Mobile Peer-To-Peer (P2P) Money Transfer Market By Technology (NFC, Mobile Apps, Text Based), By Location (Remote Payment, Proximity Payment), By Application (Retail, Travel & Hospitality, Transportation & Logistics, Others) - Growth, Future Prospects, And Competitive Analysis, 2019 - 2027

"Growing adoption of the smartphone and increasing internet penetration is driving mobile peer-to-peer (P2P) money transfer market"

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 smartphone across the globe has been witnessed. The number of smartphones has increased from 1.57 Bn in 2014 to 2.53 Bn in 2018. This growth is credited to the increasing disposable income of the population across the global along with the emergence of the low cost smartphone manufacturers in the Asia region. Moreover, the increasing use of internet services has also derived the adoption of smartphone. The total number of internet user worldwide was estimated to be around 3.8 bn in 2018, up from 3.65 bn in 2017. The development in the network infrastructure and decline in the price of the data services has encouraged the adoption of the internet services across. Additionally, the supportive government initiative for the promotion of the digitalization has further accelerated the adoption of internet services.

Moreover, the emergence of the 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 customer are becoming more empowered, the need for more customer centric product also rises. The fintech player combines the capabilities of the financial institutes and technology domain and develop advance customer centric product to fulfill the requirement of the customers. This is further developing numerous opportunities for the development of the mobile peer to peer money transfer market.

Market Synopsis

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"NFC technology is expected to grow at a higher CAGR during the forecast period"

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 the NFC tags and readers in the smartphone for the short range communication. As the competition among the smartphone manufacturers is increasing, the players are leveraging on the R&D activities to enhance the features of their product. Furthermore, the increasing adoption of the non-contact payment solution across the globe is further augmenting the demand for the NFC technology.

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"Asia Pacific to Register the Fastest Growth"

Asia Pacific is leading the mobile peer-to-peer (P2P) money transfer market. The large number of the smartphone users and internet users in the emerging economies such as China and India is supporting the market growth. Asia Pacific is the home of more than 50% of the smartphone users across the globe, and the number is further estimated to grow significantly in the future. The availability of the low cost smartphone along with rising disposable income of the population in the region is backing the increasing adoption of the smartphone in the region. Moreover, the supportive government initiatives for the promotion of the digital payments are accelerating the adoption of the mobile peer to peer money transfer market. Additionally, the presence of the mobile payment giants such as Alipay and WechatPay in the region also presents huge opportunity for the development of the market.

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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.

Historical & Forecast Period

This research report presents the analysis of each segment from 2017 to 2027 considering 2018 as the base year for the research. Compounded Annual Growth Rate (CAGR) for each respective segments calculated for the forecast period from 2019 to 2027.

Report Scope by Segments

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 global mobile peer-to-peer money transfer market based on technology, location, application, and geography. Key segments covered in the report are as follows:

Key questions answered in this report

• What was the market size of mobile peer-to-peer money transfer in 2018 and forecast up to 2027?
• Which is the largest regional market for mobile peer to peer money transfer market?
• What are the major trends followed in mobile peer to peer money transfer market across different regions?
• Who are the key companies in the mobile peer to peer money transfer market?
• What are the key strategies adopted by the leading mobile peer to peer money transfer companies in market?

Unique data points of this report

• Statistics on mobile peer to peer money transfer  and spending worldwide
• Recent trends across different regions in terms of adoption of mobile peer to peer money transfer systems
• Notable developments going on in mobile peer to peer money transfer industry
• Attractive investment proposition for segments as well as geography
• Comparative scenario for all the segments for years 2018 (actual) and 2027 (forecast)