Money transfer services are utilized by individuals, businesses and organizations for various purposes, such as sending remittances to family members, paying for goods and services, supporting small businesses and addressing emergencies. They are often employed during transactions where cash or direct bank transfers are impractical or unavailable, providing flexibility and accessibility to users. These services are complemented by other financial services like banking, credit provision and mobile payment systems, while also competing with traditional methods such as physical cash transfers or check payments.
The global money transfer services market was valued at $17,289.92 million in 2019 which grew till 2024 at a compound annual growth rate (CAGR) of more than 16.00%.
Increase in Remote Work
An increase in remote work contributed to the growth of the money transfer service market in the historic period. Remote workers increasingly require flexible payment methods that align with their diverse working hours and individual preferences. In response, money transfer services have adapted by providing faster and more versatile options, such as real-time transfers, mobile-to-mobile payments and online platform-based transactions. These advancements facilitate quicker and more convenient access to earnings for remote workers. For instance, in February 2023, according to the Office for National Statistics, a UK-based government department, between September 2022 and January 2023, 16% of working adults reported exclusively working from home, while a higher 28% reported a combination of working from home and commuting to work. Therefore, the increase in remote work drove the growth of the money transfer service market.
Transforming Global Fund Transfers With An Innovative Digital Platform
Companies operating in the money transfer service market are focusing on transforming global fund transfers with an innovative digital platform. The digital platform offers an easy-to-use, intuitive digital interface, which means users can access the service from their smartphones or computers without the need to visit a physical branch. For instance, in May 2024, Thomas Cook India, an India-based omnichannel forex services company, introduced TCPay, a cutting-edge digital service designed to streamline international money transfers. This innovative platform allows customers to transfer funds abroad with ease, offering round-the-clock access and paperless transactions through an intuitive digital interface. TCPay also incorporates a secure video KYC (know your customer) process, ensuring fast and reliable remittances from the comfort of your home. By eliminating the traditional barriers of extensive paperwork and restricted banking hours, TCPay provides a more efficient and user-friendly solution for international money transfers.
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.
Money Transfer Services Global Market Opportunities And Strategies To 2034 from The Business Research Company provides the strategists; marketers and senior management with the critical information they need to assess the global money transfer services market as it emerges from the COVID-19 shut down.
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Where is the largest and fastest-growing market for money transfer services? How does the market relate to the overall economy; demography and other similar markets? What forces will shape the market going forward? The money transfer services market global report from The Business Research Company answers all these questions and many more.
The 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 history and forecasts market growth by geography. It places the market within the context of the wider money transfer services market; and compares it with other markets.
The report covers the following chapters
- Introduction and Market Characteristics - Brief introduction to the segmentations covered in the market, definitions and explanations about the segment by type, by channel and by end user.
- Key Trends- Highlights the major trends shaping the global market. This section also highlights likely future developments in the market.
- Macro-Economic Scenario - The report provides an analysis of the impact of the COVID-19 pandemic, impact of the Russia-Ukraine war and impact of rising inflation on global and regional markets, providing strategic insights for businesses in the money transfer services market.
- Global Market Size And Growth - Global historic (2019-2024) and forecast (2024-2029, 2034F) market values and drivers and restraints that support and control the growth of the market in the historic and forecast periods.
- Regional And Country Analysis - Historic (2019-2024) and forecast (2024-2029, 2034F) market values and growth and market share comparison by region and country.
- Market Segmentation - Contains the market values (2019-2024) (2024-2029, 2034F) and analysis for each segment by type, by channel and by end user in the market. Historic (2019-2024) and forecast (2024-2029) and (2029-2034) market values and growth and market share comparison by region market.
- Regional Market Size and Growth - Regional market size (2024), historic (2019-2024) and forecast (2024-2029, 2034F) market values and growth and market share comparison of countries within the region. This report includes information on all the regions Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa and major countries within each region.
- Competitive Landscape- Details on the competitive landscape of the market, estimated market shares and company profiles of the leading players.
- Other Major And Innovative Companies -Details on the company profiles of other major and innovative companies in the market.
- Competitive Benchmarking- Briefs on the financials comparison between major players in the market.
- Competitive Dashboard- Briefs on competitive dashboard of major players.
- Key Mergers and Acquisitions- Information on recent mergers and acquisitions in the market is covered in the report. This section gives key financial details of mergers and acquisitions which have shaped the market in recent years.
- Market Opportunities And Strategies- Describes market opportunities and strategies based on findings of the research, with information on growth opportunities across countries, segments and strategies to be followed in those markets.
- Conclusions And Recommendations- This section includes recommendations for money transfer services providers in terms of product/service offerings geographic expansion, marketing strategies and target groups.
- Appendix- This section includes details on the NAICS codes covered, abbreviations and currencies codes used in this report.
Markets Covered:
- 1) By Type: Inward Money Transfer; Outward Money Transfer
- 2) By Channel: Banks; Money Transfer Operators; Other Channels
- 3) By End User: Personal; Small Businesses; Other End-Users
- Companies Mentioned: The Western Union Company; Wise (TransferWise Ltd.); Revolut Ltd.; Remitly Inc.; MoneyGram International Inc.
- Countries: China; Australia; India; Indonesia; Japan; South Korea; USA; Canada; Brazil; France; Germany; UK; Italy; Spain; Russia
- Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
- Time-series: Five years historic and ten years forecast.
- Data: Ratios of market size and growth to related markets; GDP proportions; expenditure per capita; money transfer services indicators comparison.
- Data segmentations: country and regional historic and forecast data; market share of competitors; market segments.
- Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.