Money Transfer Services Global Market to Observe Highest Growth of $66.75 Billion with an Excellent CAGR of 16.3% By 2028 | Citigroup Inc., Wise US Inc., Remitly Inc., Paysend Group, TransferGo Ltd.

"The new report published by The Business Research Company, titled Money Transfer Services Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033, delivers an in-depth analysis of the leading size and forecasts, investment opportunities, winning strategies, market drivers and trends, competitive landscape, and evolving market trends.

As per the report, 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 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%.

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Smartphones Fueling The Rise Of Money Transfer Services Market
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.

Companies Reshaping Money Transfer Experiences By Levering Product Innovations
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 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

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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

Contents of the report:
1. Executive Summary
2. Money Transfer Services Market Report Structure
3. Money Transfer Services Market Trends And Strategies
4. Money Transfer Services Market - Macro Economic Scenario
5. Money Transfer Services Market Size And Growth
…..
27. Money Transfer Services Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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