P2P Payment Transactions - A Convenient Alternative to Cash Payments

 

Peer-to-peer (P2P) payment refers to the transfer of funds through digital platforms between two parties with separate bank accounts. P2P transactions are growing in popularity worldwide among all consumer groups. P2P transactions are mostly used for paying rent, paying for occasional services, sharing expenses, shopping from private sellers on online marketplaces, and sending money to family and friends.  As per survey, more than half of the people using P2P payments use the system to send money to their family.

Emerging trends are shaping the P2P industry growth, highlighting the essence of technology and consumer preference. According to a report published by Allied Market Research, the global P2P payment market size is projected to reach $9,097.06 billion with a considerable CAGR from 2021 to 2030. A wide array of factors such as surge in adoption of smartphones among younger generation, rise in demand for online banking, mobile banking, and e-commerce by consumers, increase in demand for fast & hassle-free transaction services, and surge in the m-commerce industry across emerging countries is driving the growth of the market in more than one way.

Currently, the Asia-Pacific region is dominating the market with the highest market share and is also expected to witness the fastest growth rate during the forecasted period. The regional growth is attributed to rapid expansion of FinTech infrastructure and rise in investments from private & public firms in the emerging economies like India, China, and others.

In addition, the outbreak of the COVID-19 pandemic accelerated the demand for cashless transactions across the globe with an aim to reduce the transmission of coronavirus. This factor had a positive impact on the global P2P payment market growth. Growth in usage of RFID, NFC, and host card emulation technology in P2P payments is further going to boost the market growth in the post-pandemic.

Popular P2P services available in the market include Paypal, Popmoney, Zelle, and Venmo. The ease of sending and receiving money quickly without requiring any bank account details is attracting many consumers, which in turn, is boosting the popularity of P2P payments in more than one way.

With this drift on board, tech giants like Apple and Google entered the market with their unique payment solutions i.e., apple pay and google pay respectively. Here, it is worth mentioning that with the rise in number of players entering the market, technological advancements, and changes in consumer behavior, the global P2P payment market is going to gather remarkable growth in the years to come.

Download Sample@ https://www.alliedmarketresearch.com/request-sample/2568 

Author’s Bio - Suchita Gupta is an explorer, musician and content writer. While pursuing MBA, she found that nothing satisfies her more than writing on miscellaneous domains. She is a writer by day, and a reader by night. Besides, she can be found entertaining her audience on social media platforms. Find her on LinkedIn & Instagram.