P2P Payment Market was valued at USD 3.21 trillion in 2023 and is projected to be worth USD 13 trillion by the end of 2032, according to recent report by Global Market Insights Inc.

P2P payment market size is set to record over 15% CAGR during 2024-2032 driven by the increasing adoption of mobile technology and digital wallets. As smartphones and internet connectivity have become more ubiquitous, consumers are increasingly turning to P2P payment apps for their convenience and ease of use. As per GSMA, in 2023, around 54% of the world population, equating to around 4.3 billion individuals, were smartphone owners. These payment platforms also allow users to quickly and securely transfer money between accounts, pay for goods and services, and split bills without the need for physical cash or checks.

The rise in e-commerce and the growing preference for contactless transactions are fueling the market growth. As consumers seek faster and more efficient ways to complete transactions, P2P payments provide an attractive alternative to traditional payment methods. The market is also benefiting from the increased focus on financial inclusion and the development of innovative payment solutions to cater to diverse consumer needs.

The P2P payment industry is classified into transaction mode, payment type, end user, transaction type, and region.

The P2P payment market is segmented by transaction mode into mobile web payments, near-field communication (NFC), SMS/direct carrier billing, and mobile app-based P2P payments. In 2023, the mobile app-based P2P payments segment dominated the market, capturing over 55% of the share. 

The P2P payment industry is segmented by end user into personal and business categories. Among these, the business segment is experiencing the fastest growth, with a projected compound annual growth rate (CAGR) exceeding 15% through 2032. This rapid expansion is expected to drive the market value of the business segment to USD 2.29 trillion by 2032. 

The Asia Pacific P2P payment market captured 30% of the revenue share in 2023. Countries like China, India, South Korea, and Singapore have driven this growth, fueled by rapid digitalization. Key factors include rising smartphone penetration, improved internet connectivity, and a tech-savvy population. These developments have encouraged the widespread adoption of P2P payment platforms, offering consumers and businesses secure and convenient solutions for financial transactions.

Major players operating in the market are PayPal Holdings, Inc., Square, Inc., Early Warning Services, LLC, Apple Inc., Google LLC, Ant Group Co., Ltd., Tencent Holdings Limited.

Source – https://www.gminsights.com/industry-analysis/p2p-payment-market