The Check Cashing Services Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Check Cashing Services Global Market Report 2024, The check cashing services market size has grown rapidly in recent years. It will grow from $26.89 billion in 2023 to $29.62 billion in 2024 at a compound annual growth rate (CAGR) of 10.2%. The growth in the historic period can be attributed to increasing reliance on alternative financial services, higher demand for convenient financial services, rising number of unbanked and underbanked individuals, increasing frequency of paychecks and government benefits, regulatory changes, and relaxed restrictions.
The check cashing services market size is expected to see rapid growth in the next few years. It will grow to $44.19 billion in 2028 at a compound annual growth rate (CAGR) of 10.5%. The growth in the forecast period can be attributed to the expansion of financial inclusion initiatives, growth in gig economy jobs, increasing financial literacy and consumer awareness, rising consumer preference for on-demand financial services, economic uncertainties, and fluctuating income. Major trends in the forecast period include the integration of digital technologies, the growing popularity of prepaid cards, the implementation of advanced security technologies, the demand for more accessible and user-friendly solutions, and integration with fintech solutions.
The rising demand for checks for business transactions is expected to propel the growth of the check-cashing services market going forward. Checks for business transactions are written instruments companies use to make payments or transfer funds between parties, providing a formal record and method of payment. The use of checks for business transactions is rising due to their reliability, ability to provide detailed transaction records, and the desire for traditional payment methods among businesses. Check cashing services facilitate the processing of business checks by providing a quick and convenient way for companies to access funds without relying on traditional banking services. For instance, in February 2024, according to the Federal Reserve System, a US-based central bank, the total value of commercial checks collected in 2021 increased from $8,758 billion to $8,948 billion in 2022. Therefore, the rising demand for checks for business transactions is driving the growth of the check-cashing services market.
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The check cashing services market covered in this report is segmented –
1) By Type: Pre-Printed Checks, Payroll Checks, Government Checks, Tax Checks, Other Types
2) By Service Provider: Banks, Credit Unions, Other Service Providers
3) By End-User: Commercial, Personal
Major companies operating in the check cashing services market are focusing on enhancing mobile integration and convenience for customers through mobile applications. Mobile apps with check-cashing features enable users to deposit checks by photographing them with their phone. For instance, in January 2021, Venmo, a US-based financial services company, launched a Cash a Check feature in its Venmo app. It allows users to print cash, payroll, and U.S. government checks, including stimulus checks, directly through the Venmo mobile app. Customers should have Direct Deposit or a Venmo Debit Card enabled, location services on, and a verified email to use this service. Users can simply take a photo of their endorsed check, and upon approval, the funds are transferred to their Venmo account.
The check cashing services market report table of contents includes:
1. Executive Summary
2. Check Cashing Services Market Characteristics
3. Check Cashing Services Market Trends And Strategies
4. Check Cashing Services Market – Macro Economic Scenario
5. Global Check Cashing Services Market Size and Growth
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32. Global Check Cashing Services Market Competitive Benchmarking
33. Global Check Cashing Services Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Check Cashing Services Market
35. Check Cashing Services Market Future Outlook and Potential Analysis
36. Appendix
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