Categories: Market Research

Money Transfer Services Market Size and Forecast 2024-2033|JPMorgan Chase and Co., Bank of America Corporation, Citigroup Inc., Wells Fargo and Company, WorldFirst

The Money Transfer 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 Money Transfer Services Global Market Report 2024, 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).

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.

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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

Product innovation is a key trend gaining popularity in the money transfer services market. Major companies operating in the money transfer services market focus on developing innovative products and solutions to sustain their positions in the market. For instance, in May 2023, Banque Populaire, a France-based group of cooperative banks, launched Swift Go, the country’s first cross-border money transfer service. The unique feature of this service is that it caters to the various requirements of corporate and individual customers while guaranteeing quick and secure transactions with a limit of $10,000. The strategic decision made by Banque Populaire to introduce Swift Go is in line with the changing needs of Moroccan clients, who are looking for more streamlined cross-border transfer services.

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

26. South America Money Transfer Services Market

27. Brazil Money Transfer Services Market

28. Middle East Money Transfer Services Market

29. Africa Money Transfer Services Market

30. Money Transfer Services Market Competitive Landscape And Company Profiles

Top Major Players: