P2P Payment Market Size - By Transaction Mode (Mobile Web Payments, Near Field Communication, SMS/Direct Carrier Billing, Mobile App-based P2P Payments), By Payment Type (Remote, Proximity), By End User, By Transaction Type & Forecast 2024 - 2032

P2P Payment Market Size - By Transaction Mode (Mobile Web Payments, Near Field Communication, SMS/Direct Carrier Billing, Mobile App-based P2P Payments), By Payment Type (Remote, Proximity), By End User, By Transaction Type & Forecast 2024 - 2032

P2P payment market size is set to record over 15% CAGR during 2024-2032 driven by the increasing adoption of mobile technology and digital wallets. As smartphones and internet connectivity have become more ubiquitous, consumers are increasingly turning to P2P payment apps for their convenience and ease of use. As per GSMA, in 2023, around 54% of the world population, equating to around 4.3 billion individuals, were smartphone owners. 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 in e-commerce and the growing preference for contactless transactions are fueling the market growth. As consumers seek faster and more efficient ways to complete transactions, P2P payments provide an attractive alternative to traditional payment methods. The market is also benefiting from the increased focus on financial inclusion and the development of innovative payment solutions to cater to diverse consumer needs.

The P2P payment industry is classified into transaction mode, payment type, end user, transaction type, and region.

Based on transaction mode, the market size from the mobile web payments segment is expected to generate notable revenue by 2032. This is due to its seamless integration with mobile devices and convenience for users. Mobile web payments facilitate quick and easy transactions directly through web browsers on smartphones, allowing users to make P2P payments without the need for specialized apps or extensive setup.

In terms of end use, the P2P payment market from the personal segment is projected to observe robust CAGR during 2024 – 2032 owing to the increasing demand for convenient and immediate ways to transfer money between individuals. As people seek faster, more efficient methods for managing everyday financial transactions, such as splitting bills, sending gifts, or reimbursing friends, P2P payment solutions are favored to offer user-friendly alternatives to traditional payment methods.

North America P2P payment industry size will grow between 2024 and 2032. The widespread availability of high-speed internet and smartphones, coupled with the tech-savvy population, are facilitating the seamless integration and usage of P2P payment solutions. Regulatory support and the establishment of frameworks that promote digital payments along with secure and efficient environment for P2P transactions will stimulate the regional market growth.