Global market for money transfer services reaches $78.12 billion

Market for money transfer services

The Money Transfer Services report describes and explains the Money Transfer Services market and covers 2019-2024, referred to as the historical period, and 2024-2029, 2034F referred to as 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 USD 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 USD 36.34 billion in 2024 to USD 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 by 2034.

What strategies are adopted by key players in the Money Transfer Services market?

The key market players are adopting comprehensive strategies in the money transfer services market such as:
• Direct Payments: Partner to enable instant wallet and bank transfers.
• Cross-border payments: Collaborate to launch seamless global payment solutions.
• Fast transfers: Launch new products for money transfers without real-time delays.
• Market expansion: Leverage M&A to expand offerings in new regions.
• Digital Payments: Create partnerships to leverage the growing digital payments sector.

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To take advantage of the opportunities, The Business Research Company suggests that companies with money transfer services improve their offerings:
• Secure transfers: Develop advanced, secure international money transfer services.
• Digital platform: Transform global money transfers with innovative digital solutions.
• Low-cost payments: Empower cross-border transactions with affordable payment options.
• Merchant Services: Create flexible, secure payment solutions for merchants.
• Blockchain integration: Improve international payments using the Solana blockchain.
• Real-time payments: Pre-payment infrastructure with instant real-time solutions.

What are Money Transfer Services: Market Overview?
Money transfer services refer to financial services that facilitate the electronic transfer of money from one person, business or organization to another, either domestically or internationally. These services are a critical component of the global financial ecosystem, enabling the safe, efficient and reliable movement of funds.

Money transfer services are used by individuals, businesses and organizations for various purposes, such as sending money transfers to family members, paying for goods and services, supporting small businesses and dealing with emergencies. They are often used during transactions where cash or direct bank transfers are impractical or unavailable, providing flexibility and accessibility for users. These services are complemented by other financial services such as banking, credit and mobile payment systems, while also competing with traditional methods such as physical cash transfers or check payments.

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Who are the major companies operating in the global money transfer services market?

The top ten competitors in the market accounted for 29.18% of the total market in 2023.

The Western Union Company was the largest competitor with a market share of 11.49%, followed by:
• Wise (TransferWise Ltd.)
• Revolut Ltd.
• Remitly Inc.
• MoneyGram International Inc.
• PayPal Holdings Inc.
• WorldRemit Ltd.
• Intermex Wire Transfer.
• Paytm (One97 Communications Limited).
• OFX (OzForex).

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This release was published on openPR.