Person-to-person Payment Market was valued at USD 550 Billion in 2022 and is projected to reach USD 1,900 Billion by 2030, growing at a CAGR of 16.9% from 2024 to 2030.
By 2022, the P2P payment market had grown into a robust and competitive space, attracting both established financial institutions and new fintech startups. The rise of instant transfer options and integration with social media platforms has further fueled adoption, particularly among younger consumers seeking faster, easier ways to send money. These services are now seamlessly embedded in consumer behavior, with payment volumes steadily increasing. However, the market faced challenges, including security concerns, regulatory hurdles, and data privacy issues, which required ongoing adjustments from service providers to maintain user trust and protect against fraud. Despite these challenges, the market showed resilience and continued to grow steadily.
Looking ahead to 2023–2033, demand for P2P payment services is expected to accelerate significantly. The global expansion of digital payment systems, increasing smartphone use, and growing online shopping will further bolster the growth of this market. Projections indicate that the market could grow at a compound annual growth rate (CAGR) of over 20% during the next decade. The integration of blockchain technology and cryptocurrencies could also revolutionize the P2P payment landscape, offering additional security features and potentially lowering transaction fees. With a steady increase in cross-border P2P payments, users will demand faster, cheaper, and more reliable transfer services. As the fintech sector continues to innovate, there will be a greater focus on personalized services, including tailored financial management and enhanced customer experiences.
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The person-to-person (P2P) payment market has seen rapid growth from 2018 to 2022, driven by increasing smartphone penetration, the surge in digital payments, and the evolving preference for cashless transactions. During this period, P2P platforms like Venmo, Zelle, and PayPal gained significant market share, capitalizing on the shift towards online money transfers, which provided consumers with convenience, speed, and security. The global market witnessed a surge in P2P payment usage in countries such as the United States, China, and India, where mobile banking and digital wallets became essential for daily financial transactions. Market projections for 2022 estimated the global P2P payment industry to reach over $1 trillion, showcasing the increasing consumer adoption of these services.
PayPal
Tencent
Square
Inc
Circle Internet Financial Limited
clearXchange.
Ant Financial
SnapCash
Dwolla
Inc
TransferWise Ltd.
CurrencyFair LTD
One97 Communications Ltd.
By the year 2030, the scale for growth in the market research industry is reported to be above 120 billion which further indicates its projected compound annual growth rate (CAGR), of more than 5.8% from 2023 to 2030. There have also been disruptions in the industry due to advancements in machine learning, artificial intelligence and data analytics There is predictive analysis and real time information about consumers which such technologies provide to the companies enabling them to make better and precise decisions. The Asia-Pacific region is expected to be a key driver of growth, accounting for more than 35% of total revenue growth. In addition, new innovative techniques such as mobile surveys, social listening, and online panels, which emphasize speed, precision, and customization, are also transforming this particular sector.
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Growing demand for below applications around the world has had a direct impact on the growth of the Global Person-to-person Payment Market
Retail
Travels and Hospitality
Transportation and Logistics
Energy and Utilities
Others
Based on Types the Market is categorized into Below types that held the largest Person-to-person Payment market share In 2023.
Remote Payments
Proximity Payments
Global (United States, Global and Mexico)
Europe (Germany, UK, France, Italy, Russia, Turkey, etc.)
Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
South America (Brazil, Argentina, Columbia, etc.)
Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)
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1. Introduction of the Global Person-to-person Payment Market
Overview of the Market
Scope of Report
Assumptions
2. Executive Summary
3. Research Methodology of Verified Market Reports
Data Mining
Validation
Primary Interviews
List of Data Sources
4. Global Person-to-person Payment Market Outlook
Overview
Market Dynamics
Drivers
Restraints
Opportunities
Porters Five Force Model
Value Chain Analysis
5. Global Person-to-person Payment Market, By Type
6. Global Person-to-person Payment Market, By Application
7. Global Person-to-person Payment Market, By Geography
Global
Europe
Asia Pacific
Rest of the World
8. Global Person-to-person Payment Market Competitive Landscape
Overview
Company Market Ranking
Key Development Strategies
9. Company Profiles
10. Appendix
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