P2P Payment Market to Reach Valuation of USD 5.2 Trillion by 2028 – Significant Adoption of Consumer Credit Payment Drives the Market

In terms of revenue, the Global P2P Payment Market is expected to reach USD 5.2 Trillion by 2028, growing at a Compound Annual Growth Rate (CAGR) of 19.30% from 2022 to 2028.

P2P Payments involve transferring money from one person's bank account to another. Additionally, a P2P transaction is started and finished by two persons transferring money with banks over the internet. P2P Payment Market growth is boosted by customers' growing acceptance of online banking, mobile banking, and E-Commerce and the younger generations' growing use of smartphones. Additionally, the expansion of the e-commerce sector in emerging nations has a favorable effect on market expansion. But concerns like increased data breaches and security issues with P2P Payments are anticipated to restrain industry expansion.

Key Highlights from Report:

• The sector with the fastest CAGR (Compound Annual Growth Rate) is the Retail industry in the market in2021. The increasing use of cell phones and the resulting growth in portable trade agreements bode well for the segment's future growth. The most popular way to buy things is currently through cell phone applications.
• The global Media & Entertainment industry is expected to expand significantly. Rising disposable income, growing digitization, and an expanding global desire for online video streaming solutions are the main drivers of market expansion.
• In 2021, the Asia Pacific area had the biggest revenue share. The projected period is likely to see local market growth fuelled by the changing way of life, modern internet purchasing trends, and increasing cell phone penetration. The expanding government initiatives to limit lending across the Asia Pacific will undoubtedly result in the predicted opportunities for the local economy.

Market Dynamics:

P2P Payment platforms seek to increase business growth by reducing the costs of hiring staff, managing branches, and maintaining physical branches to reduce operational costs. Peer-to-peer payment networks provide debtors with an efficient structure to secure payback, which lowers the market risk for investors. Investors can lower various market risks, including interest rates, unemployment rates, and price risk, with the help of a person-to-person payment service, which favors international trade expansion.

The Asia Pacific region is predicted to fundamentally increase during the anticipated period. The market is growing because of an increase in cancer cases and public knowledge of nuclear medicine. Radiopharmaceuticals are drug formulations containing radioactive isotopes used for medicinal and diagnostic purposes. They are small, straightforward chemicals with a radioactive component used to treat cancer and cardiac and neurological diseases. For oncology and cancer treatment, therapeutic radiopharmaceuticals are replacing traditional chemotherapy methods because they are more practical, which creates new opportunities in the radiopharmaceutical market.

The Global P2P Payment Market is Segmented as follows:

• Transaction Mode
  • Mobile Web Payments
  • Near Field Communication
  • SMS/ Direct Carrier Billing
  • Other Transaction Modes
• Payment Type
  • Remote
  • Proximity
• End User
  • Personal
  • Business
• Application
  • Media & Entertainment
  • Energy & Utilities
  • Healthcare
  • Retail
  • Hospitality & Transportation
  • Other Applications
• Region
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

A list of the Key Players of the Global P2P Payment Market is:

Alibaba.com, Apple Inc., Circle International Financial Limited, Google LLC, One97 Communications Limited (Paytm), PayPal Holdings Inc., Square Inc., WePay Inc., Wise Payments Limited, Zelle

The Global P2P Payment Market Scope can be Tabulated as below: