Portland,OR, Oct. 05, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global P2P payment market generated $1,889.16 billion in 2020, and is estimated to garner $9,097.06 billion by 2030, witnessing a CAGR of 17.3% from 2021 to 2030. The report provides an extensive analysis of changing market dynamics, top segments, top investment pockets, regional landscape, value chain, and competitive scenario.
Rise in adoption of online banking, mobile banking, and e-commerce by consumers and increase in smartphones usage among the younger generation drive the global P2P payment market. Furthermore, rise of the m-commerce industry in emerging economies supplements the market growth. However, increase in data breaches and security issues in P2P payments hinder the market growth. On the contrary, demand for efficient & hassle-free transaction services and surge in usage of NFC, RFID, and host card emulation technology in P2P payments would provide opportunities in the coming years.
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COVID-19 Scenario:
- Many banks & financial institutions have been offering their customers new digital tools and techniques to facilitate P2P payments during the Covid-19 pandemic. This led to witnessed significant adoption of these services.
- The adoption of P2P payments increased among people as they needed to transfer money to their relatives, friends, and acquaintances in case of emergencies, hospitalization, and others.
The report offers detailed segmentation of the global P2P payment market based on transaction mode, payment type, end user, application, and region. Based on payment type, the remote segment accounted for the highest share in 2020, contributing to more than three-fifths of the total share, and is estimated to maintain its leadership status throughout the forecast period. However, the proximity segment is projected to manifest the fastest CAGR of 18.9% from 2021 to 2030.
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Based on application, the retail segment held the largest share in 2020, contributing to around one-third of the global P2P payment market, and is estimated to maintain its lead position during the forecast period. However, the hospitality & transportation segment is projected to manifest the largest CAGR of 22.1% from 2021 to 2030.
Based on region, Asia-Pacific contributed to the highest share in 2020, accounting for more than one-third of the total share, and is expected to continue its dominance in terms of revenue by 2030. Moreover, this region is estimated to portray the largest CAGR of 20.1% during the forecast period. The research also analyzes regions including North America, Europe, and LAMEA.
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Leading players of the global P2P payment 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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