Scope of the Study
Person to person transaction (P2P) also known as peer to peer transaction refers to electronic money transfer technology which allows customer to transfer funds from their bank account or credit card to another individual account. The payment can be sent and received via mobile devices or any home computer with access to the Internet, offering convenient alternative to traditional payment mode. P2P payment is considered to be more convenient for both sender and the receiver. Through the P2P payment application, each individual account is linked to one or more of the user’s banks account. When a transaction occurs the account balance in the application records the transaction and either sends or pulls money easily to the user’s bank account or store it in the user’s account within the application. P2P payments offers consumer more convince, accessibility and have made the transferring more easier, faster and less expensive. With the mobile phone readily available, user can send and receive pavements at any time in any place. These transaction are easy to set up and maintain as each computer manages itself. Every user is the administrator of his machine and can control their shared sources. Moreover, the overall cost of building and maintaining this type of network is comparatively less.
The market study is being classified by Type (Airtime transfer & Top-Ups, Money transfers & Payments, Merchandise & Coupons and Travel & Ticketing), by Application (Retail Payments, Travels & Hospitality Payments, Transportation & Logistics Payments, Energy & Utilities Payments and Others) and major geographies with country level break-up. According to AMA, the Global P2P Payments market is expected to see growth rate of 9.76% and may see market size of USD3217.34 Million by 2024.
PayPal Holding Inc. (United States), Tencent (China), Square Inc. (United States), Circle Internet Financial Inc (United States), Early Warning Services, LLC (United States), Dwolla Inc. (United States), TransferWise Ltd (United Kingdom), CurrencyFair LTD (Australia), Razorpay (India), Google Inc. (United States), PopMoney (United States) and Facebook Inc. (United States) are some of the key players profiled in the study. Additionally, the Players which are also part of the research are Kik (Canada) and One97 Communications Ltd. (India).
Many key players of the global p2p payments market are offering various airtime transfer & top-ups, money transfers & payments, merchandise & coupons, and travel & ticketing type p2p payments solutions to customers. Global p2p payments market has a tough competition and the landscape is constantly shifting. The main strategies used by organizations in p2p payments are market are product launches, expansion strategy and agreements.The Players having a strong hold in the market are Tencent, PayPal Pte. Ltd., Circle Internet Financial Limited, Square, Inc.. Research Analyst at AMA predicts that United States Players will contribute to the maximum growth of Global P2P Payments market throughout the predicted period.
Segment Analysis
AdvanceMarketAnalytics has segmented the market of Global P2P Payments market by Type, Application and Region.
On the basis of geography, the market of P2P Payments has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). North America region held largest market share in the year 2018. Europe on the other hand stood as second largest market due to the presence of key companies into the region and high technological advancement. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Market Drivers
- Rising Demand For Non-Cash Payment
- Increasing Number of Smartphone & Computer User
- Creation of New Business Avenues For Stakeholders
Market Trend
- Evolving Demographic Need Across The Region
- Technology Advancement in P2P Payment
Restraints
- Privacy And Data Security Concern
- Lack of Awareness About P2P Payment
Opportunities
- Rapid Adoption Of P2P Payment
- P2P Payment App Being Widely Used For Various Application Such As Retail Payment, Travel & Hospitality Payment, Transportation & Logistics Payments As Well As Energy & Utilities Payments.
- Improved Flexibility Requirement Among P2P Payment Services
- Increase In Support From Public Authorities
Challenges
- Improper Network Coverage
- Diversified Regulation And Policies Present Across The Region
Market Leaders and their expansionary development strategies
In July 2018, PayPal Holdings, Inc. acquired TIO Networks Corp. TOI Network, a leading multi-channel bill payment processor which offers convenient solutions for expedited bill payments services to financially undeserved consumers. PayPal and TIO are well-positioned to make paying a bill as fast and simple as making a payment with PayPal. Through this acquisition, PayPal will expand its global scale of operations, complement its product portfolio, and accelerate its entry into the bill pay market
In December 2018, Kik a freeware instant messaging mobile app from the Canadian company announced Launch of Peer-to-Peer Transactions Feature.
Many countries, such as India, and European Union (EU) member countries, have started p2p payments government programs. These countries have launched diverse initiatives on p2p payments. Privacy of data is important for both businesses & government. Therefore, any breach of confidentiality regarding data that is collected and processed by companies could have serious ramifications. Thus the importance of data protection and privacy regulations and guidelines, as exemplified by the respected governments
Key Target Audience
P2P Payments Manufacturers, P2P Payments Distributors/Traders/Wholesalers, P2P Payments Subcomponent Manufacturers, Industry Association and Downstream Vendors
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