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Global P2P Payment Market to reach USD 7942.37 billion by the end of 2029.

Global P2P Payment Market Size study & Forecast, by Transaction Mode (Mobile Web Payments, Near Field Communication, SMS/Direct Carrier Billing), Payment Type (Remote and Proximity), End User (Personal and Business), and Application (Media & Entertainment, Energy & Utilities, Healthcare, Retail and Hospitality & Transportation) and Regional Analysis, 2022-2029

Product Code: BFBFSI-61526217
Publish Date: 8-02-2023
Page: 200

Global P2P Payment Market is valued at approximately USD 2215.98 billion in 2021 and is anticipated to grow with a healthy growth rate of more than 17.3% over the forecast period 2022-2029. P2P Payment or Peer to Peer payment refers to a payment processing method that enables an individual to directly send money to another individual. Moreover, Funds are debited from the user’s bank account and credited to the recipient’s account. Different modes of transaction can be used for P2P payment such as mobile-based applications, NFC-enabled devices, POS (Point of Sale), and card swipe machines among others. The increasing adoption of digital payments and growing smartphone penetration as well as strategic recent initiatives from market players are key factors driving the market growth.

The increasing adoption of digital payment solutions in post covid era is contributing to the growth of the Global P2P Payment Market. For instance, according to Statista – as of 2022, the transaction value in the Digital Payments segment is estimated at USD 8.49 trillion, and the total transaction value is projected to show an annual growth rate of 12.31% between 2022 and 2027 to reach USD 15.17 trillion by 2027. Moreover, in India digital payments have reached over USD 2.92 billion. Also, the increasing growth of Mobile commerce and the rising expansion of the B2B e-commerce sector would create a lucrative growth prospectus for the market over the forecast period. However, the lack of high-speed internet connectivity in developing regions and rising concern over data security and privacy stifle market growth throughout the forecast period of 2022-2029.

The key regions considered for the Global P2P Payment Market study includes Asia Pacific, North America, Europe, Latin America, and Rest of the World. North America dominated the market in terms of revenue, owing to the dominance of leading market players and the increasing expansion of the banking and financial services sector in the region. Whereas Asia Pacific is expected to grow with the highest CAGR during the forecast period, owing to factors such as rising smartphone penetration, the presence of leading market players and increasing expansion of mobile commerce in the region.

Major market player included in this report are:
Alibaba Group Holding Limited
Apple Inc.
Circle International Financial Limited
Google LLC
One97 Communications Limited (Paytm)
PayPal Holdings Inc.
Square, Inc.
WePay Inc.
Wise Payments Limited
Zelle LLC
Recent Developments in the Market:
 In April 2019, Amazon Inc. has announced the launch of person-to-person (P2P) payments via Amazon Pay for Android users in India. This new P2P service would enable the users to make payments from their bank account to local stores, and Amazon delivery associates at the comfort of their doorstep.

 In October 2022, Jack Henry & Associates, Inc. rolled out its new person-to-person (P2P) payments solution. This new Open-loop, cloud-native, AI-driven solution is intended for financial institutions. Moreover, this new solution is Powered by the Payrailz® Digital Payments Platform, which was acquired by Jack Henry on September 1, 2022.

Global P2P Payment Market Report Scope:
Historical Data 2019-2020-2021
Base Year for Estimation 2021
Forecast period 2022-2029
Report Coverage Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
Segments Covered Transaction Mode, Payment Type, End User, Application, Region
Regional Scope North America; Europe; Asia Pacific; Latin America; Rest of the World
Customization Scope Free report customization (equivalent up to 8 analyst’s working hours) with purchase. Addition or alteration to country, regional & segment scope*

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.

The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:

By Transaction Mode
Mobile Web Payments
Near Field Communication
SMS/Direct Carrier Billing
By Payment Type
By End User
By Application
Media & Entertainment
Energy & Utilities
Hospitality & Transportation

By Region:
North America
Asia Pacific
South Korea
Latin America
Rest of the World

Chapter 1. Executive Summary
1.1. Market Snapshot
1.2. Global & Segmental Market Estimates & Forecasts, 2019-2029 (USD Billion)
1.2.1. P2P Payment Market, by Region, 2019-2029 (USD Billion)
1.2.2. P2P Payment Market, by Transaction Mode, 2019-2029 (USD Billion)
1.2.3. P2P Payment Market, by Payment Type, 2019-2029 (USD Billion)
1.2.4. P2P Payment Market, by End User, 2019-2029 (USD Billion)
1.2.5. P2P Payment Market, by Application, 2019-2029 (USD Billion)
1.3. Key Trends
1.4. Estimation Methodology
1.5. Research Assumption
Chapter 2. Global P2P Payment Market Definition and Scope
2.1. Objective of the Study
2.2. Market Definition & Scope
2.2.1. Scope of the Study
2.2.2. Industry Evolution
2.3. Years Considered for the Study
2.4. Currency Conversion Rates
Chapter 3. Global P2P Payment Market Dynamics
3.1. P2P Payment Market Impact Analysis (2019-2029)
3.1.1. Market Drivers Increasing adoption of digital payments Growing smartphone penetration Strategic initiatives from leading market players
3.1.2. Market Challenges Lack of high-speed internet connectivity in developing regions
3.1.3. Market Opportunities Increasing growth of Mobile commerce Rising expansion of B2B e-commerce sector
Chapter 4. Global P2P Payment Market Industry Analysis
4.1. Porter’s 5 Force Model
4.1.1. Bargaining Power of Suppliers
4.1.2. Bargaining Power of Buyers
4.1.3. Threat of New Entrants
4.1.4. Threat of Substitutes
4.1.5. Competitive Rivalry
4.2. Futuristic Approach to Porter’s 5 Force Model (2019-2029)
4.3. PEST Analysis
4.3.1. Political
4.3.2. Economical
4.3.3. Social
4.3.4. Technological
4.4. Top investment opportunity
4.5. Top winning strategies
4.6. Industry Experts Prospective
4.7. Analyst Recommendation & Conclusion
Chapter 5. Risk Assessment: COVID-19 Impact
5.1. Assessment of the overall impact of COVID-19 on the industry
5.2. Pre COVID-19 and post COVID-19 Market scenario
Chapter 6. Global P2P Payment Market, by Transaction Mode
6.1. Market Snapshot
6.2. Global P2P Payment Market by Transaction Mode, Performance – Potential Analysis
6.3. Global P2P Payment Market Estimates & Forecasts by Transaction Mode 2019-2029 (USD Billion)
6.4. P2P Payment Market, Sub Segment Analysis
6.4.1. Mobile Web Payments
6.4.2. Near Field Communication
6.4.3. SMS/Direct Carrier Billing
Chapter 7. Global P2P Payment Market, by Payment Type
7.1. Market Snapshot
7.2. Global P2P Payment Market by Payment Type, Performance – Potential Analysis
7.3. Global P2P Payment Market Estimates & Forecasts by Payment Type 2019-2029 (USD Billion)
7.4. P2P Payment Market, Sub Segment Analysis
7.4.1. Remote
7.4.2. Proximity
Chapter 8. Global P2P Payment Market, by End User
8.1. Market Snapshot
8.2. Global P2P Payment Market by End User, Performance – Potential Analysis
8.3. Global P2P Payment Market Estimates & Forecasts by End User 2019-2029 (USD Billion)
8.4. P2P Payment Market, Sub Segment Analysis
8.4.1. Personal
8.4.2. Business
Chapter 9. Global P2P Payment Market, by Application
9.1. Market Snapshot
9.2. Global P2P Payment Market by Application, Performance – Potential Analysis
9.3. Global P2P Payment Market Estimates & Forecasts by Application 2019-2029 (USD Billion)
9.4. P2P Payment Market, Sub Segment Analysis
9.4.1. Media & Entertainment
9.4.2. Energy & Utilities
9.4.3. Healthcare
9.4.4. Retail
9.4.5. Hospitality & Transportation
Chapter 10. Global P2P Payment Market, Regional Analysis
10.1. P2P Payment Market, Regional Market Snapshot
10.2. North America P2P Payment Market
10.2.1. U.S. P2P Payment Market Transaction Mode breakdown estimates & forecasts, 2019-2029 Payment Type breakdown estimates & forecasts, 2019-2029 End User breakdown estimates & forecasts, 2019-2029 Application breakdown estimates & forecasts, 2019-2029
10.2.2. Canada P2P Payment Market
10.3. Europe P2P Payment Market Snapshot
10.3.1. U.K. P2P Payment Market
10.3.2. Germany P2P Payment Market
10.3.3. France P2P Payment Market
10.3.4. Spain P2P Payment Market
10.3.5. Italy P2P Payment Market
10.3.6. Rest of Europe P2P Payment Market
10.4. Asia-Pacific P2P Payment Market Snapshot
10.4.1. China P2P Payment Market
10.4.2. India P2P Payment Market
10.4.3. Japan P2P Payment Market
10.4.4. Australia P2P Payment Market
10.4.5. South Korea P2P Payment Market
10.4.6. Rest of Asia Pacific P2P Payment Market
10.5. Latin America P2P Payment Market Snapshot
10.5.1. Brazil P2P Payment Market
10.5.2. Mexico P2P Payment Market
10.5.3. Rest of Latin America P2P Payment Market
10.6. Rest of The World P2P Payment Market

Chapter 11. Competitive Intelligence
11.1. Top Market Strategies
11.2. Company Profiles
11.2.1. Alibaba Group Holding Limited Key Information Overview Financial (Subject to Data Availability) Product Summary Recent Developments
11.2.2. Apple Inc.
11.2.3. Circle International Financial Limited
11.2.4. Google LLC
11.2.5. One97 Communications Limited (Paytm)
11.2.6. PayPal Holdings Inc.
11.2.7. Square, Inc.
11.2.8. WePay Inc.
11.2.9. Wise Payments Limited
11.2.10. Zelle Inc.
Chapter 12. Research Process
12.1. Research Process
12.1.1. Data Mining
12.1.2. Analysis
12.1.3. Market Estimation
12.1.4. Validation
12.1.5. Publishing
12.2. Research Attributes
12.3. Research Assumption

At Bizwit Research and Consultancy, we employ a thorough and iterative research methodology with the goal of minimizing discrepancies, ensuring the provision of highly accurate estimates and predictions over the forecast period. Our approach involves a combination of bottom-up and top-down strategies to effectively segment and estimate quantitative aspects of the market, utilizing our proprietary data & AI tools. Our Proprietary Tools allow us for the creation of customized models specific to the research objectives. This enables us to develop tailored statistical models and forecasting algorithms to estimate market trends, future growth, or consumer behavior. The customization enhances the accuracy and relevance of the research findings.
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Critical elements of methodology employed for all our studies include:
Data Collection:
To determine the appropriate methods of data collection based on the research objectives, we consider both primary and secondary sources. Primary data collection involves gathering information directly from various industry experts in core and related fields, original equipment manufacturers (OEMs), vendors, suppliers, technology developers, alliances, and organizations. These sources encompass all segments of the value chain within the specific industry. Through in-depth interviews, we engage with key industry participants, subject-matter experts, C-level executives of major market players, industry consultants, and other relevant experts. This allows us to obtain and validate critical qualitative and quantitative information while evaluating market prospects. AI and Big Data are instrumental in our primary research, providing us with powerful tools to collect, analyze, and derive insights from data efficiently. These technologies contribute to the advancement of research methodologies, enabling us to make data-driven decisions and uncover valuable findings.
In addition to primary sources, we extensively utilize secondary sources to enhance our research. These include directories, databases, journals focusing on related industries, company newsletters, and information portals such as Bloomberg, D&B Hoovers, and Factiva. These secondary sources enable us to identify and gather valuable information for our comprehensive, technical, market-oriented, and commercial study of the market. Additionally, we utilize AI algorithms to automate the collection of vast amounts of data from various sources such as surveys, social media platforms, online transactions, and web scraping. And employ Big Data technologies for storage and processing of large datasets, ensuring that no valuable information is missed during the data collection process.
Data Analysis:
Our team of experts carefully examine the gathered data using suitable statistical techniques and qualitative analysis methods. For quantitative analysis, we employ descriptive statistics, regression analysis, and other advanced statistical methods, depending on the characteristics of the data. This analysis may also incorporate the utilization of AI tools and big data analysis techniques to extract meaningful insights.
To ensure the accuracy and reliability of our findings, we extensively leverage data science techniques, which help us minimize discrepancies and uncertainties in our analysis. We employ Data Science to clean and preprocess the data, ensuring its quality and reliability. This involves handling missing data, removing outliers, standardizing variables, and transforming data into suitable formats for analysis. The application of data science techniques enhances our accuracy, efficiency, and depth of analysis, enabling us to stay competitive in dynamic market environments.
Market Size Estimation:
Our proprietary data tools play a crucial role in deriving our market estimates and forecasts. Each study involves the creation of a unique and customized model. The model incorporates the gathered information on market dynamics, technology landscape, application development, and pricing trends. AI techniques, such as machine learning and deep learning, aid us to analyze patterns within the data to identify correlations, trends, and relationships. By recognizing patterns in consumer behavior, purchasing habits, or market dynamics, our AI algorithms aid us in more precise estimations of market size. These factors are simultaneously analyzed within the model, allowing for a comprehensive assessment. To quantify their impact over the forecast period, correlation, regression, and time series analysis are employed.
To estimate and validate the market size, we employ both top-down and bottom-up approaches. The preference is given to a bottom-up approach, where key regional markets are analyzed as separate entities. This data is then integrated to obtain global estimates. This approach is crucial as it provides a deep understanding of the industry and helps minimize errors.
In our forecasting process, we consider various parameters such as economic tools, technological analysis, industry experience, and domain expertise. By taking all these factors into account, we strive to produce accurate and reliable market forecasts. When forecasting, we take into consideration several parameters, which include:
Market driving trends and favorable economic conditions
Restraints and challenges that are expected to be encountered during the forecast period.
Anticipated opportunities for growth and development
Technological advancements and projected developments in the market
Consumer spending trends and dynamics
Shifts in consumer preferences and behaviors.
The current state of raw materials and trends in supply versus pricing
Regulatory landscape and expected changes or developments.
The existing capacity in the market and any expected additions or expansions up to the end of the forecast period.
To assess the market impact of these parameters, we assign weights to each one and utilize weighted average analysis. This process allows us to quantify their influence on the market and derive an expected growth rate for the forecasted period. By considering these various factors and applying a weighted analysis approach, we strive to provide accurate and reliable market forecasts.
Insight Generation & Report Presentation:
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Next, we create a well-structured research report that effectively communicates the research findings, insights, and recommendations to the client. To enhance clarity and comprehension, we utilize visual aids such as charts, graphs, and tables. These visual elements are employed to present the data in an engaging and easily understandable format, ensuring that the information is accessible and visually appealing to the client. Our aim is to deliver a clear and concise report that conveys the research findings effectively and provides actionable recommendations to meet the client’s specific needs.

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