Portland, OR -- (SBWIRE) -- 01/20/2018 -- Person-to-person payments (P2P) is the online technology that allows customers to transfer funds from their bank account or credit card to another individual's account via the Internet. It is based on the successful Paypal approach where customers establish secure connection of accounts with a trusted third-party vendor, designating their bank account or credit card information for transferring and accepting funds. An alternative approach is where customers use an online interface or mobile application to assign the amount of funds to be transferred.

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Key players operating in the Person-to-person payments market include PayPal Pte. Ltd., Tencent., Square, Inc., Circle Internet Financial Limited, clearXchange., SnapCash, Dwolla, Inc., TransferWise Ltd., CurrencyFair LTD, and One97 Communications Ltd.

The increased acceptance of online banking, mobile banking, and e-commerce by consumers makes way for greater use of person-to-person payments. As smartphones and tablets become an increasingly popular mode of everyday applications, popular cash payment applications such as Venmo and Google Wallet help customers use of P2P payments. The P2P market is expected to experience growth owing to increase in usage of online shopping and banking applications. However, increase in cyberattacks and identity thefts are limit the growth of the market.

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Key Segmented by Transaction Mode
- NFC/Smartcard
- SMS
- Mobile Apps

The person-to-person payments market is segmented based on transaction mode, type of purchase, location, application, and geography. On the basis of transaction mode, the market is divided into NFC/smartcard, SMS, and mobile apps. On the basis of location, it is bifurcated into remote payments and proximity payments. By type of purchase, the market is classified by airtime transfer & top-ups, money transfers & payments, merchandise & coupons, and travel & ticketing. By applications, it is categorized into retail payments, travels & hospitality payments, transportation & logistics payments, energy & utilities payments, and others. By geography, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

Key Segmented by Location
- Remote payments
- Proximity payments

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