Peer-to-peer (P2P) lending is a financial innovation that has been gaining traction in recent years. It is a form of direct lending that connects borrowers and lenders directly, without the need for an intermediary such as a bank or financial institution. P2P lending typically takes place online, through platforms that match borrowers and lenders. P2P lending is a great option for borrowers who are seeking unsecured loans. Unlike traditional bank loans, P2P loans do not require collateral, which makes them more accessible to a wider range of borrowers. In addition, P2P loans often have lower interest rates than traditional bank loans, making them more affordable for borrowers.
Let us consider P2P Payments. The term is straight forward, speaking to perhaps a part of the lending process. But I will still bore your intellect with somewhat of a definition. P2P payments involve the transfer of funds from one person’s bank account to another person’s bank account. With the advent of wallets, digital currencies and crypto currencies, we see more people moving further and further away from traditional banking. Banks have even caught on to this trend and have tailored their operations and products to meet what the new customers want. But I guess I will explore that point at a later date. The global P2P payment market is projected to reach $9,097.06 billion by 2030, growing at a CAGR of 17.3% from 2021 to 2030. The global P2P lending market has grown at a CAGR of around 25% during 2014-2019 and it is expected to continue its strong growth during the forecast period.
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