Money Transfer Services Market Opportunities and Strategies to 2034

This report describes and explains the money transfer services market and covers 2019-2024, termed the historic period, and 2024-2029, 2034F termed the forecast period. The report evaluates the market across each region and for the major economies within each region.

The global money transfer services market reached a value of nearly $36.34 billion in 2024, having grown at a compound annual growth rate (CAGR) of 16.02% since 2019. The market is expected to grow from $36.34 billion in 2024 to $78.12 billion in 2029 at a rate of 16.54%. The market is then expected to grow at a CAGR of 17.09% from 2029 and reach $171.97 billion in 2034.

Growth in the historic period resulted from the rising global migration, rising internet penetration, growing consumer preference for contactless and card-based transactions and increase in remote work. Factors that negatively affected growth in the historic period was high transaction costs.

Going forward, the rising smartphone penetration, proliferation of digital payment platforms and rising urbanization will drive the growth. Factor that could hinder the growth of the money transfer services market in the future include increasing risks of cyber threats and economic instability.

The global money transfer service market is fairly concentrated, with large players operating in the market. The top ten competitors in the market made up 29.18% of the total market in 2023. The Western Union Company was the largest competitor with a 11.49% share of the market, followed by Wise (TransferWise Ltd.) with 4.03%, Revolut Ltd. with 3.99%, Remitly Inc. with 2.26%, MoneyGram International Inc. with 2.06%, PayPal Holdings Inc. with 1.71%, WorldRemit Ltd. with 1.14%, Intermex Wire Transfer with 1.07%, Paytm (One97 Communications Limited) with 0.74% and OFX (OzForex) with 0.69%.

The money transfer services market is segmented by type into inward money transfer and outward money transfer. The inward money transfer market was the largest segment of the money transfer services market segmented by type, accounting for 61.90% or $22.49 billion of the total in 2024. Going forward, the outward money transfer segment is expected to be the fastest growing segment in the money transfer services market segmented by type, at a CAGR of 17.04% during 2024-2029.

The money transfer services market is segmented by channel into banks, money transfer operators and other channels. The money transfer operators market was the largest segment of the money transfer services market segmented by channel, accounting for 55.65% or $20.22 billion of the total in 2024. Going forward, the other channels segment is expected to be the fastest growing segment in the money transfer services market segmented by channel, at a CAGR of 18.06% during 2024-2029.

The money transfer services market is segmented by end user into personal, small businesses and other end-users. The personal market was the largest segment of the money transfer services market segmented by end user, accounting for 60.88% or $22.12 billion of the total in 2024. Going forward, the small businesses segment is expected to be the fastest growing segment in the money transfer services market segmented by end user, at a CAGR of 18.14% during 2024-2029.

Asia Pacific was the largest region in the money transfer services market, accounting for 32.68% or $11.87 billion of the total in 2024. It was followed by Western Europe, North America and then the other regions. Going forward, the fastest-growing regions in the money transfer services market will be Asia Pacific and Middle East where growth will be at CAGRs of 19.66% and 17.17% respectively. These will be followed by Africa and Western Europe where the markets are expected to grow at CAGRs of 15.60% and 14.88% respectively.

The top opportunities in the money transfer services market segmented by type will arise in the inward money transfer segment, which will gain $25.21 billion of global annual sales by 2029. The top opportunities in the money transfer services market segmented by channel will arise in the money transfer operators segment, which will gain $23.94 billion of global annual sales by 2029. The top opportunities in the money transfer services market segmented by end user will arise in the personal segment, which will gain $24.97 billion of global annual sales by 2029. The money transfer services market size will gain the most in India at $6.41 billion.

Market-trend-based strategies for the money transfer services market include focus on developing advanced international money transfers with enhanced security, focus on transforming global fund transfers with an innovative digital platform, focus on empowering cross-border transactions with low-cost payment solutions, focus on developing advanced payment services that promise greater flexibility and security for merchants, focus on enhancing international payments with the Solana blockchain and focus on advancing payment infrastructure with real-time payment solutions.

Player-adopted strategies in the money transfer services market include focus on strategic partnerships to enable direct payments to wallets and linked bank accounts, focus on strategic partnerships to launch an innovative cross-border payments solution, focus on new product launches to offers fast transfer service without delays, focus on merger and acquisition activity to expand its offering in new markets and focus on strategic partnerships and collaborations to transfer money easily and to tap into digital payment solutions sector.

To take advantage of the opportunities, the analyst recommends the money transfer services companies to focus on enhancing security in international transactions, focus on digital transformation in global fund transfers, focus on low-cost payment solutions for cross-border transactions, focus on secure and flexible payment solutions for high-value transactions, focus on advancing real-time payment infrastructure, focus on enhancing international payments with blockchain technology, focus on outward money transfer for growth, focus on other channels for growth, expand in emerging markets, focus on expanding distribution channels for money transfer services, focus on pricing strategies for money transfer services, focus on targeted marketing campaigns, focus on partnerships and strategic alliances and focus on small businesses for growth.

Major Market Trends

• Revolutionizing International Money Transfers With Enhanced Security
• Transforming Global Fund Transfers With An Innovative Digital Platform
• Empowering Cross-Border Transactions With Low-Cost Payment Solutions
• Advanced Payment Service Promises Greater Flexibility and Security for Merchants
• Enhancing International Payments With Solana Blockchain
• Advancing Payment Infrastructure With Real-Time Payment Solutions

Key Mergers and Acquisitions

• Deel Inc. Acquired Atlantic Money, Inc.
• Sendsprint Acquired Nobel Financial Inc.
• Thunes Ltd Acquired Tilia LLC
• Fiserv Inc Acquired Yacare
• Remitly Global, Inc. Acquired Rewire
• Papaya Global Acquired Azimo Ltd.