Thursday, February 8, 2024

Global P2P Payment Market Research Report 2024

What is Global P2P Payment Market?

The Global P2P (Peer-to-Peer) Payment Market is a fascinating and rapidly evolving sector. At its core, it's a system that allows individuals to transfer funds from their bank account or credit card to another individual's account via the internet. It's a simple, convenient, and often instantaneous process. This market has seen significant growth in recent years, driven by the increasing use of smartphones and the growing demand for convenience in financial transactions. The P2P payment market is not just limited to personal transactions, but is also being used by businesses for transactions such as paying salaries, invoices, and more. The global reach of this market is vast, with transactions taking place across borders and currencies. The P2P payment market is revolutionizing the way we handle money, making it faster, safer, and more convenient than ever before.

P2P Payment Market

NFC/Smartcard, SMS, Mobile Apps in the Global P2P Payment Market:

The Global P2P Payment Market is not a one-size-fits-all solution. It's a diverse market with different technologies catering to different needs. NFC/Smartcard technology, for instance, allows for contactless payments, making transactions faster and more convenient. SMS-based payments, on the other hand, are perfect for areas with low internet connectivity, allowing for transactions via text messages. Mobile apps have also become a significant part of the P2P payment market. These apps, such as Venmo and PayPal, offer a user-friendly interface and additional features like splitting bills, making them a popular choice among consumers. Each of these technologies has its own set of advantages and challenges, but together, they make the P2P payment market a versatile and robust sector.

Retail Payments, Travels & Hospitality Payments, Transportation & Logistics Payments, Energy & Utilities Payments, Others in the Global P2P Payment Market:

The usage of the Global P2P Payment Market extends to various sectors. In retail payments, it offers a convenient and quick way for customers to pay for their purchases, eliminating the need for physical cash. In the travel and hospitality sector, it simplifies the process of booking and paying for accommodations, flights, and other services. The transportation and logistics sector benefits from P2P payments by enabling easy and quick payments for services. The energy and utilities sector uses it for hassle-free payment of bills. Other sectors like healthcare, education, and more are also increasingly adopting P2P payments. The versatility and convenience of P2P payments make it a valuable tool in any sector.

Global P2P Payment Market Outlook:

Looking at the market outlook, the Global P2P Payment Market has shown impressive growth. In 2023, the market was valued at a substantial US$ 2327.5 million. However, this is just the beginning. The market is expected to almost double by 2030, reaching an estimated value of US$ 4687.1 million. This growth, representing a Compound Annual Growth Rate (CAGR) of 10.3% from 2024 to 2030, is a testament to the increasing acceptance and usage of P2P payments worldwide. The future of the P2P payment market looks promising, with continuous advancements in technology and a growing demand for convenient and quick payment methods.


Report Metric Details
Report Name P2P Payment Market
Accounted market size in 2023 US$ 2327.5 million
Forecasted market size in 2030 US$ 4687.1 million
CAGR 10.3%
Base Year 2023
Forecasted years 2024 - 2030
Segment by Type
  • NFC/Smartcard
  • SMS
  • Mobile Apps
Segment by Application
  • Retail Payments
  • Travels & Hospitality Payments
  • Transportation & Logistics Payments
  • Energy & Utilities Payments
  • Others
By Region
  • North America (United States, Canada)
  • Europe (Germany, France, UK, Italy, Russia) Rest of Europe
  • Nordic Countries
  • Asia-Pacific (China, Japan, South Korea)
  • Southeast Asia (India, Australia)
  • Rest of Asia
  • Latin America (Mexico, Brazil)
  • Rest of Latin America
  • Middle East & Africa (Turkey, Saudi Arabia, UAE, Rest of MEA)
By Company PayPal Pte. Ltd., Tencent., Square, Inc., Circle Internet Financial Limited, clearXchange., SnapCash, Dwolla, Inc., TransferWise Ltd., CurrencyFair LTD, One97 Communications Ltd.
Forecast units USD million in value
Report coverage Revenue and volume forecast, company share, competitive landscape, growth factors and trends

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