Boston, MA -- (SBWIRE) -- 02/21/2013 -- The global P2P market is currently undergoing a phase of rapid and unprecedented development driven by both changes in global consumer dynamics and the impacts of emerging, and potentially trans-formative technologies. As the market continues to grow, payment providers are now faced with the opportunity to replace more traditional forms such as cash and cheques, but will face new challenges.
- Understand the market's potential with Datamonitor's proprietary P2P data metrics.
- Form your strategy effectively by measuring the level of current P2P activity in domestic transactions.
- Identify new opportunities with Datamonitor's market sizing of the remittance market.
- Develop your market entry plans effectively by seeing which markets are emerging as the key remittance corridors.
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Up to 90% of consumers globally report they conduct P2P transactions in their personal lives, while a further 83% report they conduct P2P transactions for gifting purposes. Further to this cash remains dominant and in use for up to 82% of P2P transactions. Replacing cash is a key opportunity for payment providers.
The International remittance market continues to grow and expand across all markets, reaching a value of over US$500 billion in 2011. The market did experience a temporary dip due to the global economic slow down but has now returned to growth and reached an all time peak in 2011.
Revenues from remittances were estimated at $46.6bn in 2011, and grew by 15% over the previous year. The costs of sending remittances remain volatile while specific remittance corridors remain key avenues for future growth in the industry.
Reasons to Get this Report
- How many consumers use P2P payments?
- How do consumers engage in P2P? Are there tools they prefer over others?
- Is there any opporunity in P2P gifting? How does this differ from standard P2P?
- How big is the international remittance market? What revenues are payment providers likely to see?
- Which countries are the biggest senders and receivers of international remittances?
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