Press release
Money Transfer Agencies Market Report, Size, Share, Growth, Trends, Forecast to 2033
Money Transfer Agencies Market
The new report published by The Business Research Company, titled Money Transfer Agencies 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 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 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%.
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What Is Driving The Growth Of The Global Money Transfer Agencies Market?
Digital Transaction Surge Boosts Growth in Money Transfer Agency Market
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.
What Is The Key Trend In The Global Money Transfer Agencies Market?
Innovations in Money Transfer HSBC Launches Zing International Money Transfer App
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.
How Is The Global Money Transfer Agencies Market Segmented?
The money transfer agencies market covered in this report is segmented -
1) By Type: Banks, Money Transfer Operators, Other Types
2) By Service Type: Money Transfer, Currency Exchange
3) By End User: Individual, Business
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How Is The Competitive Landscape Of The Global Money Transfer Agencies Market?
Major companies operating in the money transfer agencies market are 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
Contents Of The Global Money Transfer Agencies Market
1. Executive Summary
2. Money Transfer Agencies Market Report Structure
3. Money Transfer Agencies Market Trends And Strategies
4. Money Transfer Agencies Market - Macro Economic Scenario
5. Money Transfer Agencies Market Size And Growth
…..
27. Money Transfer Agencies Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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Learn More About The Business Research Company
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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