adoption, and greater convenience of online payments, which appeal to a younger generation, are all factors in the growth of the Asia-Pacific P2P payment industry. The P2P payments market’s competitors are introducing their applications with compelling features and encrypted payments more often in the Asia-Pacific region. The Asia-Pacific P2P payment industry is being driven by apps, such as Kakaopay, Google Pay, PhonePay, PromptPay, and Naver Pay, which have already made their impact on the market and are luring consumers towards P2P payment ecosystem.
Asia-Pacific P2P Payment Market – Overview
Peer-to-Peer (P2P) payments are a method by which a user can send money from his bank account to another person’s account using the internet or a mobile device as the digital medium. P2P payments enable users to transfer money quickly while protecting the confidentiality of their bank account information. The recipient’s email address or phone number is all that is needed to send a payment; one may add an individual as a contact within the app using one of those details. It is an alternative payment method that enables quicker and more secure transactions.
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Asia-Pacific P2P Payment Market – By Application
Based on application, Asia-Pacific P2P payment market is segmented into media & entertainment, energy & utilities, healthcare, retail, hospitality & transportation, and other applications. The retail segment held the highest share of the market in 2022 and is projected to dominate the market during the forecast period as well due to its convenience for both consumers and business owners. P2P payment methods provide several benefits, including quick payments, the convenience of use, no need to carry cash, no worry about theft, elevated client status, and access to exclusive deals.
Impact of COVID-19 on the Asia-Pacific P2P Payment Market
The unprecedented COVID-19 pandemic emerged as a booster for Asia-Pacific P2P payment market. The coronavirus is said to be spread through physical toughness, which means it can be initiated through the transfer of cash hand-to-hand. Although the spending power of consumers declined during the lockdown period, P2P payment apps emerged as a substitute for cash payments for the purchase of essential goods. According to a report published by the World Bank, after the pandemic began, more than 80 million individuals in India and over 100 million adults in China made their first digital merchant payment. As a result, the outbreak is said to provide huge opportunities to the Asia-Pacific P2P payment market during the forecast period.
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Competitive Landscape:
Major players operating in Asia-Pacific P2P payment market include ACI Worldwide, PayPal, Inc., Novatti Group Ltd, Global Payments Inc., Visa, Stripe, Inc., Google, LLC, Finastra., SAMSUNG, Amazon Web Services, Inc., Financial Software & Systems Pvt. Ltd., Aurus Inc., Adyen, and Fiserv, Inc. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and the Asia-Pacific P2P Payment Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the Asia-Pacific P2P Payment Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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