P2P (peer-to-peer) payment systems are becoming an increasingly popular way for consumers to pay for their retail purchases, to pay money to friends or relatives, and to settle bills etc.
It's estimated that at least 35 percent of consumers in the US already prefer to use P2P products like PayPal, Apple Pay, Venmo, and cryptocurrencies, in order to carry out their payment transactions.
P2P operations are experiencing strong growth in the US and it's estimated that by 2021 that the market will see double-digit growth. It's believed that the P2P market for this year in the US, will be somewhere around $120 billion; some think that it could reach a lot higher than that.
The P2P model is growing around the world and becoming increasingly accepted with consumers, as an alternative method for them to send money to wherever it needs to go. Millions of US adults are using P2P payment apps in order to send funds to friends and relatives, to them it's the most convenient method of payment.
By the end of this year, it's estimated that at least 48 million Americans will have used a mobile payment app in order to carry out a payment transaction.
But growth perhaps hasn't been as fast as it could have been; it's believed that the industry has seen a lack of growth because of the reluctance of some merchants to embrace the technology, but we can expect that this will be changing in the years to come if things continue the way that they are.
As more consumers demand this method of payment, we will see more merchants get on board with implementing this technology and this process for payment; to satisfy what their consumers want.
P2P options, like cryptocurrency, are expected to grow in popularity with consumers, because they allow the consumer to cut out the middle man and get right to business in sending funds wherever they need to go. Consumers want to send funds with ease and with speed and whatever tool can enable them to do this in the most efficient way, is going to be the one that comes out on top.
Pics:
Zafin via zafin.com/uk-consumer-banks-seize-the-opportunity-with-p2p-mobile-payments/
Emarketer
Sources:
https://paymentweek.com/2017-7-20-p2p-transactions-poised-breakout/
http://paybefore.com/mobile-emerging-payments/p2p-gaining-steam-security-concerns-remain/
http://bwdisrupt.businessworld.in/article/RBI-Guidelines-to-Bring-Rapid-Growth-to-P2P-Lending-Platforms/19-07-2017-122441/
https://www.nerdwallet.com/blog/banking/p2p-payment-apps-3-things-to-know/
https://inc42.com/buzz/p2p-lending-fintech-loans/
https://www.emarketer.com/Article/P2P-Payment-Transactions-Exceed-120-Billion-This-Year/1016187
https://steemit.com/technology/@doitvoluntarily/whatsapp-making-the-move-to-p2p-digital-payments