P2P: The Disruptive Potential; New tools and technologies are changing the face of domestic and international payments

Powered by

All the vital news, analysis, and commentary curated by our industry experts.


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.


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.

• Identifies key advances in P2P products over the last few years and their impact on the domestic and remittance markets.

• Considers the position of the traditional incumbents in each market and how well placed they are to avoid disruption by fintech start-ups.

• Explores the potentially winning strategies that can be adopted by players currently in the P2P market and players looking to enter it.

Reasons to Buy

Understand the dynamics of the domestic P2P market –which tools are used for what type of transactions

Find out what makes a P2P tool successful both from data and in-depth product analysis.

Learn how the domestic and international P2P markets are being disrupted, and what strategies will be most successful going forward.

Discover how new technologies can best be leveraged in the P2P market.

Danske Bank
Chase Bank
Wells Fargo
The Clearing House
Western Union

Table of Contents


P2P is a wide and complex area of payments

Key findings

Critical success factors


P2P transactions fall into several overlapping categories

Digital technologies are blurring the boundaries and renewing interest in the P2P space

Proximity P2P is dominated by paper instruments – for now

Cash is universal and untraceable, but holds hidden costs

Cheques are gradually being phased out in developed markets

Remote P2P payment providers face numerous challenges


Domestic P2P providers are focusing on convenient user experiences

Danske Bank's MobilePay is the P2P method of choice in Denmark

Bank transfers are increasingly being used to power new P2P services

Domestic remote P2P tools are increasingly focused on social media channels

Social media firms such as Face book are creating their own P2P services

PayPal.Me integrates P2P directly into social communication channels

Large, trusted third-party brands can leverage their existing scale effectively

Players without large systems already in place will struggle to build from scratch

Money agents such as Western Union are the biggest remittance players

These large firms are threatened by disruption at the fringes, due to their high fees

Cash-in, cash-out transfers are a key advantage for money transfer agents

Traditional P2P methods such as Hawala remain common in many markets

Hawala networks will remain a competitive threat

Newer remote players use technology and marketing to undercut the incumbents

Bitcoin and blockchain technology enable cheap transfers due to low costs

TransferWise uses software to reduce costs on international bank transfers


Cash is ultimately the biggest competitor for domestic P2P services

To compete with cash, P2P tools must be as convenient and easy to use as possible

Regulation remains a huge challenge for would-be remittance disruptors

New technologies can challenge remittance incumbents, but only at the fringes

It will be difficult for challengers to build scale to take the place of the big players


Abbreviations and acronyms



Digital currency

Digital wallet

P2P payments


Verdict Financial's annual Global Consumer Insight Surveys

Secondary research


Further reading

About Verdict Financial





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

Frequently asked questions

P2P: The Disruptive Potential; New tools and technologies are changing the face of domestic and international payments standard reports
Currency USD

Can be used by individual purchaser only


Can be shared globally by unlimited users within the purchasing corporation e.g. all employees of a single company

Undecided about purchasing this report?

Enquire Before Buying

Get in touch to find out about multi-purchase discounts

Tel +44 20 7947 2745

Every customer’s requirement is unique. With over 220,000 construction projects tracked, we can create a tailored dataset for you based on the types of projects you are looking for. Please get in touch with your specific requirements and we can send you a quote.

See what our customers are saying

“The GlobalData platform is our go-to tool for intelligence services. GlobalData provides an easy way to access comprehensive intelligence data around multiple sectors, which essentially makes it a one-for-all intelligence platform, for tendering and approaching customers.

GlobalData is very customer orientated, with a high degree of personalised services, which benefits everyday use. The highly detailed project intelligence and forecast reports can be utilised across multiple departments and workflow scopes, from operational to strategic level, and often support strategic decisions. GlobalData Analytics and visualisation solutions has contributed positively when preparing management presentations and strategic papers.”

Business Intelligence & Marketing Manager, SAL Heavy Lift

“COVID-19 has caused significant interference to our business and the COVID-19 intelligence from GlobalData has helped us reach better decisions around strategy. These two highlights have helped enormously to understand the projections into the future concerning our business units, we also utilise the project database to source new projects for Liebherr-Werk to use as an additional source to pitch for new business.”

Market Analyst & Management, Liebherr-Werk

Your daily news has saved me a lot of time and keeps me up-to-date with what is happening in the market, I like that you almost always have a link to the source origin. We also use your market data in our Strategic Business Process to support our business decisions. By having everything in one place on the Intelligence Center it has saved me a lot of time versus looking on different sources, the alert function also helps with this.

Head of Key Accounts, Saab AB

Having used several other market research companies, I find that GlobalData manages to provide that ‘difficult-to-get’ market data that others can’t, as well as very diverse and complete consumer surveys.

Marketing Intelligence Manager, Portugal Foods

Our experience with GlobalData has been very good, from the platform itself to the people. I find that the analysts and the account team have a high level of customer focus and responsiveness and therefore I can always rely on. The platform is more holistic than other providers. It is convenient and almost like a one stop shop. The pricing suite is highly competitive and value for our organisation.

I like reports that inform new segments such as the analysis on generation Z, millennials, the impact of COVID 19 to our banking customers and their new channel habits. Secondly the specialist insight on affluent sector significantly increases our understanding about this group of customers. The combination of those give us depth and breadth of the evolving market.

I’m in the business of answering and helping people make decisions so with the intelligence center I can do that, effectively and efficiently. I can share quickly key insights that answer and satisfy our country stakeholders by giving them many quality studies and primary research about competitive landscape beyond the outlook of our bank. It helps me be seen as an advisory partner and that makes a big difference. A big benefit of our subscription is that no one holds the whole data and because it allows so many people, so many different parts of our organisation have access, it enables all teams to have the same level of knowledge and decision support.

Head of Customer Insight and Research, Standard Chartered

“I know that I can always rely on Globaldata’s work when I’m searching for the right consumer and market insights. I use Globaldata insights to understand the changing market & consumer landscape and help create better taste & wellbeing solutions for our customers in food, beverage and healthcare industries.

Globaldata has the right data and the reports are of very high quality compared to your competitors. Globaldata not only has overall market sizes & consumer insights on food & beverages but also provides insights at the ingredient & flavour level. That is key for B2B companies like Givaudan. This way we understand our customers’ business and also gain insight to our unique industry”

Head of Consumer Sensory Insights, Givaudan

GlobalData provides a great range of information and reports on various sectors that is highly relevant, timely, easy to access and utilise.  The reports and data dashboards help engagement with clients; they provide valuable industry and market insights that can enrich client conversations and can help in the shaping of value propositions. Moreover, using GlobalData products has helped increase my knowledge of the finance sector, the players within it, and the general threats and opportunities.

I find the consumer surveys that are carried out to be extremely beneficial and not something I have seen anywhere else. They provided an insightful view of why and which consumers take (or don’t) particular financial products. This can help shape conversations with clients to ensure they make the right strategic decisions for their business.

One of the challenges I have found is that data in the payments space is often piecemeal. With GD all of the data I need is in one place, but it also comes with additional market reports that provide useful extra context and information. Having the ability to set-up alerts on relevant movements in the industry, be it competitors or customers, and have them emailed directly to me, ensures I get early sight of industry activity and don’t have to search for news.

Senior Account Manager, TSYS
Financial Services
France Life Insurance Market Size and Trends by Line of…
$3,999 | June 2024
Financial Services
Wealth Management Trends and Themes in 2024
$5,250 | May 2024
Financial Services
Peru Insurance Industry - Key Trends and Opportunities to 2028
$1,450 | May 2024
Go even deeper with GlobalData Intelligence Center

Every Company Report we produce is powered by the GlobalData Intelligence Center.

Subscribing to our intelligence platform means you can monitor developments at P2P: The Disruptive Potential; New tools and technologies are changing the face of domestic and international payments in real time.

  • Access a live P2P: The Disruptive Potential; New tools and technologies are changing the face of domestic and international payments dashboard for 12 months, with up-to-the-minute insights.
  • Fuel your decision making with real-time deal coverage and media activity.
  • Turn insights on financials, deals, products and pipelines into powerful agents of commercial advantage.