P2P Payment Market Increasing at A Phenomenal Pace to Reach USD 4.6 Billion by 2028

Some of the key players operating in the P2P payment market are PayPal Pte. Ltd., Tencent., Square, Inc., Circle Internet Financial Limited, clearXchange, SnapCash, Dwolla, Inc., TransferWise Ltd., CurrencyFair LTD, and One97 Communications Ltd, among others. These players are set to bolster the development of P2P payment market.

According to analysts at Zion Market Research, the global P2P payment market accounted for USD 1,994.8 Million in 2020 and is expected to reach USD 4,615.9 Million by 2028, growing at a CAGR of 11.3% from 2021 to 2028.

This review is based on a report by Zion Market Research, titled “P2P Payment Market by Transaction Mode (NFC/Smartcard, SMS, and Mobile Apps), Location (Remote payments and Proximity payments), Type of Purchase (Airtime transfer & Top-Ups, Money transfers & Payments, Merchandise & Coupons, and Travel & Ticketing), and Applications (Retail Payments, Travels & Hospitality Payments, Transportation & Logistics Payments, Energy & Utilities Payments, and Others): Global Industry Perspective, Comprehensive Analysis and Forecast, 2020 – 2028.”

Consumer acceptance spurs the growth of market

Consumer acceptance of online banking, mobile banking, and e-commerce is increasing, which means more people will use person-to-person payments. Popular cash payment apps like Venmo and Google Wallet help customers use P2P payments as smartphones and tablets become a more common mode of everyday applications. Because of the increased use of online shopping and banking applications, the P2P market is expected to grow. However, the market's growth is being stifled by an increase in cyberattacks and identity theft.

Presence of big players in the region support North American dominance

North America accounted for a share of 34% in 2020. Some of the most significant recent developments in the peer-to-peer (P2P) payments space are taking place in the United States. Consumer interest in digital transfer capabilities has been validated by the success of mobile solutions such as Venmo (acquired by PayPal in 2013) and Square Cash, particularly among millennials—a segment in which US banks have shown only a passing interest until recently. Following its purchase by Early Warning Systems, the bank-owned clearXchange network was recently retooled, signaling a renewed focus on a financial institution–led collaborative initiative that will compete head-to-head with non-bank solutions that have shown exponential growth.

Browse the full “P2P Payment Market by Transaction Mode (NFC/Smartcard, SMS, and Mobile Apps), Location (Remote payments and Proximity payments), Type of Purchase (Airtime transfer & Top-Ups, Money transfers & Payments, Merchandise & Coupons, and Travel & Ticketing), and Applications (Retail Payments, Travels & Hospitality Payments, Transportation & Logistics Payments, Energy & Utilities Payments, and Others): Global Industry Perspective, Comprehensive Analysis and Forecast, 2020 – 2028.” Report at https://www.zionmarketresearch.com/report/p2p-payment-market

The global P2P payment market is segmented as follows:

By Transaction Mode

• NFC/Smartcard
• SMS
• Mobile Apps

By Type of Purchase

• Airtime transfer & Top-Ups
• Money transfers & Payments
• Merchandise & Coupons
• Travel & Ticketing

By Applications

• Retail Payments
• Travels & Hospitality Payments
• Transportation & Logistics Payments
• Energy & Utilities Payments
• Others

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa

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