According to a new market research report published by Credence Research “Global Mobile Peer to Peer (P2P) Money Transfer Market (Technology (NFC, Mobile Apps, Text Based); Application (Retail, Transportation & Logistics, Travel & Hospitality); Location (Remote Payments, Proximity Payments)) – Growth, Future Prospects and Competitive Analysis, 2019 – 2027”, the mobile peer-to-peer (P2P) money transfer market is set to grow with a CAGR of 17% during the forecast period.
The global mobile peer to peer (P2P) money transfer market is propelled by the growing adoption of the mobile payment solutions across the globe. As the adoption of internet services is increasing and customer are becoming more empowered, the retailers are embracing the mobile apps based payment solutions to deliver services to the customers on their choice of channel. The retailers are leveraging on the mobile payment solutions to provide omni-channel shopping experience to their customer and gain customer loyalty. Moreover, the retailers are collaborating with the mobile payment solutions providers to provide attractive discount and cash back offers to the customer to develop loyal customer base. Additionally, the supportive government initiatives across the globe to promote the adoption of the digital payments is further accelerating the adoption of mobile peer to peer money transfer solutions.
Retail sector is leading the application landscape with majority share in the mobile peer to peer money transfer market. The emergence of the e-commerce is the primary factor augmenting the demand of the mobile payment. As the adoption of the e-commerce platform is increasing, the way consumer pay is also evolving. Customers are looking for one platform for the shopping and payment platform. The retailers are also embracing the mobile payment solutions to provide better shopping and payment experience to the customers. Moreover, the travel 7 hospitality sector is also estimated to grow significantly over the forecast period.
North America is one of the major regions in the mobile peer to peer money transfer market. The increasing adoption of the mobile wallets in the region is driving the growth of the market. As the market dynamics are changing, the financial institutes and other retail companies are leveraging on the mobile payment solution to gain customer loyalty. The flurry of the mobile wallet solution launched by the retailer such a Wallmart, Startbucks, and Dunkin Donuts is further driving the demand for the mobile peer to peer money transfer market.
Some of the prominent vendors in the mobile P2P 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.
Browse the full report at https://www.credenceresearch.com/report/mobile-p2p-money-transfer-market
The Global Mobile Peer to Peer (P2P) Money Transfer Market is Segmented into:
|Segmentation||By Technology Segment (2017–2027; US$ Bn)|
|By Location Segment (2017–2027; US$ Bn)|
|By Application Segment (2017–2027; US$ Bn)|
|By Geography Segment (2017–2027; US$ Bn)|
*Complete segmentation list is on report page