P2P Payment Market: Snapshot
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.
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How is the Competition Landscape of P2P Payment Market?
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.
What are Key Trends in P2P Payment Market?
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.
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What are Regional Dimensions of 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.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.