Money Transfer Agencies Market Report 2024-2033:

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Dublin, Jan. 06, 2025 (GLOBE NEWSWIRE) — The “Money Transfer Agencies Market Report 2024” report has been added ResearchAndMarkets.com’s offer.

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 tracks the market’s historical and projected market growth by geography.

The market size of money transfer agencies 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 historical period can be attributed to the increasing use of smartphones, an increase 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 witness rapid growth in the next few years. It will grow to $48.81 billion by 2028 at a compound annual growth rate (CAGR) of 13.8%. The expected growth during the forecast period can be attributed to the increasing prevalence of expatriate remittances, increasing number of digital wallets, growing investments in technological infrastructure, higher demand for integrated remittance solutions, and greater need for customized 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 expected to drive the growth of the money transfer agency market. Digital transactions involve financial exchanges or money transfers that are done electronically, rather than through traditional paper-based methods. This increase is driven by the growing adoption of smartphones, improved internet access and advances 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 use technologies like blockchain to ensure increased security and efficiency. For example, the Consumer Financial Protection Bureau, a US-based government agency, reported in September 2023 that US 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, up from $24.8 billion in 2021. Consequently, the increase in digital transactions is driving the growth of the money transfer agency market.

Leading companies in the money transfer agency sector concentrate on developing innovative solutions, such as money transfer apps, to improve user experience, speed up 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. In July 2024, Hong Kong and Shanghai Banking Corporation Limited (HSBC), a Hong Kong-based international bank, for example, introduced the Zing International Money Transfer App.

This app enables users to store money 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 multi-currency smart card. The Zing app is designed to offer secure, easy-to-use and reliable financial products to global consumers. It charges no fees for outgoing transfers and offers currency conversion fees starting at 0.2%. Users benefit from free UK ATM withdrawals and one free international ATM each month. Designed for simplicity, the app allows users to easily manage funds, track payments and convert currencies, with 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 aims to expand Careem’s portfolio of financial services, enhance its digital payments and money transfer capabilities and leverage Denarii’s platform to provide more comprehensive financial solutions to users in the UAE and potentially beyond. Denarii is a UAE-based company that specializes in facilitating international and local money transfers through a mobile application, web platform and application programming interface (API).

North America was the largest region in the Money Transfer Agency market in 2023. The regions covered in the Money Transfer Agency 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 Competitive Landscape and Company Profiles: Overview, Products and Services, Strategy, Financial Performance

  • JPMorgan Chase and Co.
  • Bank of America Corporation
  • Citigroup Inc.
  • Wells Fargo and Company
  • HDFC Bank Limited

Other large and innovative Money transfer agency companies

  • 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.

Key Attributes:

Report attribute Details
Number of pages 175
Forecast period 2024 – 2028
Estimated market value (USD) in 2024 $29.08 billion
Expected market value (USD) in 2028 $48.81 billion
Compound annual growth rate 13.8%
Regions covered Global

Key topics covered:

1. Summary

2. Money transfer agencies Market characteristics

3. Money Transfer Agencies Market Trends and Strategies

4. Money Transfer Agencies Market – Macro Economic Scenario
4.1. Impact of high inflation on the market
4.2. The impact of the Ukraine-Russia war on the market
4.3. COVID-19 impact on the market

5. Global Money Transfer Agencies Market Size and Growth
5.1. Global Money Transfer Agencies Market Drivers and Restraints
5.1.1. Market drivers
5.1.2. Market limitations
5.2. Global Money Transfer Agencies Historic Market Size and Growth, 2018 – 2023, Value (USD Billion)
5.3. Global Money Transfer Agencies Forecast Market Size and Growth, 2023 – 2028, 2033F, Value (USD Billion)

6. Money Transfer Agencies Market Segmentation
6.1. Global Money Transfer Agency Market, Segment by Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, Billion USD

  • Banks
  • Money Transfer Operators
  • Other types

6.2. Global Money Transfer Agency Market, Segmentation by Service Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, Billion USD

  • Money transfer
  • Currency exchange

6.3. Global Money Transfer Agency Market, Segment by End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, Billion USD

7. Money Transfer Agencies Market Regional and Country Analysis
7.1. Global Money Transfer Agency Market by Region, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, Billion USD
7.2. Global Money Transfer Agency Market by Country, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, Billion USD

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