DUBLIN--(BUSINESS WIRE)--The "Money Transfer Agencies Market Report 2024" report has been added to ResearchAndMarkets.com's offering.
This Money Transfer Agencies market report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
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 during the historic period can be attributed to the increasing use of smartphones, a rise in cross-border trade, higher disposable incomes, an expansion in the number of global payment networks, and a growing 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 anticipated during the forecast period can be attributed to the rising prevalence of remittances from expatriates, an increasing number of digital wallets, growing investment in technology infrastructure, a higher demand for integrated money transfer solutions, and a greater need for customizable and flexible money transfer options. Key trends for this period include technological advancements, blockchain integration, cross-border transfers, artificial intelligence, and digital wallets.
The increasing volume of digital transactions is projected to drive the growth of the money transfer agency market. Digital transactions involve financial exchanges or funds transfers conducted electronically, rather than through traditional paper-based methods. This rise is fueled by the growing adoption of smartphones, enhanced internet access, and advancements in payment technologies. Money transfer agencies support digital transactions by offering online platforms and mobile applications that enable users to send and receive money instantly.
These platforms often integrate with digital wallets and utilize technologies such as blockchain to ensure enhanced security and efficiency. For example, in September 2023, the Consumer Financial Protection Bureau, a US-based government agency, reported that American consumers used Google Pay - Google's mobile payment service designed for in-app, online, and in-person contactless purchases - to spend $65.2 billion at retail locations in 2022, an increase from $24.8 billion in 2021. Consequently, the surge in digital transactions is propelling the growth of the money transfer agency market.
Leading companies in the money transfer agency sector are concentrating on developing innovative solutions, such as money transfer apps, to enhance user experience, expedite transactions, and provide secure and convenient digital solutions. Money transfer apps are digital platforms that allow users to send and receive money electronically, often across international borders, using smartphones or computers. For instance, in July 2024, Hong Kong and Shanghai Banking Corporation Limited (HSBC), a Hong Kong-based international bank, introduced the Zing International Money Transfer App.
This app enables users to hold funds in over ten currencies, send money in more than thirty currencies, and conduct transactions in over two hundred countries and territories through a single app and a smart multi-currency card. The Zing app is designed to offer secure, user-friendly, and reliable financial products to global consumers. It charges no fees for outbound transfers and offers foreign exchange (FX) conversion fees starting at 0.2%. Users benefit from free withdrawals at UK ATMs and a complimentary international ATM withdrawal each month. The app is engineered for simplicity, allowing users to manage funds, track payments, and convert currencies easily, featuring real-time exchange rates and transparent fee breakdowns.
In July 2022, Careem, a UAE-based technology company, acquired Denarii for an undisclosed amount. This acquisition is aimed at expanding Careem's financial services portfolio, enhancing its digital payments and money transfer capabilities, and leveraging Denarii's platform to provide more comprehensive financial solutions to users in the UAE and potentially beyond. Denarii is a UAE-based company specializing in facilitating international and local money transfers through a mobile application, web platform, and application programming interface (API).
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. The countries covered in the money transfer agencies market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Money Transfer Agencies Competitive Landscape and Company Profiles: Overview, Products and Services, Strategy, Financial Performance
- JPMorgan Chase and Co.
- Bank of America Corporation
- Citigroup Inc.
- Wells Fargo and Company
- HDFC Bank Limited
Other Major and Innovative Money Transfer Agency Companies
- 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.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 175 |
| Forecast Period | 2024 - 2028 |
| Estimated Market Value (USD) in 2024 | $29.08 Billion |
| Forecasted Market Value (USD) by 2028 | $48.81 Billion |
| Compound Annual Growth Rate | 13.8% |
| Regions Covered | Global |
Key Topics Covered:
1. Executive Summary
2. Money Transfer Agencies Market Characteristics
3. Money Transfer Agencies Market Trends and Strategies
4. Money Transfer Agencies Market - Macro Economic Scenario
4.1. Impact of High Inflation on the Market
4.2. Ukraine-Russia War Impact on the Market
4.3. COVID-19 Impact on the Market
5. Global Money Transfer Agencies Market Size and Growth
5.1. Global Money Transfer Agencies Market Drivers and Restraints
5.1.1. Drivers of the Market
5.1.2. Restraints of the Market
5.2. Global Money Transfer Agencies Historic Market Size and Growth, 2018 - 2023, Value ($ Billion)
5.3. Global Money Transfer Agencies Forecast Market Size and Growth, 2023 - 2028, 2033F, Value ($ Billion)
6. Money Transfer Agencies Market Segmentation
6.1. Global Money Transfer Agencies Market, Segmentation by Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- Banks
- Money Transfer Operators
- Other Types
6.2. Global Money Transfer Agencies Market, Segmentation by Service Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- Money Transfer
- Currency Exchange
6.3. Global Money Transfer Agencies Market, Segmentation by End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- Individual
- Business
7. Money Transfer Agencies Market Regional and Country Analysis
7.1. Global Money Transfer Agencies Market, Split by Region, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
7.2. Global Money Transfer Agencies Market, Split by Country, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
For more information about this report visit https://www.researchandmarkets.com/r/jaolat
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
