Report Code: A15391 | Pages: NA | Mar 2023 | 1235 Views | ||
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Pandemic disrupted the entire world and affected many industries.
Get detailed COVID-19 impact analysis on the Electronic Funds Transfer Market
Request Now !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.Â
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.Â
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.Â
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
COVID-19 Scenario Analysis
Questions Answered in the Electronic Funds Transfer Market Research Report
Electronic Funds Transfer Market Report Highlights
Aspects | Details |
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By Type |
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By End User |
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By Region |
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Key Market Players | Royal Bank of Canada, Charles Schwab & Co., Citigroup Inc., UBS, Morgan, Stanley, Bank of America Corporation., JPMorgan Chase & Co., Goldman Sachs, Julius Baer Group, CREDIT SUISSE GROUP |
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