Product Code: r8755
“Money Transfer Services Global Market Report 2023 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on money transfer services market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Reasons to Purchase
- Gain a truly global perspective with the most comprehensive report available on this market covering 50+ geographies.
- Understand how the market has been affected by the COVID-19 and how it is responding as the impact of the virus abates.
- Assess the Russia - Ukraine war's impact on agriculture, energy and mineral commodity supply and its direct and indirect impact on the market.
- Measure the impact of high global inflation on market growth.
- Create regional and country strategies on the basis of local data and analysis.
- Identify growth segments for investment.
- Outperform competitors using forecast data and the drivers and trends shaping the market.
- Understand customers based on the latest market shares.
- Benchmark performance against key competitors.
- Suitable for supporting your internal and external presentations with reliable high quality data and analysis
- Report will be updated with the latest data and delivered to you within 3-5 working days of order along with an Excel data sheet for easy data extraction and analysis.
- All data from the report will also be delivered in an excel dashboard format.
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 historic and forecast market growth by geography.
Scope
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: JPMorgan Chase and Co.; Bank of America Corporation; Citigroup Inc.; Wells Fargo and Company; WorldFirst
- Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Italy; Spain; Canada
- 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,
- 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.
- Delivery format: PDF, Word and Excel Data Dashboard.
Executive Summary
Major players in the money transfer services market are: JPMorgan Chase and Co., Bank of America Corporation, Citigroup Inc., Wells Fargo and Company, WorldFirst, PayPal Holdings Inc., Western Union Holdings Inc., MoneyGram International Inc., Remessa Online, RIA Financial Services, Wise US Inc., Remitly Inc., Early Warning Services LLC., Transfast, Small World Financial Services, Tor Currency Exchange Ltd., Airwallex Limited, TransferMate, WorldRemit Ltd., Payoneer Global Inc., XE.com Inc., Skrill USA Inc., Paysend Group, TransferGo Ltd., OrbitRemit Limited, HiFX, Xoom Corporation, Pangea Money Transfer, Azimo B.V., and UAE Exchange Centre Co. LLC.
The global money transfer services market is expected to grow from $27.01 billion in 2022 to $31.41 billion in 2023 at a compound annual growth rate (CAGR) of 16.3%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and resulted in increased interest rates affecting many markets across the globe. The money transfer services market is expected to reach $56.83 billion in 2027 at a CAGR of 16%.
The money transfer services market includes revenues earned by entities by providing international money transfer (IMT), mobile money transfer, and instant money order (iMO). 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.
A money transfer service is a financial service that allows individuals and businesses to send or transfer money electronically from one location to another. It involves the transfer of funds between different individuals or entities, typically across borders or between various financial institutions.
Asia-Pacific was the largest region in the money transfer services market in 2022. The regions covered in money transfer services report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of money transfer services are inward money transfer and outward money transfer. Inward money transfer refers to a service where funds are deposited into an account from a domestic or international location and is used in the transfer of funds from an overseas bank to a domestic bank. Money transfers are conducted through various channels, such as banks, money transfer operators, and others, that are used by several end-users, including individuals, small businesses, and others.
The growing acceptance of smartphones is expected to propel the growth of the money transfer services market going forward. A smartphone refers to a mobile electronic device with a cellular network connection. Smartphones have significantly simplified online money transfers, enabling users to pay bills, purchase goods and services, and even send cash to a family member with only a few clicks from any location. For instance, in February 2023, according to a report published by Uswitch Limited, a UK-based financial conduct authority, beginning in 2022, there were 71.8 million mobile connections in the UK, a 3.8% (or around 2.6 million) increase over 2021. Further, the UK population is expected to grow to 68.3 million by 2025, of which 95% (or about 65 million individuals) will own a smartphone. Therefore, the growing acceptance of smartphones is driving the growth of the money transfer services market.
Product innovation is a key trend gaining popularity in the money transfer services market. Major companies operating in the money transfer services market focus on developing innovative products and solutions to sustain their positions in the market. For instance, in May 2023, Banque Populaire, a France-based group of cooperative banks, launched Swift Go, the country's first cross-border money transfer service. The unique feature of this service is that it caters to the various requirements of corporate and individual customers while guaranteeing quick and secure transactions with a limit of $10,000. The strategic decision made by Banque Populaire to introduce Swift Go is in line with the changing needs of Moroccan clients, who are looking for more streamlined cross-border transfer services.
In March 2022, Papaya Global, a US-based payroll technology provider, acquired Azimo Ltd. for an undisclosed amount. Through this acquisition, Papaya will be able to provide customers with a payment solution that processes payments in a matter of hours rather than days. Further, Papaya's capacity to assist businesses in managing and paying their remote staff is strengthened by Azimo's global digital payment network, many payment licenses, and in-depth fintech knowledge. Azimo Ltd. is a Netherlands-based money transfer service provider.
The countries covered in the money transfer services market report are: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.
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.
The money transfer services research report is one of a series of new reports from The Business Research Company that provides money transfer services market statistics, including the money transfer services industry's global market size, regional shares, competitors with a money transfer services market share, detailed money transfer services market segments, market trends and opportunities, and any further data you may need to thrive in the money transfer services industry. This money transfer services market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
Table of Contents
1. Executive Summary
2. Money Transfer Services Market Characteristics
3. Money Transfer Services Market Trends And Strategies
4. Money Transfer Services Market - Macro Economic Scenario
- 4.1. Impact Of High Inflation On Online Therapy Services Market
- 4.2. Ukraine-Russia War Impact On Online Therapy Services Market
- 4.3. COVID-19 Impact On Online Therapy Services Market
- 5.1. Global Money Transfer Services Market Drivers and Restraints
- 5.1.1. Drivers Of The Market
- 5.1.2. Restraints Of The Market
- 5.2. Global Money Transfer Services Historic Market Size and Growth, 2017 - 2022, Value ($ Billion)
- 5.3. Global Money Transfer Services Forecast Market Size and Growth, 2022 - 2027, 2032F, Value ($ Billion)
6. Money Transfer Services Market Segmentation
- 6.1. Global Money Transfer Services Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Inward Money Transfer
- Outward Money Transfer
- 6.2. Global Money Transfer Services Market, Segmentation By Channel, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Banks
- Money Transfer Operators
- Other Channels
- 6.3. Global Money Transfer Services Market, Segmentation By End User, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Personal
- Small Businesses
- Other End-Users
7. Money Transfer Services Market Regional And Country Analysis
- 7.1. Global Money Transfer Services Market, Split By Region, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 7.2. Global Money Transfer Services Market, Split By Country, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
8. Asia-Pacific Money Transfer Services Market
- 8.1. Asia-Pacific Money Transfer Services Market Overview
- Region Information, Impact Of COVID-19, Market Information, Background Information, Government Initiatives, Regulations, Regulatory Bodies, Major Associations, Taxes Levied, Corporate Tax Structure, Investments, Major Companies
- 8.2. Asia-Pacific Money Transfer Services Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 8.3. Asia-Pacific Money Transfer Services Market, Segmentation By Channel, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 8.4. Asia-Pacific Money Transfer Services Market, Segmentation By End User, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
9. China Money Transfer Services Market
- 9.1. China Money Transfer Services Market Overview
- 9.2. China Money Transfer Services Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F,$ Billion
- 9.3. China Money Transfer Services Market, Segmentation By Channel, Historic and Forecast, 2017-2022, 2022-2027F, 2032F,$ Billion
- 9.4. China Money Transfer Services Market, Segmentation By End User, Historic and Forecast, 2017-2022, 2022-2027F, 2032F,$ Billion
10. India Money Transfer Services Market
- 10.1. India Money Transfer Services Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 10.2. India Money Transfer Services Market, Segmentation By Channel, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 10.3. India Money Transfer Services Market, Segmentation By End User, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
11. Japan Money Transfer Services Market
- 11.1. Japan Money Transfer Services Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 11.2. Japan Money Transfer Services Market, Segmentation By Channel, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 11.3. Japan Money Transfer Services Market, Segmentation By End User, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
12. Australia Money Transfer Services Market
- 12.1. Australia Money Transfer Services Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 12.2. Australia Money Transfer Services Market, Segmentation By Channel, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 12.3. Australia Money Transfer Services Market, Segmentation By End User, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
13. Indonesia Money Transfer Services Market
- 13.1. Indonesia Money Transfer Services Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 13.2. Indonesia Money Transfer Services Market, Segmentation By Channel, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 13.3. Indonesia Money Transfer Services Market, Segmentation By End User, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
14. South Korea Money Transfer Services Market
- 14.1. South Korea Money Transfer Services Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 14.2. South Korea Money Transfer Services Market, Segmentation By Channel, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 14.3. South Korea Money Transfer Services Market, Segmentation By End User, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
15. Western Europe Money Transfer Services Market
- 15.1. Western Europe Money Transfer Services Market Overview
- 15.2. Western Europe Money Transfer Services Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 15.3. Western Europe Money Transfer Services Market, Segmentation By Channel, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 15.4. Western Europe Money Transfer Services Market, Segmentation By End User, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
16. UK Money Transfer Services Market
- 16.1. UK Money Transfer Services Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 16.2. UK Money Transfer Services Market, Segmentation By Channel, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 16.3. UK Money Transfer Services Market, Segmentation By End User, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
17. Germany Money Transfer Services Market
- 17.1. Germany Money Transfer Services Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 17.2. Germany Money Transfer Services Market, Segmentation By Channel, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 17.3. Germany Money Transfer Services Market, Segmentation By End User, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
18. France Money Transfer Services Market
- 18.1. France Money Transfer Services Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 18.2. France Money Transfer Services Market, Segmentation By Channel, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 18.3. France Money Transfer Services Market, Segmentation By End User, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
19. Italy Money Transfer Services Market
- 19.1. Italy Money Transfer Services Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 19.2. Italy Money Transfer Services Market, Segmentation By Channel, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 19.3. Italy Money Transfer Services Market, Segmentation By End User, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
20. Spain Money Transfer Services Market
- 20.1. Spain Money Transfer Services Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 20.2. Spain Money Transfer Services Market, Segmentation By Channel, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 20.3. Spain Money Transfer Services Market, Segmentation By End User, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
21. Eastern Europe Money Transfer Services Market
- 21.1. Eastern Europe Money Transfer Services Market Overview
- 21.2. Eastern Europe Money Transfer Services Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 21.3. Eastern Europe Money Transfer Services Market, Segmentation By Channel, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 21.4. Eastern Europe Money Transfer Services Market, Segmentation By End User, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
22. Russia Money Transfer Services Market
- 22.1. Russia Money Transfer Services Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 22.2. Russia Money Transfer Services Market, Segmentation By Channel, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 22.3. Russia Money Transfer Services Market, Segmentation By End User, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
23. North America Money Transfer Services Market
- 23.1. North America Money Transfer Services Market Overview
- 23.2. North America Money Transfer Services Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 23.3. North America Money Transfer Services Market, Segmentation By Channel, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 23.4. North America Money Transfer Services Market, Segmentation By End User, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
24. USA Money Transfer Services Market
- 24.1. USA Money Transfer Services Market Overview
- 24.2. USA Money Transfer Services Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 24.3. USA Money Transfer Services Market, Segmentation By Channel, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 24.4. USA Money Transfer Services Market, Segmentation By End User, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
25. Canada Money Transfer Services Market
- 25.1. Canada Money Transfer Services Market Overview
- 25.2. Canada Money Transfer Services Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 25.3. Canada Money Transfer Services Market, Segmentation By Channel, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 25.4. Canada Money Transfer Services Market, Segmentation By End User, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
26. South America Money Transfer Services Market
- 26.1. South America Money Transfer Services Market Overview
- 26.2. South America Money Transfer Services Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 26.3. South America Money Transfer Services Market, Segmentation By Channel, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 26.4. South America Money Transfer Services Market, Segmentation By End User, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
27. Brazil Money Transfer Services Market
- 27.1. Brazil Money Transfer Services Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 27.2. Brazil Money Transfer Services Market, Segmentation By Channel, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 27.3. Brazil Money Transfer Services Market, Segmentation By End User, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
28. Middle East Money Transfer Services Market
- 28.1. Middle East Money Transfer Services Market Overview
- 28.2. Middle East Money Transfer Services Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 28.3. Middle East Money Transfer Services Market, Segmentation By Channel, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 28.4. Middle East Money Transfer Services Market, Segmentation By End User, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
29. Africa Money Transfer Services Market
- 29.1. Africa Money Transfer Services Market Overview
- 29.2. Africa Money Transfer Services Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 29.3. Africa Money Transfer Services Market, Segmentation By Channel, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 29.4. Africa Money Transfer Services Market, Segmentation By End User, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
30. Money Transfer Services Market Competitive Landscape And Company Profiles
- 30.1. Money Transfer Services Market Competitive Landscape
- 30.2. Money Transfer Services Market Company Profiles
- 30.2.1. JPMorgan Chase and Co.
- 30.2.1.1. Overview
- 30.2.1.2. Products and Services
- 30.2.1.3. Strategy
- 30.2.1.4. Financial Performance
- 30.2.2. Bank of America Corporation
- 30.2.2.1. Overview
- 30.2.2.2. Products and Services
- 30.2.2.3. Strategy
- 30.2.2.4. Financial Performance
- 30.2.3. Citigroup Inc.
- 30.2.3.1. Overview
- 30.2.3.2. Products and Services
- 30.2.3.3. Strategy
- 30.2.3.4. Financial Performance
- 30.2.4. Wells Fargo and Company
- 30.2.4.1. Overview
- 30.2.4.2. Products and Services
- 30.2.4.3. Strategy
- 30.2.4.4. Financial Performance
- 30.2.5. WorldFirst
- 30.2.5.1. Overview
- 30.2.5.2. Products and Services
- 30.2.5.3. Strategy
- 30.2.5.4. Financial Performance
31. Money Transfer Services Market Other Major And Innovative Companies
- 31.1. PayPal Holdings Inc.
- 31.2. Western Union Holdings Inc.
- 31.3. MoneyGram International Inc.
- 31.4. Remessa Online
- 31.5. RIA Financial Services
- 31.6. Wise US Inc.
- 31.7. Remitly Inc.
- 31.8. Early Warning Services LLC.
- 31.9. Transfast
- 31.10. Small World Financial Services
- 31.11. Tor Currency Exchange Ltd.
- 31.12. Airwallex Limited
- 31.13. TransferMate
- 31.14. WorldRemit Ltd.
- 31.15. Payoneer Global Inc.
32. Global Money Transfer Services Market Competitive Benchmarking
33. Global Money Transfer Services Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Money Transfer Services Market
35. Money Transfer Services Market Future Outlook and Potential Analysis
- 35.1 Money Transfer Services Market In 2027 - Countries Offering Most New Opportunities
- 35.2 Money Transfer Services Market In 2027 - Segments Offering Most New Opportunities
- 35.3 Money Transfer Services Market In 2027 - Growth Strategies
- 35.3.1 Market Trend Based Strategies
- 35.3.2 Competitor Strategies
36. Appendix
- 36.1. Abbreviations
- 36.2. Currencies
- 36.3. Historic And Forecast Inflation Rates
- 36.4. Research Inquiries
- 36.5. The Business Research Company
- 36.6. Copyright And Disclaimer