P2P Payment Market – Rise in Contactless Payments Due to COVID-19 Pandemic Worldwide and Popularity of M-commerce Platforms are Expected to Lead the Market Growth – Growing at a CAGR (Compound Annual Growth Rate) 19.5% from 2022 to 2028
As stated in our extensive report; the Global P2P Payment Market accounted for USD 1.8 Trillion in 2021.
(P2P) or Peer to Peer payments is the process where the user can transfer funds from his bank account to another individual's account through the digital medium, the internet, or a mobile device. In addition, P2P Payment are secure as they are encrypted and have fraud monitoring capabilities. The P2P Payment allows customers to switch cash immediately while sustaining their checking account data secret. The payments are sent off with the touch of a button.
The growing digitalization in various sectors and rising technological advancements are critical drivers for the P2P Payment Market. Therefore, P2P Payment advantages related to ease, reliability, effectivity, and comfort of use will likely offer crucial growth potential for the P2P Payment Market worldwide. Moreover, the expanding demand for smartphones and the convenience factor are responsible for the P2P Payment Market growth. Additionally, mobile commerce has been observing an immense rise over the years. Therefore, although the COVID-19 outbreak has negatively impacted numerous sectors, it has become a growth accelerator for the P2P Payment Market.
Furthermore, digital and contactless payments gained substantial drive owing to the COVID-19 pandemic. Besides, an increase in the population base worldwide started using cashless and contactless payment methods due to the COVID-19 pandemic, which helped expand the P2P Payment Market. As a result, all these factors will probably boost the Global P2P Payment Market during the forecast period.
Asia Pacific holds a significant market share in the P2P Payment Market and will continue this in the coming years. This growth is attributable to various governments encouraging people to use digital and portable payment options and growing awareness of the benefits of mobile and online payments in this region. In addition, the development of FinTech infrastructure and substantial investments from private and public market players in the emergent countries will support the market growth in this region. Moreover, promising countries such as China and India are undertaking driving initiatives and programs to promote cashless transactions that are anticipated to stimulate regional market growth during the estimated period.
The well-known players of the Global P2P Payment Market include Alibaba.com, Apple Inc., Circle International Financial Limited, Google LLC, One97 Communications Limited (Paytm), PayPal Holdings Inc., Square Inc., WePay Inc., Wise Payments Limited, Zelle and others.