P2P Payment Market Size - Global Industry, Share, Analysis, Trends and Forecast 2022 - 2030
The Global P2P Payment Market Size accounted for USD 1,872 Billion in 2021 and is estimated to achieve a market size of USD 9,135 Billion by 2030 growing at a CAGR of 19.7% from 2022 to 2030. The global P2P payment market value is expanding as technology evolves and users continuously increasingly accept online platforms, smartphones, and e-commerce solutions. Furthermore, the rise of the m-commerce industry in emerging economies such as India and China benefits the P2P payment market growth.
P2P Payment Market Report Key Highlights
- Global P2P payment market revenue is expected to increase by USD 9,135 billion by 2030, with a 19.7% CAGR from 2022 to 2030.
- Based on application segment, hospitality & transportation will account for more than 32% of overall market share in 2021
- Asia-Pacific P2P payment market led with more than 34% market share in 2021
- Among payment type, remote sector occupied more than 55% of the total market share
- PayPal Holdings Inc. is a money transfer giant, with over 400 million active account holders worldwide in 2021.
- According to the report, 19.7% of the Canadian population used P2P mobile payments in 2020, while 30.6% of the US population would use P2P payments.
As modernization and industrialization accelerate, people are looking for easier and faster ways to transport their money. Person-to-person payments (P2P) are a popular way for customers to transfer and send money to anybody, anywhere, and at any time. Financial institutions that may profit from expanded P2P use stand to gain financially. According to the study, P2P service customers are more likely than non - participants to have more revenue-generating services with their principal financial institution. In particular, 60% of P2P users had six or more revenue-generating services, compared to 33% of nonusers, which included financing options, CDs, and bank cards. As a byproduct, prevalent P2P payment platforms include PayPal, Square Cash, Venmo, and Zelle.
Global P2P Payment Market Dynamics
Market Drivers
- Increased smartphone penetration throughout the world
- Improve the development of the m-commerce industry in emerging nations.
- Acceleration of cashless and contactless transactions as a result of COVID-19 pandemic
- Increasing demand for transparency in cash flow
Market Restraints
- Increased data leakage and security concerns
- Possibility of financial loss
Market Opportunities
- Increasing rates of innovation and technological progress
- Evolving digitalization in various sectors
P2P Payment Market Report Coverage
| Market | P2P Payment Market |
| P2P Payment Market Size 2021 | USD 1,872 Million |
| P2P Payment Market Forecast 2030 | USD 9,135 Million |
| P2P Payment Market CAGR During 2022 - 2030 | 19.7% |
| P2P Payment Market Analysis Period | 2018 - 2030 |
| P2P Payment Market Base Year | 2021 |
| P2P Payment Market Forecast Data | 2022 - 2030 |
| Segments Covered | By Type, By Payment Type, By End User, By Application, And By Geography |
| P2P Payment Market Regional Scope | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa |
| Key Companies Profiled | Alibaba Group Holdings Limited, Visa Inc., Google, American Express Company, Samsung Electronics Co. Ltd., PayPal Holdings Inc., Apple Inc., Amazon.com Inc., Money Gram International, WeChat, and M Pesa. |
| Report Coverage |
Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis |
P2P payments grew in popularity as quick transfers became feasible and digital formats had become the mainstream. However, there is a sizable peer-to-peer (P2P) payment market that has existed for many years. Whether it's repaying a kind companion or dividing household utilities, P2P payments are crucial to the introduction of personal financial management, and they're becoming more common as P2P platforms proliferate. The data reflects this change. According to a recent Billtrust survey, 79% of Generation Z utilize a P2P payments system including Venmo or Zelle at least once every other month, with a third (32%) utilizing these systems six times or more per month.
Due to widespread digitalization and rising user acceptance of online platforms, smartphones, and e-commerce services, the market for P2P payment is growing globally. Smartphones are also being adopted at a higher rate by newer generations. Furthermore, strengthening the m-commerce industry in emerging nations propels the P2P payment market trend. Moreover, the COVID-19 outbreak aided the growth of the P2P payments business by increasing non-cash interaction demand worldwide to combat virus spread and increasing customer desire for P2P payment platforms as an easy and convenient mode of payment. Additionally, the market is being driven by increased usage of smartphones in both developed and emerging markets like India and China as well as increased awareness of the benefits of mobile and online transactions. As high-speed broadband internet choices such as 4G & 5G are becoming more widely available, people now have access to hassle-free payment services on their phones, fueling the market growth.
P2P Payment Market Segmentation
The global P2P payment market segmentation is based on type, payment type, end user, application, and geography.
P2P Payment Market By Type
- SMS/Direct Carrier Billing
- Mobile Web Payments
- Near Field Communication
- Others
In terms of type, the mobile web payments segment accounted for the largest market share in 2021. Mobile web payments are the most widely used and preferred way to make contactless payments since consumers simply need a smartphone, which fuels the expansion of the P2P payment market in this category. However, according to the P2P payment market forecast, the near-field communication segment is predicted to grow at the fastest rate during the forecast period. This growth is due to various NFC technology characteristics such as increased security, shorter turnaround processing, and expanding end-user desire for NFC technology.
P2P Payment Market By Payment Type
- Remote
- Proximity
In terms of payment type, the remote segment will lead the global market in 2021. The growth of the internet, smartphone, and other modes of remote payment options have proven unstoppable. For years, cash has already been falling, and the physical footfall in shopping has increasingly declined. With the persistent Covid-19 problem all over the world, the necessity for retailers that can provide fast, seamless, as well as remote payment methods is more pressing than ever. As a result, these variables are propelling market segment growth.
P2P Payment Market By End User
- Business
- Personal
Based on the end user, the business segment is expected to grow significantly in the market over the next few years. This expansion might be attributed to the rise of small and medium-sized businesses in developing countries. Due to the benefits connected with these payments, such as their speed, accessibility, efficacy, and simplicity of use, which leads the organization and enables multiple methods to extend their presence, the market for P2P payments will have a lot of opportunities to develop. Furthermore, the companies manage a large amount of money in a single day, therefore P2P payment services are handled with the click of a button. As a result of these factors, the demand for P2P payments is expected to rise.
P2P Payment Market By Application
- Hospitality & Transportation
- Energy & Utilities
- Media & Entertainment
- Healthcare
- Retail
- Others
According to the P2P payment industry analysis, the retail segment is predicted to grow rapidly in the market over the next several years. The rising consumption of cell phones and the concomitant development of transportable trade deals bode well for the segment's future growth. Smartphone apps are currently, more often than not, the most prevalent way to purchase goods. Furthermore, retail businesses are concentrating on introducing a customized set-up of complete installment solutions to meet unique challenges in the lending, executive, and safety areas. Such elements will drive the segment's growth in the coming years.
P2P Payment Market Regional Outlook
North America
- U.S.
- Canada
Europe
- U.K.
- Germany
- France
- Spain
- Rest of Europe
Latin America
- Mexico
- Brazil
- Rest of Latin America
Asia-Pacific
- India
- Japan
- China
- Australia
- South Korea
- Rest of Asia-Pacific
The Middle East & Africa (MEA)
- Gulf Cooperation Council (GCC)
- South Africa
- Rest of the Middle East & Africa
Government Efforts To Implement Digital Payments Through The Digital India Scheme, Stimulate Regional Prosperity
Geographically, Asia-Pacific has the largest market share in the global P2P payment market. This is due to numerous governments encouraging people to use digital and portable payment options. The rapid adoption of versatile innovation in growing economic sectors provides fintech enterprises and saves money with another avenue for providing portable financial solutions to underprivileged and unbanked consumers in rural areas. Furthermore, emerging economies such as India are undertaking a slew of initiatives and programs to promote cashless transactions. In addition, Indonesia and China are some of the countries in Asia-Pacific with the largest P2P payment markets. In China, the accessibility of cutting-edge FinTech solutions and services is the key driver of the potential P2P payments market.
P2P Payment Market Players
Some of the top P2P payment market companies offered in the professional report include Alibaba Group Holdings Limited, Visa Inc., Google, American Express Company, Samsung Electronics Co. Ltd., PayPal Holdings Inc., Apple Inc., Amazon.com Inc., Money Gram International, WeChat, and M Pesa.
Frequently Asked Questions
What is the size of global P2P payment market in 2021?
The estimated value of global P2P payment market in 2021 was accounted to be USD 1,872 Billion.
What is the CAGR of global P2P payment market during forecast period of 2022 to 2030?
The projected CAGR P2P payment market during the analysis period of 2022 to 2030 is 19.7%.
Which are the key players operating in the market?
The prominent players of the global P2P payment market are Alibaba Group Holdings Limited, Visa Inc., Google, American Express Company, Samsung Electronics Co. Ltd., PayPal Holdings Inc., Apple Inc., Amazon.com Inc., Money Gram International, WeChat, and M Pesa.
Which region held the dominating position in the global P2P payment market?
Asia-Pacific held the dominating P2P payment during the analysis period of 2022 to 2030.
Which region registered the fastest growing CAGR for the forecast period of 2022 to 2030?
North America region exhibited fastest growing CAGR for P2P payment during the analysis period of 2022 to 2030.
What are the current trends and dynamics in the global P2P payment market?
Increased smartphone penetration, and improve the development of the m-commerce industry in emerging nations, drives the growth of global P2P payment market.
By Payment Type segment, which sub-segment held the maximum share?
Based on payment type, remote segment is expected to hold the maximum share P2P payment market.
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