Technological advancement is a key trend gaining popularity in the P2P payment market. Companies operating in the P2P payment sector are focused on introducing P2P payment solutions to strengthen their market position. For instance, in July 2021, Payveris, a US-based cloud-based software company, launched Payveris P2P, a cloud-based money movement and digital payments platform. The Payveris P2P functionality would be integrated into client banking apps, allowing end-users to send money to other bank accounts identified by email addresses and phone numbers. In December 2019, PayPal Holdings Inc., a US-based financial technology company, acquired GoPay (Guofubao Information Technology Co. Ltd.) for an undisclosed amount. The acquisition would help PayPal to become the first foreign payment platform and provide online payment services in China.