Recent advancements in technology and the increasing consumer reliance on the mobile channel are propelling P2P tools to the forefront of the payments conversation, and new start-ups and established players in other markets are looking to P2P in order to bolster their brands or gain access to new revenue streams. The P2P market is more accurately defined as various sub-markets, with the distinction between domestic and international P2P providers remaining sharp due to the challenges of moving money across borders. This report examines the global P2P market, considering the traditional tools available to consumers in domestic, social P2P payment interactions as well as international money transfers and remittances. The domestic and remittance markets are considered separately in this brief as there are still large differences between the demands of each market and, as a result, the best strategies to adopt in each. Analyzes the major tools in use in domestic P2P and the reasons why these tools are popular. It identifies key advances in P2P products over the last few years and their impact on the domestic and remittance markets. The report also considers the position of the traditional incumbents in each market and how well placed they are to avoid disruption by fintech start-ups.

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Major findings shared in this research are: Face-to-face P2P is currently dominated by paper instruments, with cash accounting for 49.9% of all low-value P2P transactions. Denmark is the only market in which cash was not the most popular tool for low-value P2P transactions, with mobile apps – specifically MobilePay – being the most popular choice.
Higher-value P2P transactions are heavily dominated by bank transfers, proving that banks are currently in a strong position to serve their customers through P2P services.

List of Figuers covers: 

Figure 1: Cash accounts for just under half of all minimal-value P2P transfers globally
Figure 2: Almost two thirds of consumers who use cash for P2P transactions do so because using cash is easy
Figure 3: Mobile phone transfers are the most popular method of making low-value P2P payments in Denmark
Figure 4: Cheques are the most popular tool for high-value P2P transfers in the US
Figure 5: As of September 2015 MobilePay was registered on two in three smartphones in Denmark
Figure 6: Facebook is enabling P2P transactions via its Messenger app
Figure 7: Yandex offers a wide range of options for P2P transfers
Figure 8: Bitcoin has a low cost as “miners” are rewarded for processing transactions
Figure 9: TransferWise focuses on presenting an image of honesty and transparency

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