WASHINGTON – A Comparative research study carry out by Vantage Market Research is a database of 350 pages, titled as “P2P Payment Market” with graphs & figures spread through pages, 115+ market data Tables, Pie Charts, and simple to understand comprehensive analysis. P2P Payment Market research report is delivered with commitment depending upon the reader needs. With the defined historic year and the base year, assessments and calculations are performed in this market report. Market size and share analysis and key trend analysis are the prime accomplishing factors in this market research report. In addition to the market insights such as market value, growth rate, geographical coverage, market segments, market players, and competitive scenario, pipeline analysis, the market report curated by our experienced team also includes detailed expert analysis, patient epidemiology, pricing analysis, and regulatory framework.

Key Industry Findings & Insights from the report:

  • The global P2P Payment Market was valued USD 1.8 Trillion in 2021 and is all set to surpass USD 5.2 Trillion by 2028, exhibiting a CAGR of 19.5% during the forecast period 2022-2028.
  • In terms of revenue, the product segment grasps the largest revenue share in 2021 and is appraised to continue its dominance during the forecast period.
  • In terms of revenue, the application segment grasps the second largest market share of in 2021 and is projected to grow rapidly during the forecast period.
  • The market growth is driven by rapid urbanization, technological advancement, an increase in investment by developed and developing countries.
  • Asia Pacific accounts the lion share in 2021 and is projected to continue its position during the forecast period. This can be attributed to the existence of a significant number of P2P Payment industry companies and the high adoption rate owing to government measures that stimulate this industry in this region. The growth is primarily due to the increasing collaborations.

List of Prominent Players in P2P Payment Market:

  • Alibaba.com
  • Apple Inc.
  • Circle International Financial Limited
  • Google LLC
  • One97 Communications Limited (Paytm)
  • PayPal Holdings Inc.
  • Square Inc.
  • WePay Inc.
  • Wise Payments Limited
  • Zelle

Market Dynamics:

Driver:

Acceleration of Cashless and Contactless Transactions Owing to COVID-19 Occurrence to Drive the Market Growth

Even though the outbreak of COVID-19 has negatively impacted many sectors, it has offered a growth accelerator for the P2P Payment Market. Moreover, a high population base across the globe started utilizing the cashless and contactless payment methods owing to the COVID-19 pandemic, which facilitated the expansion of the P2P Payment Market. In addition, digital transactions gained considerable momentum because of the pandemic. This trend of digital and contactless payments witnessed increased growth. As a result, the worldwide market for P2P Payment Market is anticipated to drive market development during the forecast period.

Increasing Popularity of Mobile Commerce Platforms to Stimulate Market Growth

Mobile commerce has been witnessing an increasing path through the years. In addition, the increase in demand for smartphones and the convenience factor positively influence the P2P Payment Market growth. Furthermore, with most mobile commerce-enabled platforms, the device is usually connected to a wireless network that can be utilized for online purchases. Furthermore, when the device is paired with a bank card’s data, the cell phone is able used to make payments. Therefore, on the basis of all these factors, the P2P Payment Market will likely show potential development in the future.

COVID-19 Impact Analysis:

The COVID-19 outbreak has affected various industries worldwide, and the Global P2P Payment Market is no exception. Governments across the world implemented several measures like strict lockdown to ensure social distancing norms to restrict the swift spread of the pandemic. The P2P Payment Market suffered as the manufacturing units worldwide were forced to shut down during the initial stages of the pandemic. Small and medium-scale companies, which are the backbone technology providers to the P2P Payment Market industry, were directly affected due to the epidemic. Furthermore, the rollout for the P2P Payment Market industry too is taken into consideration as the aftereffects of the pandemic are gradually coming down since the beginning of 2022.

The situation is seen to improve in the second half of 2022 as more supplies resume normal. Vantage Market Research, while performing the analysis study for the Global P2P Payment Market has considered the impact of COVID-19 on the P2P Payment Market globally and the subsidiaries for the P2P Payment Market industry. In addition, the demand and supply chain is considered while estimating the current and forecast market size for the Global P2P Payment Market industry for all the regions and countries based on the following data points:

1. Impact Assessment of COVID-19 Pandemic

a. North America

b. Europe

c. Asia Pacific

d. Latin America

e. Middle East & Africa

2. Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021

3. Key Strategies Undertaken by Companies to Tackle COVID-19

4. Long-Term Dynamics

5. Short-Term Dynamics

The report on P2P Payment Market highlights:

  • Assessment of the market
  • Premium Insights
  • Competitive Landscape
  • COVID Impact Analysis
  • Historic Data, Estimates, and Forecast
  • Company Profiles

Regional Analysis:

Asia Pacific Dominated the Global P2P Payment Market

Asia Pacific is leading the Global P2P Payment Market in 2021 and is expected to continue the trend in the coming years. The region’s expansion is due to the increase in the numerous governments encouraging people to make use of digital and portable payment options. Moreover, the rise in government drives to go credit only through Asia Pacific regions will likely produce expected possibilities for the local business. Also, the China and Indonesian markets are going strong in Asia Pacific owing to the largest P2P Payment Markets. In addition, promising countries like India are undertaking driving initiatives and programs to promote cashless transactions, which is expected to fuel the market growth during the forecast period.

Recent Developments:

February 2022: Early Warning Services LLC, the network operator behind Zelle announced that the consumers and businesses sent 1.8 billion payments via the Zelle Network in 2021, an increase of 49 percent from a year earlier. In addition, those payments totaled $490 billion, up 59 percent.

August 2021: The bank-operated peer-to-peer (P2P) payments network, Zelle processed 436 million transactions valued at $120 billion in Q2. In addition, the number of transactions processed augmented 58 percent year over year (YoY), and payment worth increased 68 percent YoY (year on year).

Key Questions Answered in The Report:

  • Which region will show the fastest and highest growth in the near future?
  • Which are the top five players and their weakness and strength of the Market?
  • What will be the future innovation in the upcoming six years?
  • Which application and product will lead the largest share of the Market?
  • What are the growth drivers, restraints and challenges of the industry?
  • What will be the CAGR and size of the P2P Payment Market for the base year and forecast period?

Source: Vantage Market Research