P2P Payment Market Size, Share, Opportunities, And Trends By Type (Mobile Web Payments, Near Field Communication, SMS/Direct Carrier Billing, Others), By Mode of Payment (Remote and Proximity), By Application (Media and entertainment, Hospitality, Healthcare, Retail, Energy and Utilities, Others) By End User (Business, Personal), And By Geography – Forecast From 2024 To 2029

The P2P payment market is expected to grow at a CAGR of 17.92%, reaching a market size of US$8,080.245 billion in 2029 from US$3,544.616 billion in 2024.

P2P payments allow a person to electronically transfer money from one account to the other through an interface such as the Internet or a phone. Payments are classified into two categories depending on if they are transferred to accounts inside or outside banks. When it comes to payments, modern customers' top priorities are accessibility and convenience. P2P systems have extremely low transaction fees of about 2% to 3%, and some may even be free of charge because all transactions are done electronically, negating the need for an intermediary. P2P networks may also be safer due to their encryption and fraud detection capabilities. Biometrics and automated alerts are now included in some apps and online transaction solutions.

As consumer preference for online, mobile and e-commerce services keeps rising, P2P payments are being embraced by many globally. Furthermore, there is a swift increase in smartphone adoption rate amongst the young generation. Also to mention, the thriving e-commerce sector in developing countries has great implications for this market’s expansion.

P2P payment Market Drivers:

• Increasing smartphone penetration is anticipated to increase the market demand

The expanding smartphone usage rates in affluent and underprivileged nations such as China and India have also contributed to online and mobile payments. Consumer-friendly smartphone payment systems are favourably driving the market with the rising use of 4G and 5G high-speed internet.

Furthermore, the manufacturers' distribution network for smartphones has grown dramatically, giving end users widespread access to smartphone devices. This is because major companies like Samsung, Micromax, and Karbonn have extensive distribution networks across India that can enable rural populations to access online services through their mobile phones. The global P2P payments market is therefore expected to be driven by increased smartphone usage and improved connectivity and people are now transferring funds to each other through their mobile devices.

• Low operation costs are expected to drive market growth

P2P payment platforms also aim to boost company expansion by cutting expenses associated with staffing, branch management, and physical component upkeep. These networks lower the market risk for investors by providing borrowers with a dependable framework for obtaining repayment. The global P2P payments industry is growing because a P2P payments service can assist investors in managing multiple types of market risks such as interest rates, unemployment rates, and property price risk.

• Increased technological advancements are increasing the market share

P2P payment markets are highly fragmented. The competition is intense amongst many players for a stronghold. Significant firms either take over or merge with new competitors. In addition, players spend a lot of resources on research and development programs. Such initiatives promote the growth of the P2P payments market with new features, updates and technology developments for P2P payments. Many mergers, acquisitions, partnerships and collaborations have been witnessed in the course of the growing P2P payment sector. In this way, participants in these events seek to boost their position as thought leaders in the P2P Payment Industry consequently increasing their chances for progression.

• High demand for near field communication is increasing the market share

Customers could better serve themselves if there was strong demand for NFC (near field communication) payment methods, which offer a simple and hassle-free option. Through using NFC technology, retailers can embed customer loyalty schemes within payment systems, meaning that customers can also redeem coupons from their mobile devices. The probability of growth is evident since e-commerce platforms are burgeoning while advanced technologies are constantly being utilized in financial transactions. The adoption of NFC-based instalments would probably be accelerated by the growing ubiquity of wearable instalment devices and the development of a flexible trade pattern.

P2P payment Market Restraints:

• Market risks are anticipated to hinder the market growth

A rise in security breaches and data leaks is probably going to hinder market growth. Because of these risks, most people choose banks over peer-to-peer payment services. It is expected that this will significantly limit the global market for peer-to-peer payments. Consequently, the uncollateralized debt guarantees offered by service providers may risk the loss of revenue thus slowing market growth.

P2P Payment Market Geographical Outlook

• Asia Pacific is witnessing exponential growth during the forecast period

During the predicted time frame, Asia-Pacific is projected to observe considerable advancement and attain the biggest market size. It is attributed to various governments promoting the adoption of digital payment solutions. Furthermore, a lot of projects and programs are being introduced by developing countries like India to promote digital payments. The initiative "Digital India" is one such instance. Among the top P2P payment markets in Asia-Pacific are China and Indonesia. The main factor influencing the potential P2P payments market in China is the accessibility of state-of-the-art FinTech services. Due to the dearth of alternative investment options and the higher returns on P2P investments, China has also been attracting investors.

P2P Payment Market Key Launches

• In August 2024, a leader in financial technology worldwide, announced that it is opening up the Neural Payments solution to its customers. By utilizing the company's global reach and NYCE debit rails, this initiative will enable peer-to-peer (P2P) payments to a greater number of institutions. With the help of Neural Payments' cutting-edge platform, bank customers can send money to anyone from their account, without having to download an app from a third party or register a new card, regardless of whether the recipient's institution also uses Neural Payments. Popular mobile wallets and debit cards are accepted for payment settlement; FedNow and The Clearing House RTP are currently accessible. After money is transferred, recipients can pick up their payment in a matter of seconds.
• In February 2022, Siemens AG broadened its Building X fire safety portfolio. This expansion includes the new Apple declared that Tap to Pay will be available on iPhones. With just a tap of their iPhone, millions of US merchants, ranging in size from small shops to major chains, will be able to securely and seamlessly accept contactless credit and debit cards, Apple Pay, and other digital wallets without the need for extra hardware or payment terminals. Payment networks and app developers will be able to incorporate Tap to Pay on iPhone into their iOS apps and provide their business clients with this option for making payments.

The P2P payment market is segmented and analyzed as follows:

• By Type
  • Mobile Web Payments
  • Near Field Communication
  • SMS/Direct Carrier Billing
  • Others
• By Mode of Payment
  • Remote
  • Proximity
• By Application
  • Media and entertainment
  • Hospitality
  • Healthcare
  • Retail
  • Energy and Utilities
  • Others
• By End-User
  • Business
  • Personal
• By Geography
  • North America
    • USA
    • Canada
    • Mexico
  • South America
    • Brazil
    • Argentina
    • Others
  • Europe
    • Germany
    • France
    • United Kingdom
    • Spain
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • UAE
    • Others
  • Asia Pacific
    • China
    • Japan
    • South Korea
    • India
    • Indonesia
    • Taiwan
    • Thailand
    • Others

1. INTRODUCTION

1.1. Market Overview

1.2. Market Definition

1.3. Scope of the Study

1.4. Market Segmentation

1.5. Currency

1.6. Assumptions

1.7. Base and Forecast Years Timeline

1.8. Key Benefits to the Stakeholder

2. RESEARCH METHODOLOGY  

2.1. Research Design

2.2. Research Processes

3. EXECUTIVE SUMMARY

3.1. Key Findings

3.2. CXO Perspective

4. MARKET DYNAMICS

4.1. Market Drivers

4.2. Market Restraints

4.3. Porter’s Five Forces Analysis

4.3.1. Bargaining Power of Suppliers

4.3.2. Bargaining Power of Buyers

4.3.3. Threat of New Entrants

4.3.4. Threat of Substitutes

4.3.5. Competitive Rivalry in the Industry

4.4. Industry Value Chain Analysis

4.5. Analyst View

5. P2P PAYMENT MARKET BY TYPE

5.1. Introduction

5.2. Mobile Web Payments

5.3. Near Field Communication

5.4. SMS/Direct Carrier Billing

5.5. Others

6. P2P PAYMENT MARKET BY MODE OF PAYMENT 

6.1. Introduction

6.2. Remote

6.3. Proximity

7. P2P PAYMENT MARKET BY APPLICATION

7.1. Introduction

7.2. Media and entertainment

7.3. Hospitality

7.4. Healthcare

7.5. Retail

7.6. Energy and Utilities

7.7. Others

8. P2P PAYMENT MARKET BY END-USER 

8.1. Introduction

8.2. Business

8.3. Personal

9. P2P PAYMENT MARKET BY GEOGRAPHY

9.1. Introduction

9.2. North America

9.2.1. By Type

9.2.2. By Mode of Payment

9.2.3. By Application

9.2.4. By End-User 

9.2.5. By Country

9.2.5.1. USA

9.2.5.2. Canada

9.2.5.3. Mexico

9.3. South America

9.3.1. By Type

9.3.2. By Mode of Payment

9.3.3. By Application

9.3.4. By End-User 

9.3.5. By Country

9.3.5.1. Brazil

9.3.5.2. Argentina

9.3.5.3. Others

9.4. Europe

9.4.1. By Type

9.4.2. By Mode of Payment

9.4.3. By Application

9.4.4. By End-User 

9.4.5. By Country

9.4.5.1. Germany

9.4.5.2. France

9.4.5.3. UK

9.4.5.4. Spain

9.4.5.5. Others

9.5. Middle East and Africa

9.5.1. By Type

9.5.2. By Mode of Payment

9.5.3. By Application

9.5.4. By End-User 

9.5.5. By Country

9.5.5.1. Saudi Arabia

9.5.5.2. UAE

9.5.5.3. Others

9.6. Asia Pacific

9.6.1. By Type

9.6.2. By Mode of Payment

9.6.3. By Application

9.6.4. By End-User 

9.6.5. By Country

9.6.5.1. China

9.6.5.2. Japan

9.6.5.3. South Korea

9.6.5.4. India

9.6.5.5. Indonesia

9.6.5.6. Taiwan

9.6.5.7. Thailand

9.6.5.8. Others

10. COMPETITIVE ENVIRONMENT AND ANALYSIS

10.1. Major Players and Strategy Analysis

10.2. Market Share Analysis

10.3. Mergers, Acquisitions, Agreements, and Collaborations

10.4. Competitive Dashboard

11. COMPANY PROFILES

11.1. Google

11.2. Amazon.com Inc.

11.3. American Express Company

11.4. Money Gram International

11.5. Samsung Electronics Co. Ltd.

11.6. WeChat

11.7. PayPal Holdings Inc.

11.8. Apple Inc.

11.9. PayPal Holdings Inc.

11.10. Visa Inc.   

11.11. Circle International Financial Limited

11.12. Zelle

11.13. Wise Payments Limited

Google

Amazon.com Inc.

American Express Company

Money Gram International

Samsung Electronics Co. Ltd.

WeChat

PayPal Holdings Inc.

Apple Inc.

PayPal Holdings Inc.

Visa Inc.   

Circle International Financial Limited

Zelle

Wise Payments Limited