Allied Market Research

2024

Electronic Funds Transfer Market

Electronic Funds Transfer Market Size, Share, Competitive Landscape and Trend Analysis Report by Type (Inter-Bank Transaction, Customer Transaction) and by End User (Individual, Enterprises): Global Opportunity Analysis and Industry Forecast, 2023-2032

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Author's: | Vineet Kumar
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A fund transfer system that allows instant transfer of money or securities is referred to as an electronic funds transfer market. It is a popular method for transferring funds from one account to another over a computer network. The transaction settles in the receiving bank as soon as it is transferred from the sending bank. Furthermore, the gross settlement means that transactions are handled and settled individually rather than in batches or groups. 

Electronic funds transfers replace paper transfers and human intermediaries while allowing the customer to do their banking. Furthermore, electronic funds transfers are protected by a personal identification number (PIN) or the login information used to access the customer's online banking service. The payment is processed by an automated clearing house (ACH). This serves as the foundation for an electronic funds transfer system.

The global electronic funds transfer market is segmented on the basis of type, end user, and region. Based on type, the market is bifurcated into inter-bank transaction and customer transaction. On the basis of end user, the market is divided into individual and enterprises. Geographically, the market is analyzed across several regions such as North America, Europe, Asia-Pacific, and Latin America, Middle East & Africa (LAMEA).

Top Impacting Factors

The rise in the adoption of online banking services, and customers demand for quicker payment settlements are driving the growth of the market. However, high deployment costs and increasing market competition are expected to hamper market growth. Contrarily, the rise in international trade can be seen as an opportunity for the market.

The Rise in the Adoption of Online Banking Services

The rising usage of online banking services in day-to-day life, combined with the increasing use of advanced developments in financial services such as online payments, the use of smartphones, and the availability of advanced services, are driving the demand. Users have built trust among consumers in recent years by adding a layer of verification to payment portals to secure information. 

As the demand for online payments has grown, the demand for faster payment portals has also risen. Moreover, companies across industries are adopting an online payment culture, which is expected to supplement the demand for these electronic funds transfer portals. Therefore, these factors are boosting the growth of the electronic funds transfer market.

High Deployment Cost

Cost is an important consideration when selecting advanced technology such as funds transfer, UPI, debit cards, and online banking. High-security for these applications is typically expensive. The cost of incorporating or providing access to an online payment gateway application is usually very expensive. 

The high cost of electronic funds transfer components, as well as the high cost of incorporating payment gateways into the online payment market, is hampering the market growth. These are the major reasons which limit the demand for this market. Therefore, high implementation costs are expected to hinder the market growth of the electronic fund transfer market during the forecasted period.

Key Benefits of the Report

  • This study presents an analytical depiction of the electronic funds transfer market along with the current trends and future estimations to determine the imminent investment pockets.    
  • The report presents information related to key drivers, restraints, and opportunities along with a detailed analysis of the electronic funds transfer market share.     
  • The current market is quantitatively analyzed to highlight the electronic funds transfer market growth scenario.         
  • Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.    
  • The report provides a detailed electronic funds transfer market analysis depending on the present and future competitive intensity of the market.

COVID-19 Scenario Analysis

  • During the COVID-19 outbreak, automation technology was adopted in a variety of end-user industries. Online banking is increasingly likely to be one of the biggest beneficiaries of post-COVID-19 changes in the workplace. Furthermore, the trend of contactless payment is expected to boost the market growth of electronic funds transfer. Therefore, the COVID-19 had a positive impact on the growth of the market.

Questions Answered in the Electronic Funds Transfer Market Research Report

  • Which are the leading players active in the electronic funds transfer market?
  • What would be the detailed impact of COVID-19 on the electronic funds transfer market size?
  • How the current electronic funds transfer market trends that would influence the industry in the next few years?
  • What are the driving factors, restraints, and opportunities in the global market?
  • What are the projections for the future that would help in taking further strategic steps?

Electronic Funds Transfer Market Report Highlights

Aspects Details
Electronic Funds Transfer Market By Type
By Type
  • Inter-Bank Transaction
  • Customer Transaction
Electronic Funds Transfer Market By End User
By End User
  • Individual
  • Enterprises
Electronic Funds Transfer Market By Region
By Region
  • North America  (U.S., Canada, Mexico)
  • Europe  (UK, Germany, France, Spain, Italy, Rest of Europe)
  • Asia-Pacific  (China, Japan, India, Australia, South Korea, Rest of Asia-Pacific)
  • LAMEA  (Latin America, Middle East, Africa)
Key Market Players
Key Market Players

JPMorgan Chase & Co., CREDIT SUISSE GROUP, Morgan, Goldman Sachs, Citigroup Inc., UBS, Bank of America Corporation., Julius Baer Group, Stanley, Charles Schwab & Co., Royal Bank of Canada

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Electronic Funds Transfer Market

Global Opportunity Analysis and Industry Forecast, 2023-2032