The number of mobile P2P users will grow rapidly, from 69 million in 2015 to 126 million by 2020. By 2019, it is expected that more than half of all mobile device owners will be using mobile P2P.
The rise of mobile banking and social media, especially among Millennials, is giving consumers the ability to “talk and transact” in the same conversation. To the chagrin of many bankers, sending money person-to-person (P2P) has also gone from expensive to cheap or free. It is forcing many in the industry to rethink this revenue stream.
JAVELIN released, Mobile P2P Payments in 2015: The Growth and Adoption of Mobile Money Transfers, which examines key customer segments, devices, and operating systems to target, analysis of key market players, and the overall forecast of the mobile P2P market.
The influx of new mobile P2P users is attracting new non-bank competitors, who are focusing on facilitating commerce on their mobile and online platforms. These non-bank competitors include companies such as Facebook and Snapchat, who are keen to enhance the functionality of their social media apps to include everyday occurrences such as P2P money transfers.
For data, background and forecasts on Mobile P2P: Search CardWeb.com’s CardFlash® Library of more than 58,000 archived articles; Access CardWeb.com’s CardData® for current and historical Performance, Portfolios, Profiles, etc. Visit RAM Research® (ramresearch.com) for quarterly and annual forecasts covering more than 150 metrics. [complimentary or deeply discounted access to CardWeb.com subscribers].
Additional database resources include CardWeb.com’s CardExecs® – comings & goings of payments movers & shakers; CardWeb.com’s CardWatch® – ears & eyes on marketing globally (57K items); and CardWeb.com’s CardPixes® – form & function of card design (7K items).