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 more efficient ways to complete transactions, P2P payments offer an attractive alternative to traditional payment methods. The market also benefits from the growing focus on financial inclusion and the development of innovative payment solutions to meet diverse consumer needs.

The P2P payment industry is divided into transaction methods, payment types, end users, transaction types and regions.

The P2P payment market is divided into mobile network payment, near field communication (NFC), SMS/direct operator billing and mobile application-based P2P payment based on transaction mode. In 2023, the P2P payment field based on mobile applications will dominate the market, accounting for more than 55% share.

The P2P payment industry is divided into two categories according to end users: individuals and enterprises. Among them, this business segment is growing the fastest, with a compound annual growth rate (CAGR) expected to exceed 15% by 2032. This rapid expansion is expected to drive the segment’s market capitalization to $2.29 trillion by 2032.

By 2023, the Asia-Pacific P2P payment market will account for 30% of revenue share. Countries such as China, India, South Korea and Singapore have driven this growth, driven by rapid digitization. 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, providing consumers and businesses with safe and convenient financial transaction solutions.

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

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