Strong growth in the global peer-to-peer (P2P) money transfer market is among the findings included in a new report from Research and Markets.
The mobile P2P global money transfer market is expected to grow at a CAGR in excess of 18 per cent between now and 2029. Credit a near-one billion smartphone increase between 2014 and 2018 to 2.53 billion along with cheaper phones in Asia and higher disposable incomes overall. Internet use is higher too thanks to lower data service costs and government promotion of digitization.
Asia Pacific is the leading mobile P2P money transfer market and has seen strong growth in smartphone and internet use. More than half of all smartphone users in the world reside in this region. Again, cheaper phones are driving adoption.
Supportive governments have helped foster digital payment adoption, especially in the mobile space. The presence of giants like Alipay and WechatPay could drive further gains.
Look to near field communication (NFC), mobile app and text-based payment usage to surge this decade, the authors suggest. Smartphones have integrated NFC tags and readers into their design. Smartphone designers are beefing up their NFC capabilities to further differentiate themselves from their competitors.