by the end user; By Transaction Mode and Region – Global Market Size, Share and Trends Analysis 2019-2020 and Forecast to 2030
Product Overview The online solution allows users to transfer funds from bank account or credit card to another person’s account via the Internet, is person-to-person (P2P) payments.
New York, June 23, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Global P2P Payment Market Segments: by End User; by Transaction Mode and Region – Global Analysis of Market Size, Share & Trends for 2019 – 2020 and forecasts to 2030” – https://www.reportlinker.com/p06191840/?utm_source=GNW
PayPal’s efficient approach involves customers establishing a secure connection between accounts and a trusted third-party customer to designate their bank account or credit card details for money transfer and acceptance. An alternative solution is to provide the number of funds to be transmitted to customers via an online interface or a mobile application.
The global P2P payments market is expected to project a notable CAGR of 12.10% in 2030.
The Global P2P Payments Market will exceed USD 1927.23 Million by 2030 from USD 5491.60 Million in 2020 at a CAGR of 12.10% in the coming years i.e. 2021-30. The growing demand for non-cash payments and the number of mobile phone and computer owners are the main drivers for the growth of the market. Additionally, growing public support will provide many opportunities for business growth. P2P payments offer consumers greater conviction, greater accessibility and have simplified, faster and cheaper transfers. Users can send and receive payments anywhere with the mobile phone. This transaction is easy to set up and maintain for each computer. Each user is his system administrator and can manage his shared sources. Moreover, the total costs of creating and operating this form of network are relatively lower.
Global P2P Payments Market: Segments
NFC/Smart Card Segment to Grow with Highest CAGR in 2020-30
The global P2P payments market is segmented by transaction mode into NFC/Smartcard, SMS and mobile apps. Strong demand in the NFC/smart card category would likely help customers serve better by providing a simple and hassle-free payment process.
Small business lending is expected to register the volume share and is expected to grow at the highest CAGR.
The global Peer to Peer payments market is segmented by end-user into home payments, consumer credit payments, student payments, and small business payments.
This growth is attributed to an increase in the number of small businesses in countries like India and Singapore. Nevertheless, during the forecast period, the consumer credit payment segment is expected to grow at the highest rate, owing to the large adoption of consumer credit payment among individuals and businesses to offer a financial flexibility, thus providing the au pair with a valuable opportunity to benchmark the industry. the development of credit.
Global P2P Payments Market Dynamics
Reduced operational cost
The P2P payment platform aims to minimize operating costs by reducing the cost of physical branches, branch hiring and management, thereby increasing business growth. The peer to peer payment network provides an efficient framework to ensure the repayment mechanism of borrowers, which reduces the market risk of the investor. With the help of a person-to-person payment service, investors can reduce various types of market risk such as interest rates, unemployment levels and house price risk, which have a additional positive impact on global business development.
P2P network payment works through internet-based services. The data is publicly available and online providers need access to their websites, giving customers a better picture of loans and accessible payment types. The P2P network has a creative advantage over traditional banking structures in that it offers greater market transparency. A potential borrower submits an application to the platform for approval before a loan is placed on the platform’s website, with all risks and interest rates explicitly described along with the repayment period.
Most people prefer to choose banks over person-to-person payment services as they may come with potential risks and this is a significant factor expected to hinder the revenue growth of the Global Person-to-Person Payments Market nobody. Hence, the service providers are at risk as they provide guarantees against the debt without any collateral, which may result in a loss for the providers. This is another aspect that could negatively affect the growth of the global person-to-person lending market.
Global P2P Payments Market: Key Players
One97 Communications Ltd.
Company overview, business strategy, key product offerings, financial performance, key performance indicators, risk analysis, recent development, regional presence, SWOT analysis.
PayPal Pte Ltd
Financial Internet Circle Limited
Other top players
Global P2P Payments Market: Regions
The global P2P payments market is segmented on the basis of regional analysis into five major regions. These include North America, Latin America, Europe, Asia-Pacific, Middle East and Africa.
The global Asia-Pacific P2P payment market held the largest market share of XX.X% in 2020. Asia-Pacific will continue to dominate the global P2P payment. Asia-Pacific is dominated by China and Indonesia. The most important driving factor for China’s promising P2P lending market is the country’s accessibility to advanced FinTech facilities. Additionally, the limited alternative investment options and higher yields of P2P lending have attracted investors to China’s P2P lending market.
The Global P2P Payments Market is further segmented by region into:
North America Market Size, Share, Trends, Opportunities, YOY Growth, CAGR – US & Canada
Latin America Market size, share, trends, opportunities, annual growth, CAGR – Mexico, Argentina, Brazil and Rest of Latin America
European Market Size, Share, Trends, Opportunities, YOY Growth, CAGR – UK, France, Germany, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey and Rest of Europe
Market Size, Share, Trends, Opportunities, YoY Growth, CAGR of Asia-Pacific Market – India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia and Rest of APAC
Middle East & Africa Market Size, Share, Trends, Opportunities, YoY Growth, CAGR – North Africa, Israel, GCC, South Africa & Rest of MENA
The Global P2P Payments Market Report Also Contains Analysis On:
By transactional mode
Per end user
Consumer credit payment
Real estate payments
Small Business Payment
Dynamics of the P2P payments market
P2P payments market size
Offer and demand
Competition and companies involved in the market
Market value chain
Market drivers and restraints
Read the full report: https://www.reportlinker.com/p06191840/?utm_source=GNW
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