Report Ocean has recently published an in-depth report on the P2P Payment market, offering essential insights into the factors influencing its growth. This report provides a comprehensive analysis of market drivers, restraints, opportunities, and emerging trends, both at the global and regional levels.
Get a Free Sample PDF copy of the report @https://reportocean.com/industry-verticals/sample-request?report_id=Pol1293
In 2021, the global P2P payment market achieved a valuation of US$ 1901.1 million. Over the forecast period from 2022 to 2030, the market is projected to experience robust growth, with an expected compound annual growth rate (CAGR) of 11.1%, ultimately reaching US$ 5311.60 million by 2030.
Uncovering P2P Payments
P2P (Person-to-Person) payments represent the process of transferring money from a bank account or credit card to another individual’s account via online solutions. This mode of payment is both convenient and cost-effective, reducing the reliance on physical cash and traditional banking services.
Factors Influencing Market Growth
Several pivotal factors are driving the growth of the global P2P payment market:
- Partnerships and Acquisitions: Market leaders are using strategic partnerships and acquisitions to facilitate business expansion, which significantly contributes to market growth.
- Internet Usage and Working Population: The increasing usage of the internet and the growing working population are propelling the P2P payment market as consumers embrace the convenience of online payment.
- Mobile Phone Adoption: The rising adoption of mobile phones as the primary medium for online transactions is a major driver for the market.
- Government Expenditure and IoT Integration: The market benefits from growing government investments and the integration of Internet of Things (IoT) technologies, driving the adoption of online payment services in developing nations.
Impact of COVID-19
The COVID-19 pandemic accelerated the adoption of online payment methods as businesses and individuals increasingly relied on digital solutions to continue operations. The growth of e-commerce platforms and the surge in mobile phone usage for various purposes significantly contributed to the P2P payment market’s growth during the pandemic.
Regional Analysis
The Asia-Pacific (APAC) region is expected to witness significant growth in the P2P payment market. The growing popularity of online payments and the rise of e-commerce platforms in countries like China and Indonesia are driving the regional market. China’s access to advanced FinTech facilities and the adoption of smart technology are also significant contributors to the market’s expansion in the region.
Key Market Players
Key players in the P2P payment market include:
- One97 Communications Ltd.
- ClearXchange
- CurrencyFair Ltd.
- PayPal Pte Ltd
- TransferWise Ltd.
- Circle Internet Financial Limited
- SnapCash
- Dwolla Inc.
- Square Inc.
- Tencent
Market Segmentation
The global P2P payment market is segmented by transaction mode, end-user, and region:
- Transaction Mode:
- NFC/Smartcard
- SMS
- Mobile Apps
- End-User:
- Consumer Credit Payment
- Real Estate Payments
- Student Payments
- Small Business Payments
About Report Ocean
Report Ocean is a reputable provider of market research reports, offering high-quality insights to clients across various industries. Their mission is to assist clients in achieving their top-line and bottom-line objectives, ultimately enhancing their market share in today’s competitive landscape. Report Ocean is a trusted source for innovative market research reports, offering a comprehensive solution to individuals, organizations, and industries seeking valuable market intelligence.