The market for Mobile Peer-To-Peer (P2P) Money Transfer Market is expected to reach US$ 2.53 Bn by 2027.
Globally, the mobile peer-to-peer (P2P) money transfer market is expected to grow with a CAGR of more than 18% during the forecast period from 2019 to 2027. Over the past decade, a significant increase in the use of smartphones across the globe has been witnessed. The number of smartphones has increased from 1.57 billion in 2014 to 2.53 billion in 2018. This growth is credited to the increasing disposable income of the population across the globe, along with the emergence of low-cost smartphone manufacturers in the Asia region. Moreover, the increasing use of internet services has also led to the adoption of smartphones. The total number of internet users worldwide was estimated to be around 3.8 billion in 2018, up from 3.65 billion in 2017. The development of the network infrastructure and the decline in the price of data services has encouraged the adoption of internet services across the country. Additionally, the supportive government initiative for the promotion of digitalization has further accelerated the adoption of internet services.
Moreover, the emergence of fintech players has paved the way for the development of the mobile peer-to-peer money transfer market. As the competition among the market players is fueling and the customers are becoming more empowered, the need for more customer-centric products also rises. The fintech player combines the capabilities of the financial institutes and technology domain and develops an advanced customer-centric product to fulfill the requirements of the customers. This further develops numerous opportunities for the development of the mobile peer-to-peer money transfer market.
The market is categorized on the basis of technology into Near Field Communication (NFC) technology, mobile apps, and text-based payment solutions. NFC technology is estimated to grow substantially during the forecast period. The growth of the market is driven by the rapid integration of NFC tags and readers in smartphones for short-range communication. As the competition among smartphone manufacturers is increasing, the players are leveraging their R&D activities to enhance the features of their products. Furthermore, the increasing adoption of the non-contact payment solution across the globe is further augmenting the demand for NFC technology.
Asia Pacific is leading the mobile peer-to-peer (P2P) money transfer market. A large number of smartphone users and internet users in emerging economies such as China and India is supporting market growth. Asia Pacific is the home of more than 50% of smartphone users across the globe, and the number is further estimated to grow significantly in the future. The availability of low-cost smartphones, along with the rising disposable income of the population in the region, is backing the increasing adoption of smartphones in the region. Moreover, supportive government initiatives for the promotion of digital payments are accelerating the adoption of the mobile peer-to-peer money transfer market. Additionally, the presence of mobile payment giants such as Alipay and WechatPay in the region also presents a huge opportunity for the development of the market.
The key players in the mobile peer-to-peer money transfer market are Square Inc., Circle Internet Financial Limited, Paypal, Tencent, ClearXchange, Dwolla Inc., SnapCash, One97 Communication Ltd., CurrencyFair Ltd., TransferWise Ltd., Alipay, Samsung Pay, Google Pay, and Apple Pay.
This research report presents the analysis of each segment from 2017 to 2027, considering 2018 as the base year for the research. The compound annual growth rate (CAGR) for each of the respective segments is calculated for the forecast period from 2019 to 2027.
The mobile peer-to-peer money transfer market report provides market size and estimates based on market dynamics and key trends observed in the industry. The report provides a holistic view of the global mobile peer-to-peer money transfer market based on technology, location, application, and geography. Key segments covered in the report are as follows:
The market for Mobile Peer-To-Peer (P2P) Money Transfer Market is expected to reach US$ 2.53 Bn by 2027.
The Mobile Peer-To-Peer (P2P) Money Transfer Market is expected to see significant CAGR growth over the coming years, at XX%.
The report is forecasted from 2019-2027.
The base year of this report is 2018.
Circle Internet Financial Limited, Paypal, Tencent, ClearXchange, Dwolla Inc., SnapCash, One97 Communication Ltd., CurrencyFair Ltd., TransferWise Ltd., Alipay, Samsung Pay, Google Pay, and Apple Pay are some of the major players in the global market.