Digital Payment Market Size, Industry Insights, Companies

The P2P Payment Global Market Report 2023 by The Business Research Company, provides p2p payment market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.

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According to The Business Research Company’s P2P Payment Global Market Report 2023, the market size will grow from $2.62 billion in 2022 to $3.04 billion in 2023 at a compound annual growth rate (CAGR) of 16.4%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of the p2p payment is expected to grow to $5.61 billion in 2027 at a CAGR of 16.5%.

The increase in acceptance of online banking, mobile banking, and e-commerce by consumers is expected to propel 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 execute 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 is promoting P2P payments market.

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The p2p payment market is segmented:

1) By Transaction Mode: Mobile Web Payments, Near Field Communication, SMS or Direct Carrier Billing, Other Transaction Modes

2) By Payment Type: Remote, Proximity

3) By Application: Media and Entertainment, Energy and Utilities, Healthcare, Retail, Hospitality and Transportation, Other Applications

4) By End User: Personal, Business

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 instance, in July 2021, Payveris, a US-based cloud-based software company, launched Payveris P2P, a cloud-based money movement and digital payments platform. The Payveris P2P functionality would be integrated into client banking apps, allowing end-users to send money to other bank accounts identified by email addresses and phone numbers.

The p2p payment market report table of contents includes: