Global P2P Payment Market: Overview
“Person to person” (P2P) payment is the online tech that permits users to transact money from their credit card or bank account to account for another person through the Internet. It is founded on the triumphant Paypal method where a user with a trusted 3rd-party vendor establish the protected connection of accounts, assigning their credit card or bank account data for accepting and transferring funds. A different method is where the user employs a mobile application or online interface to allocate the amount of money to be transacted. The key micro and macroeconomic factors impacting the P2P payment market are likewise talked about in this section. Aside from this, they give an account of worldwide P2P payment market advertise likewise discusses components, for example, key open doors, drivers, limitation and patterns that are affecting or likely impact the market in the prospective years.
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Global P2P Payment Market: Growth Factors
The elevated approval of mobile banking, online banking, as well as e-commerce by users makes way for better employment of P2P payments. As tablets and smartphones turn out to be more and more popular mean of daily applications, well-liked cash payment apps such as Google Wallet and Venmo assist users to employ of P2P payments. The global P2P payment market is anticipated to witness development due to rise in employment of banking applications and online shopping. Increase use of mobile payments in industrial as well as commercial sectors is the main reason that has boosted the growth of the P2P payment global market. Additionally, growing digitalization is also driving the growth of the global P2P payment market. Moving on, increased use of smartphones is also playing an important role in the growth of the global P2P payment market. On the other hand, the rise in identity thefts and cyber attacks are limiting the development of the market.
Global P2P Payment Market: Segmentation
The P2P payment market is divided on the basis of the type of purchase, transaction mode, application, location, and geography. Based on the transaction mode, the P2P payment market is classified into SMS, smart card/NFC, and mobile apps. Based on the location, it is segregated into proximity payments and remote payments. On the basis of the type of purchase, the P2P payment market is categorized by payments & money transfers, top-ups & airtime transfer, travel & ticketing, and coupons & merchandise. Based on applications, it is segmented into hospitality & travels payments, retail payments, utilities & energy payments, logistics & transportation payments, and others. On the basis of geography, the P2P payment market is divided all over Europe, North America, LAMEA, and Asia-Pacific.
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Global P2P Payment Market: Regional Analysis
Regionally, the global P2P payment market is mainly bifurcated as Asia Pacific, North America, and Rest of the World. Government norms and current situations in India is one of the main factors that are towering the global market. Increase use of payments in industrial as well as commercial has boosted the global P2P payment market in North America. The rest of the world will also show a high growth in the global market.
Global P2P Payment Market: Competitive Players
Major companies working in the global P2P payment market comprise Tencent, PayPal Pte. Ltd., Circle Internet Financial Limited, Square, Inc., SnapCash, clearXchange, TransferWise Ltd., Dwolla, Inc., One97 Communications Ltd., and CurrencyFair LTD.
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Global P2P Payment Market: Regional Segment Analysis
- North America
- The U.S.
- The UK
- The Asia Pacific
- Latin America
- The Middle East and Africa
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