Dublin, May 24, 2021 (GLOBE NEWSWIRE) – The “Mobile Peer-to-Peer (P2P) Money Transfer Market Size, Market Share, Application Analysis, Regional Outlook, Growth Trends, Key Players, Competitive Strategies and Forecast, 2021-2029” Report was added ResearchAndMarkets.com Offer.
Globally, the market for peer-to-peer mobile money transfers (P2P) is expected to grow at a CAGR of more than 18% in the forecast period from 2021 to 2029.
In the past ten years, the use of smartphones has increased significantly worldwide. The number of smartphones rose from 1.57 billion in 2014 to 2.53 billion in 2018. This growth is due to the increasing disposable income of the population worldwide as well as the emergence of low-cost smartphone manufacturers in the Asia region. In addition, the increasing use of internet services has also led to the introduction of smartphones. The total number of Internet users worldwide was estimated at around 3.8 billion in 2018, compared to 3.65 billion in 2019. The development of network infrastructure and the drop in prices for data services have promoted the acceptance of Internet services in all countries. In addition, the government’s supporting initiative to promote digitization has further accelerated the introduction of Internet services.
In addition, the emergence of fintech players has paved the way for the development of the peer-to-peer mobile money transfer market. As the competition among market participants increases and the customer becomes stronger, the need for more customer-oriented products also increases. The fintech player combines the skills of the financial institutions and the technology field and develops advanced customer-centric products to meet the demands of customers. This opens up numerous opportunities for the development of the peer-to-peer mobile money transfer market.
NFC technology is expected to grow at a higher CAGR over the forecast period
The market is divided into NFC (Near Field Communication) technology, mobile apps and text-based payment solutions based on the technology. NFC technology is expected to grow significantly over the forecast period. The growth of the market is being driven by the rapid integration of the NFC tags and readers into the smartphone for short-range communication. As the competition among smartphone manufacturers increases, the players use the R&D activities to improve the properties of their product. Additionally, the increasing adoption of the touchless payment solution around the world continues to increase the demand for NFC technology.
Asia Pacific has the fastest growth
Asia Pacific is a leader in the peer-to-peer mobile money transfer (P2P) market. The large number of smartphone and internet users in emerging countries such as China and India supports the market growth. The Asia-Pacific region is home to more than 50% of smartphone users around the world, and it is estimated that the number will continue to grow significantly in the future. The availability of inexpensive smartphones and the increasing disposable income of the population in the region support the increasing acceptance of smartphones in the region. In addition, the supporting government initiatives to promote digital payments are accelerating market adoption for peer-to-peer mobile money transfers. In addition, the presence of mobile payment giants such as Alipay and WechatPay in the region offers great opportunities for the development of the market.
The main players in the peer-to-peer mobile money transfer market are Square Inc., Circle Internet Financial Limited, Paypal, Tencent, ClearXchange, Dwolla Inc., SnapCash, One97 Communication Ltd., CurrencyFair Ltd., TransferWise Ltd., Alipay and Samsung Pay, Google Pay, and Apple Pay.
Historical & forecast period
This research report provides the analysis of each segment from 2019 to 2029 considering 2020 as the base year for the research. Compounded Annual Growth Rate (CAGR) for the respective segments, calculated for the forecast period from 2021 to 2029.
Important questions answered in this report
- What was the size of the peer-to-peer mobile money transfer market in 2020 and is projected to be by 2029?
- What is the largest regional market for peer-to-peer mobile money transfer markets?
- What are the major trends in the Peer-to-Peer Mobile Money Transfer Market in Different Regions?
- Who are the key companies in the peer-to-peer mobile money transfer market?
- What are the key strategies of the leading peer-to-peer mobile money transfer companies in the market?
Unique data points of this report
- Statistics on peer-to-peer mobile money transfers and spending worldwide
- Recent trends in various regions regarding the adoption of peer-to-peer mobile money transfer systems
- Notable developments in the peer-to-peer mobile money transfer industry
- Attractive investment offer for segments and geography
- Comparative scenario for all segments for the years 2020 (current) and 2029 (forecast)
Main topics covered:
Chapter 1 Foreword
Chapter 2 Summary
Chapter 3 Market Dynamics
Chapter 4 Global P2P Mobile Money Transfer Market By Technology
4.1 Overview
4.1.1 Global P2P Mobile Money Transfer Market Value Share by Technology, 2020 and 2029 (Value,%)
4.2 NFC
4.2.1 Global Market Value for P2P Mobile Money Transfers by NFC, 2019-2029 (in MILLION USD)
4.3 Mobile apps
4.3.1 Global Market Value for P2P Mobile Money Transfers from Mobile Apps, 2019-2029 (in MILLION USD)
4.4 Text based
4.4.1 Global Text-Based P2P Mobile Money Transfer Market Value, 2019-2029 (Millions USD) 4.4.1
Chapter 5 Global P2P Mobile Money Transfer Market by Location
5.1 Overview
5.1.1 Global P2P Mobile Money Transfer Market Value Share by Location, 2020 and 2029 (Value,%)
5.2 Remote Payment
5.2.1 Global Remote Payment P2P Mobile Money Transfers Market Value, 2019-2029 ($ Mn)
5.3 Proximity Payment
5.3.1 Global P2P Mobile Funds Transfer From Proximity Payments Market Value, 2019-2029 ($ MILLION)
Chapter 6 Global P2P Mobile Money Transfers Market By Application
6.1 Overview
6.1.1 Global P2P Mobile Money Transfer Market Value Share by Application, 2020 and 2029 (Value,%)
6.2 Retail
6.2.1 Global Retail Mobile P2P Money Transfers Market Value, 2019-2029 (In MILLION USD)
6.3 Travel & Hospitality
6.3.1 Global Travel & Hospitality P2P Mobile Money Transfer Market Value, 2019-2029 (in MILLION USD)
6.4 Transport & logistics
6.4.1 Global P2P Mobile Money Transfer Market Value of Transportation & Logistics, 2019-2029 (in MILLION USD)
6.5 Others
6.5.1 Global Market Value for P2P Mobile Money Transfer from Others, 2019-2029 (in MILLION USD)
Chapter 7 North America P2P Mobile Money Transfers Market Analysis, 2019-2029 (In MILLION USD)
Chapter 8 Europe P2P Mobile Money Transfers Market Analysis, 2019-2029 (In MILLION USD)
Chapter 9 Asia-Pacific P2P Mobile Money Transfers Market Analysis, 2019-2029 (In MILLION USD)
Chapter 10 P2P Mobile Money Transfers Market Analysis for Rest of the World (RoW), 2019-2029 (Millions USD)
Chapter 11 Company Profiles
11.1 PayPal Inc.
11.2 Tencent
11.3 Square Inc.
11.4 Circle Internet Financial Limited
11.5 ClearXchange
11.6 SnapCash
11.7 Dwolla Inc.
11.8 One97 Communication Ltd.
11.9 TranferWise Ltd.
11.10 CurrencyFair Ltd.
11.11 Alipay
11.12 Google Inc.
11.13 Apple Inc.
11.14 Samsung Pay
For more information on this report, see https://www.researchandmarkets.com/r/nz67dy