P2P payments market expected to reach $ 9,097.06 billion by
Portland, OR, October 05, 2021 (GLOBE NEWSWIRE) – According to the report published by Allied Market Research, the P2P payments market generated $ 1,889.16 billion in 2020 and is expected to generate $ 9,097.06 billion by 2030, with a CAGR of 17.3% from 2021 to 2030. The report provides an in-depth analysis of the evolution of Market dynamics, major segments, major investment pockets, regional landscape, value chain, and competitive scenario.
The increasing adoption of online banking, mobile banking and e-commerce by consumers and increasing use of smartphones among the younger generation is driving the global P2P payments market. In addition, the rise of m-commerce industry in emerging economies complements the growth of the market. However, the increase in data breaches and security concerns in P2P payments are hampering the growth of the market. On the contrary, the demand for efficient and hassle-free transaction services and the increasing use of NFC, RFID and host card emulation technology in P2P payments would provide opportunities in the years to come.
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- Many banks and financial institutions are offering their customers new digital tools and techniques to facilitate P2P payments during the Covid-19 pandemic. This has led to significant adoption of these services.
- The adoption of P2P payments has increased among people as they need to transfer money to their relatives, friends and acquaintances in case of emergency, hospitalization and others.
The report offers detailed segmentation of the global P2P payments market on the basis of transaction mode, payment type, end-user, application, and region. Based on payment type, the remote segment accounted for the highest share in 2020, contributing over three-fifths of the total share, and is expected to maintain its leadership status throughout the forecast period. However, the convenience segment is expected to post the fastest CAGR of 18.9% from 2021 to 2030.
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On the basis of applications, the retail segment held the largest share in 2020, contributing around a third of the global P2P payments market, and is expected to maintain its leading position during the forecast period. However, the hospitality and transport segment is expected to show the biggest CAGR by 22.1% from 2021 to 2030.
Based on region, Asia-Pacific contributed the highest share in 2020, accounting for more than a third of the total share, and is expected to continue to dominate in terms of income by 2030. In addition , this region is expected to represent the highest CAGR of 20.1% during the forecast period. The research also analyzes regions such as North America, Europe and LAMEA.
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Major players in the global P2P payments market analyzed in the research include Alibaba.com, Circle International Financial Limited, Apple Inc., One97 Communications Limited (Paytm), Google LLC, Square, Inc., PayPal Holdings Inc., Wise Payments Limited , WePay Inc., and Zelle. These market players have adhered to several strategies including partnership, expansion, collaboration, joint ventures and others to prove their flair in the industry.
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Pawan Kumar, CEO of Allied Market Research, leads the organization towards delivering high quality data and information. We have professional relationships with various companies, which helps us extract market data which helps us generate accurate research data tables and confirm the highest accuracy in our market forecast. Each of the data presented in the reports we publish is extracted through primary interviews with senior officials of the main companies in the field concerned. Our secondary data sourcing methodology includes in-depth online and offline research and discussions with industry-savvy professionals and analysts.