The P2P payment market is valued at US$13 trillion
According to a recent report, the P2P payment market is worth US$3.21 trillion in 2023 and is expected to reach US$13 trillion by the end of 2032. global market insights corp.. Driven by the increasing popularity of mobile technology and digital wallets, the P2P payments market size is expected to grow at a compound annual growth rate of more than 15% between 2024 and 2032. As smartphones and internet connections become more common, consumers are increasingly turning to P2P payment apps because of their convenience and ease of use. According to GSMA, by 2023, about 54% of the world's population (equivalent to about 4.3 billion people) will own a smartphone. 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 of e-commerce and increasing preference for contactless transactions are driving the market growth. As consumers seek faster and…
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