The mobile person-to-person market is predicted to see a significant surge over the next five years, due in part to the rise in mobile banking and social media, which give consumers the freedom to send money like never before.
JAVELIN released the results of its Mobile P2P Payments in 2015: The Growth and Adoption of Mobile Money Transfers report yesterday (Oct. 8), which evaluated the overall mobile P2P landscape based on key customer segments, devices, targeted operating systems and an analysis of key market players.
The study predicted a significant rise in the number of people using mobile P2P over the coming years, which could jump from 69 million in 2015 to 126 million by 2020.
Based on JAVELIN’s research, more than half of all mobile device owners will be using mobile P2P by the year 2019.
“Traditional payment organizations and financial institutions now compete with nimble newcomers and need to maintain design, experience, speed and security in order to stay competitive. The payment industry is now face-to-face with an extremely active and social customer base. Many existing and potential P2P vendors are contemplating what new features or services will resonate best with P2P users,” Michael Moeser, director of payments, retail and small business at JAVELIN, said in a press release.
The rapidly growing and expanding mobile P2P market is something the entire payments ecosystem can’t help but take notice of. Non-bank competitors are jumping at the opportunity to facilitate commerce for mobile P2P users 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,” JAVELIN explained in its release statement.
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