P2P payment, also known as person-to-person payment or peer-to-peer payment, has been a hot topic in the FinTech industry since the past five years. After an in-depth primary and secondary research of nearly 29 companies that included startups like Venmo, early players like Western Union and financial services providers, we shortlisted the top 15 companies in the market on the basis of numerous elements like market potential, past and present performance, popularity amongst different target segments and other quantitative and qualitative assessments necessary in the payments industry.
We further continued with a comprehensive and careful analysis to create our LTP9 leader dashboard for the top nine P2P companies in the industry. This filtration of nine companies from 15 was based on the three parameters put together by our in-house industry experts. These parameters are Focus, Momentum and Impact. While evaluating these companies, we considered all possible factors including transfer fee, transfer time, availability on apps and/or website, the number of users, the volume of transactions, market share, potential mergers & acquisitions, and drawbacks of each company. We also considered other critical elements such as the security associated with transfers by each company, the technology behind transfers, the social media element for each company, and views of opinion leaders and key industry stakeholders.
The LTP Canvas Report includes the raw data, industry overview & trends, US P2P payments market analyses, and comprehensive insights & understanding for the companies in the P2P payments segment. It also talks about the process through which the companies have been given their respective ratings—as per the framework—to arrive at the P2P Payments LTP9.
A lot is going to happen in the P2P payments space in the US in 2016 and 2017. With the US’ top banks coming together to form a large real-time payments network, Venmo’s future might be in danger. Will a real-time payments network erase the line between P2P payments and bank money transfers in the US soon? On the other hand, FIS and The Clearing House are warming up to compete with clearXchange. While residents of the industry are taking quick steps one after another, aliens from the tech industry are trying to enter the space. Facebook launched P2P payments in the US a few months ago and is silent about it right now. Does the silence indicate the big storm following it? Google and Apple’s competition will be soon seen in the P2P payments space.
The report provides a comprehensive study of in-depth numbers in the space and what P2P payments in the US will look like in the next five years.