Dublin, Jan. 6, 2025 (GLOBE NEWSWIRE) — The Money Transfer Agencies Market Report 2024 has been updated ResearchAndMarkets.com Offer.

This money transfer agency market report covers market characteristics, size and growth, segmentation, regional and country breakdown, competitive landscape, market shares, trends and strategies for this market. It tracks the historical and forecast market growth of the market based on geography.

The size of the money transfer agency market 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 over the historical period is due to increasing smartphone usage, an increase in cross-border trade, higher disposable incomes, an expansion in the number of global payment networks and growing demand for lower transaction fees.

The money transfer agency market is expected to witness rapid growth in the next few years. In 2028, it will grow to $48.81 billion at a compound annual growth rate (CAGR) of 13.8%. The expected growth during the forecast period is due to increasing penetration of expatriate remittances, increasing number of digital wallets, growing investments in technology infrastructure, higher demand for integrated money transfer solutions and greater need for customizable and flexible money transfer options. Key trends for this period include technological advancements, blockchain integration, cross-border remittances, 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 are financial transactions or money transfers that are conducted electronically rather than through traditional paper-based methods. This increase is being driven by increasing smartphone penetration, improved internet access and advances in payment technologies. Money transfer agencies support digital transactions by offering online platforms and mobile applications that allow users to send and receive money instantly.

These platforms often integrate with digital wallets and use technologies such as blockchain to ensure greater security and efficiency. For example, the Consumer Financial Protection Bureau, a US-based government agency, reported in September 2023 that American consumers used Google Pay – Google’s mobile payment service for contactless in-app, online and in-person purchases – by 65.2 US -Dollars to spend Sales are estimated at $24.8 billion at retail locations in 2022, up from $24.8 billion in 2021. Consequently, the increase is driving digital transactions are driving the growth of the money transfer agency market.

Leading money transfer agency companies focus on developing innovative solutions such as money transfer apps to improve user experience, speed up transactions and provide safe 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. For example, Hong Kong and Shanghai Banking Corporation Limited (HSBC), a Hong Kong-based international bank, launched the Zing International Money Transfer app in July 2024.

This app allows users to hold money in over ten currencies, send money in over thirty currencies, and transact in over two hundred countries and territories through a single app and a smart multi-currency card. The Zing app is designed to provide safe, easy-to-use and reliable financial products to consumers worldwide. It charges no fees for outgoing transfers and offers exchange rate fees starting at 0.2%. Users benefit from free withdrawals from UK ATMs and a free monthly withdrawal from international ATMs. The app is designed for simplicity, allowing users to easily manage funds, track payments, and convert currencies. It offers 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 financial services portfolio, enhance its digital payments and money transfer capabilities, and leverage Denarii’s platform to offer more comprehensive financial solutions to users in the UAE and potentially beyond. Denarii is a UAE-based company specializing 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 and 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.

Competitive landscape and company profiles of money transfer agencies: 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 important 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
Projected market value (USD) by 2028	$48.81 billion
Compound annual growth rate	13.8%
Regions covered	Global

Main topics covered:

1. Summary

2. Money transfer agency market characteristics

3. Market trends and strategies for money transfer agencies

4. Money Transfer Agency Market – Macroeconomic Scenario
4.1. Effects of high inflation on the market
4.2. Effects of the war between Ukraine and Russia on the market
4.3. Impact of COVID-19 on the market

5. Size and growth of the global money transfer agency market
5.1. Global Money Transfer Agencies Market Drivers and Restraints
5.1.1. Drivers of the market
5.1.2. Market restrictions
5.2. Global Money Transfer Agencies: Historical Market Size and Growth, 2018-2023, Value (Billion US Dollars)
5.3. Global Money Transfer Agencies Forecast Market Size and Growth, 2023-2028, 2033F, Value (Billion US Dollars)

6. Money Transfer Agencies Market Segmentation
6.1. Global Money Transfer Agencies Market, Segmentation by Type, Historical and Forecast, 2018-2023, 2023-2028F, 2033F, Billion US Dollars

• Banks
• Money transfer provider
• Other types

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

• Money transfer
• Currency exchange

6.3. Global Money Transfer Agency Market, Segmentation by End User, Historical and Forecast, 2018-2023, 2023-2028F, 2033F, Billion US Dollars

7. Regional and Country Analysis of Money Transfer Agencies Market
7.1. Global Money Transfer Agencies Market Split by Region, Historical and Forecast, 2018-2023, 2023-2028F, 2033F, Billion US Dollars
7.2. Global Money Transfer Agencies Market Split by Country, Historical and Forecast, 2018-2023, 2023-2028F, 2033F, Billion US Dollars

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• Money Transfer Agencies Market Report 2024