A recent report published by Infinium Global Research
on the peer-to-peer (P2P) market provides an in-depth analysis of segments and
sub-segments in the global as well as regional peer-to-peer (P2P) market. The report is a comprehensive presentation of trends,
forecasts and dollar values of the global peer-to-peer (P2P) market. According to
the report, the global peer-to-peer (P2P) market is projected to grow at a CAGR
of 14.82% over the forecast period of 2021-2027. The market growing from nearly
USD 2 billion in 2020 to about USD 4.5 billion in 2027.
Peer-to-peer payment systems are also known as P2P
payments or money transfer apps, like Venmo, PayPal, and Cash App allow their
users to send one another money from their mobile devices through a linked bank
account or card. Through this, we can also make splitting bills with friends
and family for dinner or house rent as such. They are trending amongst people
of all ages as more and more of these types of platforms continue to emerge in
the upcoming years. P2P services are secure platforms, but they’re also risks
involved while sending or receiving money online. Payments are categorized on
the basis of transfer that is to an account within the bank or outside the
bank. If the transfer is to an account within the bank it is called an internal
transfer. A transfer to an account outside the bank is called a domestic
transfer. The COVID-19 outbreak had
created medical emergencies across the globe. It created the biggest threats to
the global economy and financial markets. Major sectors of the country’s
economies, with manufacturing, auto, retail, aviation, and hospitality were
bearing the brunt of the lockdowns imposed by the government in order to
decrease the spread of disease. However, there were a few areas where we’re
seeing an uptick in digital payments by way of increased adoption during the
lockdown such as online grocery stores, online pharmacies, OTT players,
EdTechs, online gaming, recharges, and utility/bill payments. The demand for
easier ways to shop on mobile, receive stimulus checks, and make
donations to social causes, has significantly boosted the core segments of
digital payments, digital wallets, and peer-to-peer (P2P) payments across the
globe.
The fintech player combines the capabilities of the financial institutes and technology domain and develop an advanced customer-centric product to fulfill the requirement of the customers. Creating numerous opportunities for the development of the mobile peer-to-peer money transfer market across the globe. The Rising demand for non-cash payment and the rapidly increasing number of smartphones & computer users in the highly developed nation are the factors driving the market growth. Furthermore, privacy and data security concerns and a lack of awareness about P2P payment are hindering the market growth.
Among the regions, Asia Pacific accounted for the largest share in the global Peer-to-Peer Payment Market. This region has a large number of smartphone users and internet users in emerging economic nations such as China and India are boosting the market growth. 50% of smartphone users across the globe at present in the region as per the survey. The government in this region is initiating the promotion of digital payments and also creating awareness of the adoption of the mobile peer-to-peer money transfer market. However, the North American region is anticipated to grow with the highest rate in the global Peer-to-Peer Payment Market over the forecast period. The increasing use of payments in the industrial sector as well as the commercial sector is boosting the global P2P payment market in this region.
The report on the global peer-to-peer (P2P) market covers
segments such as type, and application. On the basis of type, the sub-markets
include NFC/smartcard, SMS, and mobile apps. On the basis of application, the
sub-markets include retail payments, travels & hospitality payments,
transportation & logistics payments, energy & utility payments, and
others.
The report provides profiles of the companies in the
market such as PayPal Pte. Ltd, Tencent, Square, Inc, Circle Internet Financial
Limited, clearXchange, SnapCash, Dwolla,Inc, TransferWise Ltd, CurrencyFair
LTD, and One97 Communications Ltd..
The report provides deep insights into demand
forecasts, market trends, and micro and macro indicators. In addition, this
report provides insights into the factors that are driving and restraining the
growth in this market. Moreover, The IGR-Growth Matrix analysis given in the
report brings an insight into the investment areas that existing or new market
players can consider. The report provides insights into the market using
analytical tools such as Porter's five forces analysis and DRO analysis of the peer-to-peer (P2P) market. Moreover, the study highlights current market trends
and provides forecasts from 2021-2027. We also have highlighted future trends in
the market that will affect the demand during the forecast period. Moreover,
the competitive analysis given in each regional market brings insight into
the market share of the leading players.
Please Choose One of them.