Global P2P Payment Market Outlook, 2030

The global PeertoPeer (P2P) payment market has been witnessing considerable growth in recent years, propelled by the swift adoption of mobile payment technologies and the rising demand for effortless, digital financial transactions. P2P payments enable individuals to send money directly to each other through digital platforms or mobile applications, eliminating the necessity for traditional banking intermediaries like banks or credit card firms. This shift has moved users away from cash and checks towards digital wallets, providing enhanced convenience, speed, and security when conducting financial transactions. The P2P payment market has been primarily fueled by the extensive utilization of smartphones and internet availability around the world. With the emergence of mobile banking apps, digital wallets, and innovative financial technology (fintech) solutions, P2P payment systems are becoming increasingly available to people of all ages and from diverse geographic areas. Platforms such as PayPal, Venmo, Square Cash, Google Pay, Apple Pay, and WeChat Pay are among the foremost providers in this domain, delivering a variety of features such as immediate money transfers, bill sharing, and even payments to merchants. The ease of P2P payments is one of the main factors driving the growth of the market. Users are able to transfer money to friends, family, or even make small purchases immediately without having to go to a bank or utilize a credit card. This is especially important in an age where consumers are progressively anticipating ondemand services and quick, easy access to their finances. Furthermore, the increasing popularity of ecommerce platforms and online marketplaces has further amplified the need for P2P payments, as they present an alternative to conventional credit card transactions.

Global P2P Payment Market to surpass USD 1927.23 million by 2030 from USD 5491.60 million in 2020 at 12.10% in the coming years, i.e., 202130. From a security standpoint, P2P payment systems have progressed to integrate advanced encryption methods, multifactor authentication, and biometric verification techniques, ensuring that users can execute transactions safely. Consequently, these platforms have earned vast consumer trust and continue to draw millions of users globally. Numerous platforms are also harnessing artificial intelligence (AI) and machine learning (ML) technologies to identify fraudulent activities and improve user experience. In addition, the market is experiencing the incorporation of blockchain technology into P2P payments. Blockchain provides a decentralized framework that can boost transparency, lower transaction expenses, and facilitate faster, more efficient crossborder payments. As digital currencies like Bitcoin and Ethereum become more popular, blockchain technology is increasingly vital in optimizing. P2P payment processes and offering users greater control. The expansion of the worldwide P2P payment market is also driven by regulatory advancements that encourage digital payments and lessen the obstacles for fintech companies to enter the space. Authorities and financial entities globally are making efforts to enhance the financial inclusion of unbanked individuals and optimize the efficiency of payment systems. As the sector keeps changing, the outlook for P2P payments appears bright, with advancements in contactless payments, biometric security, and crossborder transactions anticipated to influence the next surge of growth. The increasing transition towards cashless societies, along with the rising use of digital wallets and mobile payment options, is setting the P2P payment market up for ongoing growth in the years ahead.

The global P2P payment market is undergoing considerable growth, with crucial regions and nations playing vital roles in propelling this advancement. North America and Europe continue to be the most developed and established markets for peertopeer payments, thanks to high internet availability, extensive smartphone usage, and sophisticated financial infrastructures. In North America, the United States stands out as the leading player, with platforms such as Venmo, PayPal, and Zelle at the forefront. The rising use of mobile wallets, along with the increasing consumer inclination towards cashless transactions, has established the U. S. as a significant player in the P2P payment market. Europe, especially the United Kingdom, Germany, and France, also maintains a notable share of the market. In these nations, PayPal and Revolut have gained substantial popularity, offering consumers secure and convenient alternatives to conventional banking methods. Furthermore, PSD2 (Payment Services Directive 2) regulations within the EU are fostering enhanced competition and innovation in the payment sector, further driving reliance on digital payment systems. AsiaPacific, on the other hand, is rising as the fastestexpanding region in the P2P payment market. China and India are experiencing swift growth due to high mobile penetration levels and the growing popularity of platforms like WeChat Pay and Alipay in China, as well as Paytm and PhonePe in India. These platforms have broadened their services beyond P2P payments to include offerings like ecommerce, bill payments, and even investments, rendering them essential to everyday life in these nations. In Latin America, nations such as Brazil and Mexico are also witnessing significant growth in P2P payments. The proliferation of mobile payment solutions is assisting in closing the gap between the banked and unbanked populations, accelerating adoption. Additionally, Africa is seeing an increase in P2P payment utilization, particularly in Nigeria and South Africa, where mobile wallets and digital payments are becoming ever more vital for financial inclusion.

The NFC/Smartcard category in the global P2P payment market is anticipated to show the highest Compound Annual Growth Rate (CAGR) during the timeframe from 2020 to 2030. This is attributed to the rising need for fast, seamless, and secure payment options that remove the requirement for physical cash or conventional bank cards. Near Field Communication (NFC) and smartcards permit users to conduct contactless transactions merely by tapping their card or smartphone on an NFCenabled pointofsale terminal, delivering a frictionless payment experience. As consumers and businesses increasingly look for convenience, NFC/Smartcards offer a simple solution for everyday transactions, making it particularly appealing for both individuals and merchants. The improved security features of NFC payments, which employ encryption and tokenization, further aid its expansion, as customers and businesses emphasize secure payment methods. Conversely, the small business loan segment is projected to record the largest volume share and increase at the swiftest rate in the P2P payment market. This expansion is mainly fueled by the growth of small and mediumsized enterprises (SMEs) in developing markets such as India and Singapore. The rise in SMEs has generated a substantial demand for flexible, convenient, and costeffective financing options, especially in the form of peertopeer small business loans. P2P lending platforms allow small businesses to secure loans directly from individuals or investors, circumventing traditional banks and lending institutions. This not only diminishes the cost and complexity of securing credit but also offers more accessible financing options for small businesses. In addition, the consumer credit payment segment is expected to grow swiftly during the forecast period. With the increasing uptake of consumer credit systems among individuals and businesses, such as Buy Now, Pay Later (BNPL) and other digital credit solutions, consumers benefit from enhanced flexibility in handling their finances. This trend leads to a heightened use of P2P payment platforms, as individuals and businesses partake in direct financial transactions. The integration of digital credit mechanisms is likely to spur the demand for P2P payment solutions, allowing consumers to execute creditbased transactions effectively.

Considered in this report
• Historic Year: 2019
• Base year: 2024
• Estimated year: 2025
• Forecast year: 2030



Aspects covered in this report
• Global P2P Payment Market with its value and forecast along with its segments
• Various drivers and challenges
• On-going trends and developments
• Top profiled companies
• Strategic recommendation

• Global P2P Payment Market is segmented by Transaction mode into NFC/Smartcard, SMS, and Mobile Apps.
• Global Peer to Peer payment Market is segmented by end-user into Real Estate payments, Consumer Credit payment, Student payment, and Small Business payment.

The approach of the report:
This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and listing out the companies that are present in the market. The secondary research consists of third-party sources such as press releases, annual report of companies, analyzing the government generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducted trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers in regional aspects, tier aspects, age group, and gender. Once we have primary data with us we have started verifying the details obtained from secondary sources.

Intended audience
This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to agriculture industry, government bodies and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.