Us Person-to-person Payment Market Size By Applications, By Type, By End-User, By Deployment & By Technology 2032
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.
The U.S. person-to-person (P2P) payment market has experienced remarkable growth, fundamentally transforming how Americans exchange money. In 2022, over 66% of U.S. adults engaged in P2P payments, highlighting the widespread adoption of digital financial interactions. This surge is largely attributed to the convenience and immediacy these platforms offer, enabling users to transfer funds seamlessly via mobile devices or computers.
Leading the charge in this digital payment revolution are platforms like PayPal's Venmo, Block Inc.'s Cash App, and the bank-operated Zelle network. Venmo, for instance, has seen significant user engagement, with PayPal reporting a 5% increase in fourth-quarter profits for 2024, partly due to Venmo's monetization efforts. Similarly, Cash App reported 57 million users and $283 billion in annual inflows as of 2024, reflecting its growing popularity among consumers. Zelle, backed by major banks, processed over $1.6 billion daily in the first half of 2022, underscoring its significant role in the P2P payment landscape.
Despite the convenience, users should exercise caution. The Consumer Financial Protection Bureau (CFPB) has highlighted that funds stored in payment apps like Venmo and Cash App may lack traditional banking protections, such as deposit insurance. This absence of safeguards means that in cases of fraud or platform issues, users' funds could be at risk. Additionally, platforms like Zelle have faced scrutiny due to fraud concerns, with reports indicating that more than $125 million is stolen annually through scams on the network. The CFPB has even filed lawsuits against major banks associated with Zelle, alleging insufficient consumer protections against fraud.
In response to the evolving payment landscape, the Federal Reserve introduced the FedNow service in July 2023. This instant payment service aims to provide a secure and efficient platform for real-time transactions, operating 24/7 and offering an alternative to existing P2P services. By 2024, hundreds of banks and credit unions had adopted FedNow, indicating a shift towards more integrated and federally supported payment solutions.
As the P2P payment market continues to evolve, users are advised to stay informed about the features and protections of their chosen platforms. While digital wallets and instant transfers offer unparalleled convenience, understanding the associated risks and safeguards is crucial to ensuring secure financial transactions in this rapidly changing landscape.
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PayPal
Tencent
Square
Inc
Circle Internet Financial Limited
clearXchange.
Ant Financial
SnapCash
Dwolla
Inc
TransferWise Ltd.
CurrencyFair LTD
One97 Communications Ltd.
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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
Age Group
Income Level
Occupation
Usage Rate
Benefits Sought
Loyalty Status
Device Type
Digital Literacy
Payment Method Preference
Lifestyle
Values and Beliefs
Personality
Transaction Size
Transaction Frequency
Type of Transactions
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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