Overview and Scope
A money transfer service is a financial service that allows individuals and businesses to send or transfer money electronically from one location to another. It involves the transfer of funds between different individuals or entities, typically across borders or between various financial institutions.
Sizing and Forecast
The money transfer services market size has grown rapidly in recent years. It will grow from $31.41 billion in 2023 to $36.49 billion in 2024 at a compound annual growth rate (CAGR) of 16.2%. The growth in the historic period can be attributed to globalization, migration and remittances, regulatory changes, market competition, mobile and internet penetration.
The money transfer services market size is expected to see rapid growth in the next few years. It will grow to $66.75 billion in 2028 at a compound annual growth rate (CAGR) of 16.3%. The growth in the forecast period can be attributed to blockchain and cryptocurrency integration, enhanced security measures, partnerships and alliances, ai and automation in transfers, emerging market growth. Major trends in the forecast period include instant transfers, focus on customer experience, integration with financial apps, cross-border payment platforms, regulatory technology (regtech).
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Segmentation & Regional Insights
The money transfer services market covered in this report is segmented –
1) By Type: Inward Money Transfer, Outward Money Transfer
2) By Channel: Banks, Money Transfer Operators, Other Channels
3) By End User: Personal, Small Businesses, Other End-Users
Asia-Pacific was the largest region in the money transfer services market in 2023. The regions covered in the money transfer services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
The growing acceptance of smartphones is expected to propel the growth of the money transfer services market going forward. A smartphone refers to a mobile electronic device with a cellular network connection. Smartphones have significantly simplified online money transfers, enabling users to pay bills, purchase goods and services, and even send cash to a family member with only a few clicks from any location. For instance, in February 2023, according to a report published by Uswitch Limited, a UK-based financial conduct authority, beginning in 2022, there were 71.8 million mobile connections in the UK, a 3.8% (or around 2.6 million) increase over 2021. Further, the UK population is expected to grow to 68.3 million by 2025, of which 95% (or about 65 million individuals) will own a smartphone. Therefore, the growing acceptance of smartphones is driving the growth of the money transfer services market.
Key Industry Players
Major companies operating in the money transfer services market report are JPMorgan Chase and Co., Bank of America Corporation, Citigroup Inc., Wells Fargo and Company, WorldFirst, PayPal Holdings Inc., Western Union Holdings Inc., MoneyGram International Inc., Remessa Online, RIA Financial Services, Wise US Inc., Remitly Inc., Early Warning Services LLC., Transfast, Small World Financial Services, Tor Currency Exchange Ltd., Airwallex Limited, TransferMate, WorldRemit Ltd., Payoneer Global Inc., XE.com Inc., Skrill USA Inc., Paysend Group, TransferGo Ltd., OrbitRemit Limited, HiFX, Xoom Corporation, Pangea Money Transfer, Azimo B.V., UAE Exchange Centre Co. LLC
The money transfer services market report table of contents includes:
1. Executive Summary
2. Money Transfer Services Market Characteristics
3. Money Transfer Services Market Trends And Strategies
4. Money Transfer Services Market – Macro Economic Scenario
5. Global Money Transfer Services Market Size and Growth
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32. Global Money Transfer Services Market Competitive Benchmarking
33. Global Money Transfer Services Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Money Transfer Services Market
35. Money Transfer Services Market Future Outlook and Potential Analysis
36. Appendix
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