Money Transfer Agencies Market to grow by USD 13.89 billion from 2021 to 2026, market is fragmented due to the presence of prominent companies like Azimo BV, Bank of America Corp. and Citigroup Inc., and many more – Technavio

NEW YORK, Oct. 23, 2023 /PRNewswire/ — The money transfer agencies market is estimated to grow by USD 13.89 billion from 2021 to 2026, growing at a CAGR of 10.34%. The money transfer agencies market is fragmented owing to the presence of many global and regional companies. A few prominent companies that offer money transfer agencies market are Azimo BV, Bank of America Corp., Citigroup Inc., Denarii, Euronet Worldwide Inc., Finablr Ltd., HDFC Bank Ltd., JPMorgan Chase and Co., MoneyGram Payment Services Inc., NIUM Pte. Ltd., NOW Payment Services Provider LLC, OzForex Ltd., PayPal Holdings Inc., Remitly Global Inc., Remitware Payments Canada Inc., Sendah Direct, TransferGo Ltd., U.S. Bancorp, Wells Fargo and Co., Western Union Holdings Inc., Wise Payments Ltd., and worldremit.com. The report provides a full list of key companies, their strategies, and the latest developments. Download a FREE Sample before buying.

Company Offering:

Azimo BV – The company offers money transfer solutions for sole traders, small businesses, and growing businesses. Bank of America Corp. – The company offers a money transfer solution namely International Wire Transfer. Citigroup Inc. – The company offers money transfer solutions from overseas.  For details on companies and their offerings – Buy a report!

By Geography, the market is classified as North America, Europe, APAC, Middle East and Africa, and South America. North America will have the largest share of the market. North America will contribute 35% to the global market growth during the forecast period. North America is expected to witness faster growth compared to South America and MEA. Factors such as the significant increase in the demand for money transfer and currency exchange services, as firms will transfer money and exchange currency for many individuals and small businesses by improving their services with the help of big data and analytics drive the regional market growth. Download a FREE sample report to get more insights on the market share of various regions and the contribution of the segments.

Impactful driver- Technological advancementsKey Trend – Rising number of start-upsMajor Challenges – Rising illicit financial flows

 Market Segmentation

By Service, the money transfer segment will be significant during the forecast period. Factors such as the rapid growth of e-banking and the rise of digital channels for remittance transfers will drive segment growth. Given the improved digital technology support, more people visiting foreign for travel and study has led to the development of money transfer agencies over the past few years Money transfer service is a quick and easy way of transferring personal remittances abroad, and money transfer agencies provide services to international migrants transferring money to their native countries. With the global workforce becoming increasingly mobile, international money transfers have equally grown in prominence.

Technavio Research experts have provided more insights on the market share of segments – View a FREE Sample Report

Related Reports:
The Remittance Market size is estimated to grow at a CAGR of 10.55% between 2022 and 2027 and the size of the market is forecast to increase by USD 38.2 billion.

The unified payments interface (UPI) market size in India is expected to increase to USD 65.49 trillion from 2021 to 2026, at a CAGR of 132.98%.

TOC:

1 Executive Summary

2 Market Landscape

3 Market Sizing

4 Historic Market Size

5 Five Forces Analysis

6 Market Segmentation by Service

7 Customer Landscape

8 Geographic Landscape

9 Drivers, Challenges, and Trends

10 Vendor Landscape

11 Vendor Analysis

12 Appendix

About US

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SOURCE Technavio