P2P Payment Market By Sector (Consumer, Small Business, Real Estate, Education), Mode of transaction (NFC/Smartcard, SMS, & Mobile Apps), End-User (Business, Individual) & Region for 2024-2031
Published Date: August - 2024 | Publisher: MIR | No of Pages: 320 | Industry: latest updates trending Report | Format: Report available in PDF / Excel Format
View Details Buy Now 2890 Download Sample Ask for Discount Request CustomizationP2P Payment Market By Sector (Consumer, Small Business, Real Estate, Education), Mode of transaction (NFC/Smartcard, SMS, & Mobile Apps), End-User (Business, Individual) & Region for 2024-2031
P2P Payment Market Valuation – 2024-2031
Peer-to-peer (P2P) lending has emerged as a disruptive force in the financial landscape, offering individuals an alternative avenue for borrowing and investing outside traditional banking channel. The market size surpass USD 8.08 Billion valued in 2024 to reach a valuation of around USD 9.14 Billion by 2031.
Advances in technology, particularly the widespread availability of the internet and mobile devices, have played a significant role in enabling the growth of P2P lending platforms. The rising demand for cost-effective and efficient time attendance software is enabling the market grow at a CAGR of 17.53% from 2024 to 2031.
P2P Payment MarketDefinition/ Overview
P2P payment systems based on mobile cash (P2PMpay) allow bank customers, through the Internet, to move money quickly and easily from their own accounts/credit card facilities to other bank users’ accounts. These kinds of systems are convenient, for example, for returning money borrowed from a friend, or to pay part of a group dinner or shared gift, which is very useful given that modern-day consumers are less prone to carry cash.
P2P payments do away with the need for cash or cheques by enabling users to send and receive money quickly and easily via mobile apps or web platforms. It is simple to divide bills, reimburse pals, and send money to relatives because transactions may be started at any time and from any location.
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How will the Smartphones and Mobile Drive the P2P Payment Market?
P2P payment acceptance has accelerated due to the increasing use of smartphones and mobile applications. Without the need for actual currency or credit cards, mobile apps offer a seamless user experience by enabling users to begin and manage transactions at any time, from any location.
Customers are growing more accustomed to using digital payments and transactions as more financial services are transferred online. P2P payments complement this trend by providing a digital substitute for conventional payment methods like cash.
Sending money to contacts straight via messaging applications or social media platforms is made possible by P2P payments, which are frequently connected with social networks and messaging services. This incorporation increases the ease of P2P payments and makes use of already social networks.
How will Associated Market Hinder the Growth of P2P Payment Market?
The P2P payment market confronts constraints that may limit its growth. One big worry is security. Because of the associated risk, data leaks and breaches can erode user confidence, driving individuals to traditional institutions such as banks. This may dramatically reduce the possible user base for P2P services.
A different obstacle is risk management. P2P systems frequently provide assurances against missed payments, even without requiring collateral from the payer. This exposes service providers to possible financial losses, making it more difficult to operate financially. These variables, when combined, can slow overall market growth.
P2P payment companies should prioritize strong security measures. Implementing modern encryption techniques and user authentication systems can persuade users that their financial information is secure. Furthermore, looking into alternate risk mitigation techniques, such as creditworthiness checks or relationships with reputable financial institutions, might help alleviate concerns regarding unsecured loans. By establishing a solid basis of trust and security, the P2P payment business may realize its full potential for expansion.
Category-Wise Acumens
Will the Retail Sector Rise the Growth in the P2P Payment Market?
In the P2P payment market, a portion of the market is held by the retail sector. The growth of this market is being driven by the rising use of mobile phones and the introduction of mobile commercial contracts. Nowadays, smartphone apps are used for the majority of product purchases.
Retailers are also concentrating on designing unique setups for comprehensive installment solutions that cater to their financing, processing, and security needs. These elements will propel the segment’s growth in the upcoming years. Throughout the forecast period, the category with the fastest expected growth is hospitality and transportation. Cash and checks may eventually be replaced by near-field communication (NFC), which provides a safe and almost instantaneous substitute. Although it can be used for other store payment scenarios, retail transactions are the most prevalent use case for it.
Will the Retail Segment Propel the P2P Payment Market?
Retail is a dominant player in the P2P payment business, owing to its broad consumer reach and high transaction volume. Retail transactions are frequent and diverse, with a large customer base that ranges from individual shoppers to businesses. P2P payment systems have become an essential component of this industry, providing exceptional convenience for customers looking to split bills, share expenses, or quickly send payments to friends and family. These solutions simplify the payment process while catering to the different needs of consumers in today’s fast-paced retail environment.
The prevalence of retail transactions, both online and offline, emphasizes the essential significance of peer-to-peer payment methods. As consumers increasingly rely on digital platforms for their shopping requirements, the demand for seamless payment experiences has grown.
P2P payment systems not only promote easy transactions but also instill a sense of financial empowerment in users, allowing them to handle their payments more effectively. Thus, in the dynamic field of retail, P2P payment technologies continue to revolutionize how consumers engage with businesses and one another, solidifying retail’s position as a cornerstone of the P2P payment sector.
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Country/Region-wise Acumens
Will Asia Pacific Hold the Significant Growth for the P2P Payment Market?
The P2P payment market, Asia Pacific area holds a significant share of the P2P payment market, thanks to strong government measures that promote electronic transactions across many countries. Nations such as India, with comprehensive campaigns and projects targeted at increasing digital payment acceptance, make significant contributions to the region’s developing P2P scene. Notably, China and Indonesia have emerged as Asia-Pacific leaders in peer-to-peer payments, owing to a variety of circumstances.
China’s dominance in the P2P payment space is highlighted by the availability of cutting-edge fintech services that constantly reinvent the market environment. Furthermore, the appeal of higher returns on P2P investments, combined with limited alternative investment options, makes China a magnet for investors looking for lucrative opportunities. This convergence of circumstances strengthens China’s position as a significant participant in the Asia-Pacific peer-to-peer payment arena, while Indonesia’s advances in this area highlight the region’s critical role in determining the future of electronic transactions.
Will the Growing Quantity of Automated Store Drive the North American P2P Payment Market?
North America is positioned for significant growth in the P2P payment market, thanks to a large number of key market players and a longstanding tradition of embracing cutting-edge innovations. The expansion of usage of flexible payment methods is also being driven by the growing quantity of automated stores in the United States. The United States has significantly boosted the region’s acceptance of flexible payment methods, creating an environment suited to accepting a variety of payment options. The exponential rise of e-commerce, which constantly expands the avenues for consumers to trade seamlessly, is a key driver of the widespread adoption of flexible payment options in North America. Furthermore, the availability of remote payment software built by chosen companies allows customers to conduct transactions from almost anywhere, further stimulating the region’s P2P payment ecosystem.
For instance, Sum-up’s implementation of flexible payments and invoicing across Europe in 2020 demonstrates the global trend of supporting secure and distant payments via mobile devices. As the use of virtual terminals for remote charging grows, an expansion of the application area to include fuel classification is expected, reflecting the changing dynamics of the payment environment. These revolutionary aspects work together to push the growth trajectory of North America’s peer-to-peer payments business, cementing the region’s reputation as a dynamic hub for innovative financial innovations.
Competitive Landscape
The P2P Payment market is a dynamic and competitive space, characterized by a diverse range of players vying for market share. These players are on the run for solidifying their presence through the adoption of strategic plans such as collaborations, mergers, acquisitions, and political support.
The organizations are focusing on innovating their product line to serve the vast population in diverse regions. Some of the prominent players operating in the market include
- Alibaba Group Holdings Limited
- com Inc.
- American Express Company
- Money Gram International
- Samsung Electronics Co. Ltd.
- PayPal Holdings Inc.
- M Pesa
- Apple Inc.
- PayPal Holdings Inc
- Visa Inc
Latest Developments
- In June 2022, Alibaba.com announced the launch of Energy Expert, a sustainability platform that will let clients around the world measure, analyze, and manage the carbon emissions from their business operations and products. To assist clients in accelerating their sustainability journeys, the software-as-a-service offerings provide actionable information and energy-saving recommendations.
- In June 2022, Alibaba.com proposed Energy Expert, a sustainability platform that will allow clients worldwide to measure, analyze, and manage the carbon emissions created by their business operations and products. The software-as-a-service products also include practical advice and energy-saving recommendations to help customers accelerate their sustainability journeys.
- In June 2021, Mastercard Incorporated will debut PayPort. This innovative continuous part entrance technique offers financial institutions and professional associations flexible access to the UK’s consistent portion structure. Form3, which provides development assistance, and Vocalink, a Mastercard firm, use the PayPort scheme.
Report Scope
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| STUDY PERIOD | 2021-2031 |
| Growth Rate | CAGR of ~17.53% from 2024 to 2031 |
| Base Year for Valuation | 2024 |
| HISTORICAL PERIOD | 2021-2023 |
| FORECAST PERIOD | 2024-2031 |
| Quantitative Units | Value in USD Billion |
| Report Coverage | Historical and Forecast Revenue Forecast, Historical and Forecast Volume, Growth Factors, Trends, Competitive Landscape, Key Players, Segmentation Analysis |
| Segments Covered |
|
| Regions Covered |
|
| Key Players | Alibaba Group Holdings Limited, Google, Amazon.com Inc., American Express Company, Money Gram International, Samsung Electronics Co. Ltd., WeChat, PayPal Holdings Inc., M Pesa, Apple Inc. |
| Customization | Report customization along with purchase available upon request |
P2P Payment Market, By Category
Mode of Transactions
- Text Messaging
- Close Field Contact
- Mobile online payments
Business Sector
- Hospitality & Transportation
- Healthcare
- Media & Entertainment
- Retail
- Energy & Utilities
End-User
- Business
- Individual
Region
- North America
- Europe
- Asia Pacific
- Rest of the world
Research Methodology of Market Research
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• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors• Provision of market value (USD Billion) data for each segment and sub-segment• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled• Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players• The current as well as the future market outlook of the industry with respect to recent developments which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions• Includes in-depth analysis of the market of various perspectives through Porter’s five forces analysis• Provides insight into the market through Value Chain• Market dynamics scenario, along with growth opportunities of the market in the years to come• 6-month post-sales analyst support
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