Press release
Unlocking New Growth Avenues in Global Money Transfer: Trends & Opportunities
According to The Business Research Company's, 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.
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Market Drivers and Trends:
The surge in digital transactions is expected to propel the growth of the money transfer agency market going forward. Digital transactions refer to financial exchanges or funds transfers conducted electronically rather than through traditional paper-based methods. The rise in digital transactions is driven by increasing smartphone adoption, improved internet access, and advancements in payment technologies. Money transfer agencies facilitate digital transactions by providing online platforms and mobile apps that allow users to send and receive money instantly, often integrating with digital wallets and leveraging technologies such as blockchain for enhanced security and efficiency. For instance, in September 2023, according to the Consumer Financial Protection Bureau, a US-based government agency, American consumers used Google Pay (a mobile payment service developed by Google, designed to facilitate in-app, online, and in-person contactless purchases using mobile devices) to spend $65.2 billion at retail establishments in 2022, up from $24.8 billion in 2021. Therefore, the surge in digital transactions is driving the growth of the money transfer agency market.
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.
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• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
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• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
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Major Key Players of the Market:
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
Money Transfer Agencies Market 2024 Key Insights:
• The money transfer agencies market size is expected to grow to$48.81 billion in 2028 at a compound annual growth rate (CAGR) of 13.8%.
• Digital Transaction Surge Boosts Growth in Money Transfer Agency Market
• Careem Acquires Denarii To Strengthen Global Money Transfer Capabilities
• North America was the largest region in the money transfer agencies market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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