Dublin, April 20, 2023 (GLOBE NEWSWIRE) -- The "P2P Payment Global Market Report 2023" report has been added to ResearchAndMarkets.com's offering.
The global P2P payment market grew from $2.62 billion in 2022 to $3.04 billion in 2023 at a compound annual growth rate (CAGR) of 16.4%. The P2P payment market is expected to grow to $5.61 billion in 2027 at a CAGR of 16.5%.
The increase in acceptance of online banking, mobile banking, and e-commerce by consumers is expected to propel the P2P payment market's growth going forward. Online banking enables users to complete all banking-related tasks, including money transfers, access to historical transactional data, cash withdrawals, deposits, etc., with a single click. Customers can execute financial transactions on a secure website or mobile application with online mobile banking or Internet banking.
Due to advanced and convenient features, people adopting online banking and mobile banking is promoting P2P payments market. For instance, according to a recent global survey of 2,899 in April 2022 conducted by Finder Row Pty Ltd., an Australia-based proprietary company, 26% of respondents in India claim to have a digital bank account, and another 13% intend to open one within the next year, bringing the country's overall percentage of those with one to 39%. By the end of 2027, the percentage is anticipated to increase even more, reaching 46%. Therefore, the increase in acceptance of online banking, mobile banking, and e-commerce by consumers is driving the demand for the P2P payment market.
Technological advancement is a key trend gaining popularity in the P2P payment market. Companies operating in the P2P payment sector are focused on introducing P2P payment solutions to strengthen their market position. For instance, in July 2021, Payveris, a US-based cloud-based software company, launched Payveris P2P, a cloud-based money movement and digital payments platform. The Payveris P2P functionality would be integrated into client banking apps, allowing end-users to send money to other bank accounts identified by email addresses and phone numbers.
Asia-Pacific was the largest region in the P2P payment market in 2022. North America was the second largest region of the P2P payment market. The regions covered in the P2P payment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The countries covered in the P2P payment market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Scope
Markets Covered:
1) By Transaction Mode: Mobile Web Payments; Near Field Communication; SMS or Direct Carrier Billing; Other Transaction Modes
2) By Payment Type: Remote; Proximity
3) By Application: Media and Entertainment; Energy and Utilities; Healthcare; Retail; Hospitality and Transportation; Other Applications
4) By End User: Personal; Business
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 200 |
| Forecast Period | 2023 - 2027 |
| Estimated Market Value (USD) in 2023 | $3.04 billion |
| Forecasted Market Value (USD) by 2027 | $5.61 billion |
| Compound Annual Growth Rate | 16.6% |
| Regions Covered | Global |
Key Topics Covered:
1. Executive Summary
2. P2P Payment Market Characteristics
3. P2P Payment Market Trends And Strategies
4. P2P Payment Market - Macro Economic Scenario
5. P2P Payment Market Size And Growth
6. P2P Payment Market Segmentation
7. P2P Payment Market Regional And Country Analysis
A selection of companies mentioned in this report includes
- Alibaba.com
- Apple Inc.
- Circle International Financial Limited
- Circle Internet Financial Limited
- ClearXchange
For more information about this report visit https://www.researchandmarkets.com/r/um7jy9
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