"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.

"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.

"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.

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 study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.

The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.

Research Methodology

The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Mobile Peer-To-Peer (P2P) Money Transfer market are as follows:

• Research and development budgets of manufacturers and government spending
• Revenues of key companies in the market segment
• Number of end users and consumption volume, price and value.
• Geographical revenues generate by countries considered in the report
• Micro and macro environment factors that are currently influencing the Mobile Peer-To-Peer (P2P) Money Transfer market and their expected impact during the forecast period.

Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.

Key questions answered in this report

• What are the key micro and macro environmental factors that are impacting the growth of Mobile Peer-To-Peer (P2P) Money Transfer market?
• What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
• Estimated forecast and market projections up to 2032.
• Which segment accounts for the fastest CAGR during the forecast period?
• Which market segment holds a larger market share and why?
• Are low and middle-income economies investing in the Mobile Peer-To-Peer (P2P) Money Transfer market?
• Which is the largest regional market for Mobile Peer-To-Peer (P2P) Money Transfer market?
• What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
• Which are the key trends driving Mobile Peer-To-Peer (P2P) Money Transfer market growth?
• Who are the key competitors and what are their key strategies to enhance their market presence in the Mobile Peer-To-Peer (P2P) Money Transfer market worldwide?