The rising need for non-cash payments, as well as the growing number of computer users and smartphone, are propelling the global P2P Payment Market forward. However, worries about privacy and data security, as well as a lack of understanding regarding P2P payments, are limiting industry expansion. Furthermore, increased government backing would create significant prospects for market expansion.
Person-to-person payments (P2P) are an internet technology that enables users to send money from their credit card or bank account to another person’s account. It is built on Paypal’s successful model, in which clients create a secure account link with a trusted third-party vendor and designate their bank account or credit card details for transmitting and accepting payments. Consumers can allocate the number of dollars to be sent using an internet platform or a mobile application as an option.
Growing Prominence of M-commerce is Likely to Drive Sales Opportunities in the Market
P2P transactions are conducted digitally without the use of a middleman, resulting in exceptionally cheap transaction costs of 2% to 3%, resulting in a better user experience and greater transparency. Furthermore, because P2P payments are encrypted and feature fraud monitoring capabilities, it is one of the most economical and safe payment options. Furthermore, for each transaction, several applications and online solutions are combining biometrics and automated alerts. These benefits are expected to bolster growth of the global P2P Payment Market.
Rising consumer adoption of mobile banking, online banking, and e-commerce, as well as increased smartphone penetration amongst the younger generation, are likely to drive the global P2P payment market forward. Furthermore, the rise of the m-commerce business in emerging nations has a favorable influence on the market. However, concerns such as the increase in data thefts and security difficulties with peer-to-peer payments are causing concern. On the other hand, rise in demand for rapid and hassle-free transaction services and rise in usage of RFID, NFC, and host card emulation technology in P2P payments are likely to give remunerative prospects for development of the market in the years to come.
Over the years, mobile commerce, often known as M-commerce, has seen a steady rise in popularity. The increasing use of cellphones, as well as the ‘convenience’ factor, is propelling the P2P payment sector forward. Most m-commerce systems link the gadget to a wireless network, which can be utilized to make online transactions. Once a gadget is associated with a bank card’s details, the phone may be used for conducting purchases. As a result of these factors, the global P2P payment market is likely to grow.
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