P2P (peer-to-peer) payment systems are becoming an increasingly popular way for consumers to pay for their retail purchases, to pay money to friends or relatives, and to settle bills etc.
It's estimated that at least 35 percent of consumers in the US already prefer to use P2P products like PayPal, Apple Pay, Venmo, and cryptocurrencies, in order to carry out their payment transactions.
P2P operations are experiencing strong growth in the US and it's estimated that by 2021 that the market will see double-digit growth. It's believed that the P2P market for this year in the US, will be somewhere around $120 billion; some think that it could reach a lot higher than that.
The P2P model is growing around the world and becoming increasingly accepted with consumers, as an alternative method for them to send money to wherever it needs to go. Millions of US adults are using P2P payment apps in order to send funds to friends and relatives, to them it's the most convenient method of payment.
By the end of this year, it's estimated that at least 48 million Americans will have used a mobile payment app in order to carry out a payment transaction.
But growth perhaps hasn't been as fast as it could have been; it's believed that the industry has seen a lack of growth because of the reluctance of some merchants to embrace the technology, but we can expect that this will be changing in the years to come if things continue the way that they are.
As more consumers demand this method of payment, we will see more merchants get on board with implementing this technology and this process for payment; to satisfy what their consumers want.
P2P options, like cryptocurrency, are expected to grow in popularity with consumers, because they allow the consumer to cut out the middle man and get right to business in sending funds wherever they need to go. Consumers want to send funds with ease and with speed and whatever tool can enable them to do this in the most efficient way, is going to be the one that comes out on top.
Pics:
Zafin via zafin.com/uk-consumer-banks-seize-the-opportunity-with-p2p-mobile-payments/
Emarketer
Sources:
https://paymentweek.com/2017-7-20-p2p-transactions-poised-breakout/
http://paybefore.com/mobile-emerging-payments/p2p-gaining-steam-security-concerns-remain/
http://bwdisrupt.businessworld.in/article/RBI-Guidelines-to-Bring-Rapid-Growth-to-P2P-Lending-Platforms/19-07-2017-122441/
https://www.nerdwallet.com/blog/banking/p2p-payment-apps-3-things-to-know/
https://inc42.com/buzz/p2p-lending-fintech-loans/
https://www.emarketer.com/Article/P2P-Payment-Transactions-Exceed-120-Billion-This-Year/1016187
https://steemit.com/technology/@doitvoluntarily/whatsapp-making-the-move-to-p2p-digital-payments
I was listening to a podcast last week and the guy was in china saying whole cities had comitted to P2P pay , he had even came across homeless beggers holding out their phones for payments ...
What the... XD That's actually really cool though. The future is now! I've already been using crypto to pay back friends. So much more convinient for us.
That homeless beggers thing is on another level though :P
hehe :)
Thanks for your post is very good in my opinion because you tell us useful information and interesting for us especially for the moment because I see and read your post so that can add my insight, hopefully there salalu successful and can share interesting post lagi.thanks @doitvoluntarily
This could become possible only due to blockchain
I can clearly see this trend here in Sweden, more and more small shops uses a P2P system called Swish, which is also very popular for payments between friends and family.
Me, like a lot of people who are into cryptocurrency, did so to get rid off the middleman aka banks. I'm looking forward to see more P2P transaction in the near future.
This is going to be exciting to watch in the crypto community.
It's really amazing system!! Thanks for sharing with us @doitvoluntarily!!
Great post!
Getting away from traditional banking rules, the digital world is opening up a brand new realm of transference of currencies. Since most people no longer carry "cash", it is a logical leap to have funding from person to person, a modern barter system. Add digital currencies and you have a seamless connected community.
i think its more convenient,, i hope we can adopt changes like that... here in our country its not so popular, although there are some establishment using p2p, credit cards are being used here....
i think educating the people and proper marketing will boost the use of p2p...
Thomas Jefferson believed that banks were a bigger threat to our sovereignty than any foreign army! He was pretty smart and would have loved crypto.
Great Post. Please upvote and follow me @wealth777.. Much appreciated. thank u
Hello, I love to use P2P
I've already seen/experienced this change in my life myself! And P2P transactions are sure to continue at this increasing rate!
I agree cryptocurrency in some form will replace cash all together --- Im still amazed why visa and mastercard are not considered monopolys??
It certainly shows that people get more accustomed to electronic payments. It is only a matter of time that step 2 - breaking away from fiat currency - happens as next step.
very very very good!
Hello @doitvoluntarily
Thanks for sharing this.
I think that the major driving force for p2p is eliminating the slow middleman process of confirmations and charges.
One of the reasons why I so much believe in the potential of Steemit is that it makes transfer of funds fast .
That is one of the reasons banks and the government fought cryptocurrencies at first.
But a wise man said " There is nothing as powerful as an idea whose time have come"
Have a nice day.
@ogochukwu
Great post. The use of modern technology, makes the process easier, but you know generation gap problem arises when it wanted to use vastly. Change can't establish in a day as it take time. You are a genius and efficient enough to provide such a valuable information. Thanks for the nice post. May I ask you to come on my post too?
The P2P model is growing lets hope it will be nr. 1 in the fureture.
The world is developing)))
P2P make easier our online earners. Before 2015 many payment methods do not support our country "Myanmar" and can't buy anything from online.
P2P Transactions will definitively grow in comping year. The only problem is to make it easier for regular people and secure at the same time. Also there should be very fast.
I like using paypal. It is just an easy place where I can send and receive money with no significant restrictions.
My all time favourite payment method is crypto and I hope it becomes more widely available and incorporated into our daily lives @doitvoluntarily
Great post. A lot of us are early adapters... the masses are yet still trying to understand this whole crypto-business - when they get on board things will really change rapidly!