P2P Payment Global Market Report 2022: Ukraine-Russia War Impact
Major players in the P2P payment market are Alibaba Group Holding Limited, Apple Inc, Circle Internet Financial Limited, ClearXchange, CurrencyFair Ltd., Dwolla Inc., Google LLC, One97 Communications Limited, PayPal Holdings Inc.
New York, Dec. 09, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “P2P Payment Global Market Report 2022: Ukraine-Russia War Impact” – https://www.reportlinker.com/p06372093/ ? utm_source=GNW
SnapCash, Square Inc., TransferWise Ltd., WePay Inc., Wise Payments Limited, and Zelle.
The global P2P payment market is expected to grow from $2.24 billion in 2021 to $2.64 billion in 2022 at a compound annual growth rate (CAGR) of 17.8%. The war between Russia and Ukraine has disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries led to economic sanctions against several countries, rise in commodity prices and supply chain disruption, affecting many markets around the world. The P2P payment market is expected to reach $4.93 billion in 2026 at a CAGR of 16.9%.
The P2P payment market consists of sales of P2P payment services by entities (organizations, sole traders and partnerships) used to send and receive money from mobile devices through a linked bank account or card. Peer-to-peer (P2P) payments is a mechanism by which users can transfer funds from their bank account to another individual’s account via a digital medium, i.e. the Internet or a mobile device. Payments are categorized on the basis of transfer, i.e. to an account within the bank or outside the bank.
The main types of transaction modes in P2P payments are mobile web payments, near-field communication and SMS/direct service provider billing, and others. Mobile web payments refer to payment services that operate under financial regulation and are performed from or via a mobile device.
Instead of paying with cash, check or credit cards, a consumer can use a mobile phone to pay for a wide range of services and digital or hard goods. such as media and entertainment, energy and utilities, healthcare, retail, hospitality, transportation and others.
The various end users include personal and business.
Asia Pacific was the largest region in the P2P Payments market in 2021. The regions covered in the P2P Payments market report are Asia Pacific, Western Europe, Eastern Europe, North America, South America, Middle -East and Africa.
The increase in consumer adoption of online banking, mobile banking and e-commerce is expected to drive 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 conduct 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 are promoting P2P payment market. For example, according to a recent global survey of 2,899 in April 2022 conducted by Finder Row Pty Ltd, an Australia-based real estate 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 expected to increase even more and reach 46%. Therefore, the increase in consumer adoption of online banking, mobile banking and e-commerce is driving 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 example, in July 2021, Payveris, an American cloud-based software company, launched Payveris P2P, a cloud-based money movement and digital payment platform. The Payveris P2P functionality will be integrated into customer banking applications, enabling end users to send money to other bank accounts identified by email addresses and phone numbers.
In December 2019, PayPal Holdings Inc., a US-based financial technology company, acquired GoPay (Guofubao Information Technology Co. Ltd.) for an undisclosed amount. The acquisition will help PayPal become the first foreign payment platform to provide online payment services in China. Paypal will be a stronger partner for Chinese financial institutions and technology platforms from this deal. GoPay is an Indonesia-based digital payment platform.
The countries covered in the P2P Payment Market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The P2P Payments market research report is one of a series of new reports that provide P2P Payments market statistics, including P2P Payments industry global market size, regional shares, competitors with a P2P Payments market share, detailed P2P Payments market segments, market trends and opportunities, and any other data you may need to thrive in the P2P payment industry. This P2P Payment Market research report delivers a complete perspective of everything you need with an in-depth analysis of the current and future scenario of the industry.
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