Money Transfer Agencies Market Report 2024

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).

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.

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 are financial institutions or companies that specialize in facilitating the transfer of funds between individuals or entities, often across different locations or countries. These agencies typically offer services such as domestic and international wire transfers, remittances, and electronic money transfers.

The main types of money transfer agencies include banks, money transfer operators, and others. Banks are financial institutions licensed to accept deposits, provide loans, and offer a range of other services such as wealth management, currency exchange, and safe deposit boxes. The various services provided include money transfers and currency exchange, and these services are used by various end users, including individuals and businesses.

The money transfer agencies market research report is one of a series of new reports that provides money transfer agencies market statistics, including money transfer agencies industry global market size, regional shares, competitors with a money transfer agencies market share, detailed money transfer agencies market segments, market trends and opportunities, and any further data you may need to thrive in the money transfer agencies industry. This money transfer agencies market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The money transfer agencies market includes revenues earned by entities by providing services such as business payments, digital wallets and online platforms. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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