The global person-to-person payment market is set to grow tremendously in the next seven years to reach a value of $4.49bn in 2027, according to new research.
Back in 2019, the market was estimated to be worth $1.84bn, according to ResearchAndMarkets.com.
Growing demand for non-cash payment solutions was identified as a key driver behind the expected growth of the market, with smartphones and computers becoming increasingly ubiquitous as another one.
However, the researchers warned that concerns about adequate cybersecurity solutions to protect user data would hold back the development of solutions in this space.
“Person-to-person payments are the online technology that allows customers to transfer funds from their bank account or credit card to another individual’s account via the internet,” said the researchers.
“It is based on the successful PayPal approach where customers establish a 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 number of funds to be transferred.”
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