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European P2P Payments 2004Product Type: Market Research ReportPublished by: Datamonitor Published: December 2004 Product Code: R313-7577 Description IntroductionThis briefing examines the European P2P payments market. Covering the whole spectrum of P2P payments (from bank legacy solutions, to international remittance providers, to emerging solutions), Datamonitor's briefing provides a data heavy and analytically rich synopsis of the market to ask the question: will card schemes succeed when countless others before them have failed? Scope Covers primarily the Western European P2P payments market, but provides analysis of major emerging P2P solutions in the US. Provides in depth coverage of all cashless P2P payment mechanisms: bank transfers, cheques, international money transfers and emerging solutions. Includes market data on the volume of domestic and cross-border cashless P2P transfers over legacy solutions and emerging solutions within Europe. Focuses on the impact and likely success of credit card schemes in the European P2P payments market. Highlights With the introduction of IBANs and BICs, the EU is moving slowly towards a SEPA, which should considerably bring down the cost and time taken for cross-border transfers. As bank membership to STEP2 grows, more and more cross-border transfers will be fully automated, increase their penetration of the European P2P payments market. There tends to be a larger P2P payments gap for emerging solutions in countries where the cheque (or cash) is still an important payment mechanism but is now in rapid decline. This is because bank and international money transfers are rarely growing at fast enough rates to fill the void left by the cheque's demise. Datamonitor is of the opinion that card associations are best placed to exploit the growing P2P payments market. Prominent card associations have major global presence, brand recognition, state of the art technology and established infrastructures. In terms of functionality, they are also much better that the competition. Reasons to Purchase Access data from Datamonitor's P2P payments model to understand how the P2P payments market is structure and which products are dominant Read competitor profiles to understand how emerging solutions work, how successful they've been and what has driven their success or failure Table of Contents TABLE OF CONTENTSABOUT DATAMONITOR 2 CHAPTER 1 INTRODUCTION 6 Cards & Payments Briefings Service 6 What is this briefing about? 6 Who is the target reader? 6 How do you use this briefing? 7 CHAPTER 2 MARKET OVERVIEW 8 Introducing P2P payments 8 What are P2P payments? 8 Who provides P2P payment solutions? 10 Traditional legacy solutions dominate the P2P payments market 12 Datamonitor’s P2P payments market sizing methodology for legacy solutions 13 In 2004 there will be 920 million P2P transactions in Europe over legacy solutions 14 Bank transfers have replaced cheques as the leading P2P payment solution in Europe 15 Trends in the domestic P2P payments market mirror the total market 19 Traditional remittance providers still dominate cross-border P2P payments market 20 Bank transfers will become more popular for cross-border P2P payments due to new EU regulation 26 As traditional legacy systems have waned, an opportunity has arisen for new providers to enter the market 30 Datamonitor’s P2P payments market sizing methodology for emerging solutions 30 A P2P market gap of 100 million has open up since 1999 35 Even using highly optimistic assumptions, a market gap of just 255 million transactions exists 36 Market gaps vary on a country-by-country basis depending on the product mix of legacy P2P systems in each 37 However, ultimately other drivers will have a larger impact on the success of emerging P2P solutions 39 Numerous players are vying for position in the emerging market 39 Online P2P payment solution providers 40 Mobile payment providers are also present in the P2P payments market 53 Card schemes have also entered into the fray 55 CHAPTER 3 IS THERE AN UNTAPPED POTENTIAL FOR CREDIT CARD SCHEMES? 56 Card schemes are the latest players to enter the P2P market 56 Visa and MasterCard have launched P2P solutions in the past two years 56 The schemes have marketed their solutions as low cost alternatives to cross-border bank transfers 57 However, this move is also part of Visa and MasterCard’s wider desire to reposition themselves as payments companies 58 How do the schemes compare? 59 Visa Direct launched in November 2002 59 MasterCard MoneySend launched a year later 63 Will card schemes succeed where other have failed? 66 On the face of it, MoneySend and Visa Direct should be an immediate hit… 66 …however, perhaps their path to success is not so clear cut 66 CHAPTER 4 APPENDIX 70 Methodology 70 General research notes 70 Datamonitor’s P2P payments market sizing methodology for legacy solutions 70 Supplementary data 76 Definitions 83 Future readings 86 Current related Datamonitor reports and briefings 86 Forthcoming related Datamonitor titles 86 Relevant links 87 Datamonitor’s custom research capabilities 88 SPP writing team 89 How to contact experts in your industry 90 |
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