New tools and technologies are changing the face of domestic and international payments
Recent advancements in technology and the increasing consumer reliance on the mobile channel are propelling P2P tools to the forefront of the payments conversation, and new start-ups and established players in other markets are looking to P2P in order to bolster their brands or gain access to new revenue streams. The P2P market is more accurately defined as various sub-markets, with the distinction between domestic and international P2P providers remaining sharp due to the challenges of moving money across borders.
- Face-to-face P2P is currently dominated by paper instruments, with cash accounting for 49.9% of all low-value P2P transactions.
- Denmark is the only market in which cash was not the most popular tool for low-value P2P transactions, with mobile apps – specifically MobilePay – being the most popular choice
- Higher-value P2P transactions are heavily dominated by bank transfers, proving that banks are currently in a strong position to serve their customers through P2P services.
This report examines the global P2P market, considering the traditional tools available to consumers in domestic, social P2P payment interactions as well as international money transfers and remittances. The domestic and remittance markets are considered separately in this brief as there are still large differences between the demands of each market and, as a result, the best strategies to adopt in each.
Single user price: $3,450