According to the new research, Digital Money Transfer & Remittances: Domestic & International Markets 2019-2024, domestic P2P payments will drive this growth, accounting for 80% of all domestic transfers in 2024.
Other key findings:
domestic transfers are being driven by increasingly easy mobile payment systems;
the rise in social payments is driving growth in the mobile P2P channel;
data security concerns about mixing payments and social networks will impact consumer attitudes among older users;
Chinese transactions will account for 68% of the total volume of domestic mobile transfers in 2019;
growth is fastest in Africa, while operator-driven mobile money solutions are boosting financial inclusion at a rapid rate.
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