The money transfer agencies global market report 2024from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Money Transfer Agencies Market, 2024The money transfer agencies global market report 2024
Market Size – The money transfer agencies market size has grown rapidly in recent years. It will grow from $25.62 billion in 2023 to $29.08 billion in 2024 at a compound annual growth rate (CAGR) of 13.5%. The growth in the historic period can be attributed to the increasing use of smartphones, rise in cross-border trade, rise in disposable incomes, growth in the number of global payment networks, and growth in demand for lower transaction fees.
The money transfer agencies market size is expected to see rapid growth in the next few years. It will grow to $48.81 billion in 2028 at a compound annual growth rate (CAGR) of 13.8%. The growth in the forecast period can be attributed to the increasing prevalence of remittances from expatriates, increasing number of digital wallets, growing investment in technology infrastructure, growing demand for integrated money transfer solutions, and growing demand for customizable and flexible money transfer options. Major trends in the forecast period include technological advancements, blockchain integration, cross-border transfers, artificial intelligence, and digital wallets.
Order your report now for swift delivery @
https://www.thebusinessresearchcompany.com/report/money-transfer-agencies-global-market-report
Scope Of Money Transfer Agencies MarketThe Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Money Transfer Agencies Market Overview
Market Drivers -The surge in digital transactions is expected to propel the growth of the money transfer agency market moving forward. Digital transactions involve financial exchanges or funds transfers conducted electronically instead of through traditional paper-based methods. The increase in digital transactions is attributed to growing smartphone adoption, enhanced internet access, and advancements in payment technologies. Money transfer agencies facilitate these transactions by providing online platforms and mobile apps that allow users to send and receive money instantly, often integrating with digital wallets and utilizing technologies like blockchain for improved security and efficiency. For example, the Consumer Financial Protection Bureau, a US-based government agency, reported in September 2023 that American consumers utilized Google Pay to spend $65.2 billion at retail establishments in 2022, a significant increase from $24.8 billion in 2021. Thus, the surge in digital transactions is driving the growth of the money transfer agency market.
Market Trends – Major companies operating in the money transfer agency market are focused on developing innovative solutions, such as the money transfer app, to enhance the user experience, increase transaction speed, and provide secure and convenient digital solutions. Money transfer apps refer to digital platforms that allow users to send and receive money electronically, often across borders, using their smartphones or computers. For instance, in July 2024, Hong Kong and Shanghai Banking Corporation Limited (HSBC), a Hong Kong-based international bank, launched the Zing International Money Transfer App, enabling users to hold funds in over ten different currencies, send money in more than thirty currencies, and transact in over two hundred countries and territories, all through a single app and smart multi-currency card. The launch of Zing aims to provide secure, easy-to-use, and trustworthy financial products to globally-minded consumers. Zing charges no fees for outbound transfers and offers foreign exchange (FX) conversion fees starting at just 0.2%. Users can make free withdrawals at UK ATMs, and the first international ATM withdrawal each month is also free. The app is crafted for simplicity, enabling users to manage their funds, track payments, and convert currencies effortlessly. It features real-time exchange rates and clear fee breakdowns.
The money transfer agencies market covered in this report is segmented –
1) By Type: Banks, Money Transfer Operators, Other Types
2) By Service Type: Money Transfer, Currency Exchange
3) By End User: Individual, Business
Get an inside scoop of the money transfer agencies market, Request now for Sample Report @
https://www.thebusinessresearchcompany.com/sample.aspx?id=18676&type=smp
Regional Insights – North America was the largest region in the money transfer agencies market in 2023. The regions covered in the money transfer agencies market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies – Major companies in the market are JPMorgan Chase and Co., Bank of America Corporation, Citigroup Inc., Wells Fargo and Company, HDFC Bank Limited, ICICI Bank Limited, Axis Bank Limited, Western Union Holdings Inc., Ria Financial Services Inc., Wise Payments Limited, MoneyGram International Inc., Careem Networks FZ LLC, Remitly Inc., Payoneer Inc., WorldRemit Ltd., Small World Financial Services, Xoom Corporation, Papaya Global Ltd., Skrill Limited, XE.com Inc., CurrencyFair, BookMyForex Pvt. Ltd., Remit2India, Unimoni , Cwallet
Table of Contents
1. Executive Summary
2. Money Transfer Agencies Market Report Structure
3. Money Transfer Agencies Market Trends And Strategies
4. Money Transfer Agencies Market – Macro Economic Scenario
5. Money Transfer Agencies Market Size And Growth
…..
27. Money Transfer Agencies Market Competitor Landscape And Company Profiles28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
Contact Us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: info@tbrc.info
Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
Facebook: https://www.facebook.com/TheBusinessResearchCompany
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Blog: https://blog.tbrc.info/
Healthcare Blog: https://healthcareresearchreports.com/
Global Market Model: https://www.thebusinessresearchcompany.com/global-market-model
Market Size - The microscope accessories market size has grown strongly in recent years. It will…
Market Size - The leisure travel market size has grown rapidly in recent years. It will…
Market Size - The virtual reality in tourism market size has grown exponentially in recent years.…
Market Size - The system-basis chip market size has grown strongly in recent years. It will…
The semiconductor lead frame global market report 2024from The Business Research Company provides comprehensive market…
Market Size - The smart sleep monitor market size has grown rapidly in recent years. It…