The evolving point-of-sale (POS) landscape, extensive consumer demand, and frictionless real-time payments are estimated to bring considerable growth for the P2P payment market during the forecast period of 2021-2031. The evolving digitalization in many sectors and an increase in technological developments will serve as growth boosters for the P2P payment market.
Peer-to-peer payments, also known popularly as P2P payment services enable a person to send money through mobile devices via linked bank account or card. The BHIM (Bharat Interface for Money) UPI is a classic instance of P2P payment mechanism.
The benefits attached to P2P payments such as speed, convenience, efficiency, and ease-of-use will bring considerable growth opportunities for the P2P payment market. Furthermore, transfer of funds happens on the click of a button. Hence, based on these aspects, the demand for P2P payment is expected to rise.
The P2P payment market is highly fragmented. A plethora of players are involved in intense competition for garnering a prominent position. New entrants are either acquired or merged by key players. Furthermore, the players invest largely in research and development activities. These activities lead to innovations in technological advancements and an increase in the upgrades and features of P2P payment, ultimately contributing to the growth of the P2P payment market.
Mergers, acquisitions, joint ventures, and partnerships are an important part of the P2P payment market growth trajectory. The players indulge in these activities for increasing their influence across the P2P payment market, eventually boosting the growth prospects.
Some well-entrenched players in the P2P payment market are Google LLC, One97 Communications Limited (Paytm), WePay Inc., Circle International Financial Limited, and Wise Payments Limited.
Expanding Popularity of M-Commerce Platforms to Add Value to Growth Trajectory of P2P Payment Market
Mobile commerce or M-commerce has been observing an upward trajectory over the years. The growing demand for smartphones and the ‘convenience’ aspect is turning the tables of growth for the P2P payment market. With most m-commerce enabled platforms, the device is generally connected to a wireless network which can be used for conducting online purchases. Once a device is paired with a bank card’s information, the phone can be used for making transactions. Thus, based on these aspects, the P2P payment market is expected to observe promising growth.
Acceleration of Contactless Payments due to COVID-19 Pandemic to Serve as Growth Booster for P2P Payment Market
Although the COVID-19 pandemic has impacted many sectors negatively, it has served as a growth accelerator for the P2P payment market. Due to the pandemic, many people started using contactless payments methods, which bode well for the growth of the P2P payment market. Digital transactions gained considerable momentum because of the pandemic. The trend of digital and contactless payments is expected to observe a steady incline in the coming years. These factors will bring extensive growth for the P2P payment market.
The P2P payment market in the Asia Pacific is estimated to observe a dominating stance during the forecast period of 2021-2031. The encouragement of the government bodies of numerous countries to adopt digital payments is expected to bring considerable growth for the P2P payment market in the Asia Pacific. Furthermore, countries like India are introducing various schemes and initiatives to promote digital payments. The ‘Digital India’ initiative is a classic instance.
North America and Europe’s P2P payment market is prognosticated to observe steady growth during the forecast period. These regions are already mature and have garnered sufficient growth for the P2P payment market previously.
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