Industry Background:
Person to person transaction (P2P) also known as peer to peer transaction refers to electronic money transfer technology which allows customer to transfer funds from their bank account or credit card to another individual account. P2P payment is considered to be more convenient for both sender and the receiver. Through the P2P payment application, each individual account is linked to one or more of the user’s banks account. P2P payments offers consumer more convince, accessibility and have made the transferring more easier, faster and less expensive. With the mobile phone readily available, user can send and receive pavements at any time in any place. These transaction are easy to set up and maintain as each computer manages itself. Every user is the administrator of his machine and can control their shared sources. Moreover, the overall cost of building and maintaining this type of network is comparatively less.
Attributes | Details |
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Study Period | 2017-2027 |
Base Year | 2021 |
High Growth Market | Asia-Pacific |
Unit | Value (USD Million) |
Key Companies Profiled | PayPal Holding Inc. (United States), Tencent (China), Square Inc. (United States), Circle Internet Financial Inc (United States), Early Warning Services, LLC (United States), Dwolla Inc. (United States), TransferWise Ltd (United Kingdom), CurrencyFair LTD (Australia), Razorpay (India), Google Inc. (United States), PopMoney (United States) and Facebook Inc. (United States) |
According to AMA, the market for P2P Payments is expected to register a CAGR of 9.76% during the forecast period to 2027. This growth is primarily driven by Rising Demand For Non-Cash Payment, Increasing Number of Smartphone & Computer User and Creation of New Business Avenues For Stakeholders.
Globally, a noticeable market trend is evident Evolving Demographic Need Across The Region
The Internet Software & Services sector in the North America region has been increasing at a sustainable rate, and further growth is expected to be witnessed over the forecast period, owing to the robust investments and expansion in production facilities in the region. Major Players, such as PayPal Holding Inc. (United States), Tencent (China), Square Inc. (United States), Circle Internet Financial Inc (United States), Early Warning Services, LLC (United States), Dwolla Inc. (United States), TransferWise Ltd (United Kingdom), CurrencyFair LTD (Australia), Razorpay (India), Google Inc. (United States), PopMoney (United States) and Facebook Inc. (United States), etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years. Many key players of the global p2p payments market are offering various airtime transfer & top-ups, money transfers & payments, merchandise & coupons, and travel & ticketing type p2p payments solutions to customers. Global p2p payments market has a tough competition and the landscape is constantly shifting. The main strategies used by organizations in p2p payments are market are product launches, expansion strategy and agreements.
Key Developments in the Market:
In July 2018, PayPal Holdings, Inc. acquired TIO Networks Corp. TOI Network, a leading multi-channel bill payment processor which offers convenient solutions for expedited bill payments services to financially undeserved consumers. PayPal and TIO are well-positioned to make paying a bill as fast and simple as making a payment with PayPal. Through this acquisition, PayPal will expand its global scale of operations, complement its product portfolio, and accelerate its entry into the bill pay market
In December 2018, Kik a freeware instant messaging mobile app from the Canadian company announced Launch of Peer-to-Peer Transactions Feature.
Regulatory Insights:
Many countries, such as India, and European Union (EU) member countries, have started p2p payments government programs. These countries have launched diverse initiatives on p2p payments. Privacy of data is important for both businesses & government. Therefore, any breach of confidentiality regarding data that is collected and processed by companies could have serious ramifications. Thus the importance of data protection and privacy regulations and guidelines, as exemplified by the respected governments
Influencing Trend:
Evolving Demographic Need Across The Region and Technology Advancement in P2P Payment
Market Growth Drivers:
Rising Demand For Non-Cash Payment, Increasing Number of Smartphone & Computer User and Creation of New Business Avenues For Stakeholders
Challenges:
Improper Network Coverage and Diversified Regulation And Policies Present Across The Region
Restraints:
Privacy And Data Security Concern and Lack of Awareness About P2P Payment
Opportunities:
Rapid Adoption Of P2P Payment, P2P Payment App Being Widely Used For Various Application Such As Retail Payment, Travel & Hospitality Payment, Transportation & Logistics Payments As Well As Energy & Utilities Payments., Improved Flexibility Requirement Among P2P Payment Services and Increase In Support From Public Authorities
AMA Research follows a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mostly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcases the spontaneously changing Players landscape impacting the growth of the market. Furthermore, our market researchers extensively analyze the products and services offered by multiple players competing to increase their market share and presence.
Customization in the Report
AMA Research features not only specific market forecasts but also includes significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints in P2P Payments Market
- Analysis about New Entrants in P2P Payments Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
- An Unbiased Perspective towards Market Performance & Indicators
Against this Challenging Backdrop, P2P Payments Study Sheds Light on
The P2P Payments Market status quo and key characteristics. To end this, Analysts at AMA organize and took surveys of the P2P Payments industry Players. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where P2P Payments industry is heading and what are the top priorities. Insights are drawn from financial analysis, surveys, and interviews with key executives and industry experts.
How every company in this diverse set of Players can best navigate the emerging competition landscape and follow a strategy that helps them position to hold the value they currently claim or capture the new addressable opportunity.