Money Transfer Agencies Market By Type (Banks, MTOs, and Others), Service Type (Money Transfer and Currency Exchange), and End User (Individual and Business): Global Opportunity Analysis and Industry Forecast, 2020–2027
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Sep 2020 |
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COVID-19
Pandemic disrupted the entire world and affected many industries.
Get detailed COVID-19 impact analysis on the Money Transfer Agencies Market
Request Now !Money Transfer Agencies Market Outlook – 2027Â
The money transfer agencies market size is growing subsequently and is expected to grow during the forecast period, owing to increase in migrant workers across the globe. Money transfer agencies provide remittance services to international migrants transferring money to their native countries. It consists of different channels such as banks, money transfer providers, and distributors of mobile networks. In addition, money transfers have increased significantly, owing to growth in companies associated with customers and individuals working overseas in recent years.
The global money transfer agencies market is segmented on the basis of type, service type, end user, and region. Based on type, the market is divided into banks, MTOs, and others. In terms of service type, the market is categorized into money transfer and currency exchange. On the basis of end user, the market is divided into individual and business. Geographically, the market is analyzed across several regions such as North America, Europe, Asia-Pacific, and Latin America, Middle East & Africa (LAMEA).
Key players operating in the global money transfer agencies industry include Western Union Holdings Inc., TransferWise Ltd., Finablr, MoneyGram International, Inc., Ria Financial Services, Xoom Corporation, Remitly Inc., WorldRemit Ltd., SMALL WORLD FINANCIAL SERVICES, and Azimo Limited. These companies have adopted several strategies such as product launches, partnerships, collaborations, mergers & acquisitions, and joint ventures to strengthen their foothold in the global money transfer agencies market.Â
Top Impacting Factors
Growth in foreign migrant population, reduced money transfer cost & transfer processing time, and increase in adoption of banking & financial services drive growth of the money transfer industry. However, some factors such as lack of awareness toward digital remittance and decline in growth of the money transfer industry in Asia-Pacific are expected to hinder the money transfer agencies market growth. Furthermore, factors such as increase in digital & mobile penetration and technological advancements in the money transfer industry are estimated to provide attractive opportunities for the market in the coming years.
New Improvements to Flourish the Market
Presently, adoption of online transfer networks such as internet technology, mobile money, digital currencies, and distributed ledgers for transferring money has made multinational transfers cost-efficient and instantaneous. Meanwhile, incorporation of emerging technologies and government-led education programs have also significantly lowered the cost of money transfer.Â
This reduction is estimated to expand digital money transfer adoption. For instance, transparency initiatives such as SendMoneyPacific, which enables money sending individuals to compare costs and know about advantages of creative digital money transfer agencies, attracts a huge customer base.
Surge in Use of Digital Money Transfers:
Developing regions such as Asia-Pacific accounted for 3.9 billion internet users, which is 51% of the global penetration and 5.1 billion unique mobile users, which is 67% of global penetration in 2017. Increase in mobile internet adoption and use of digital technology to transfer funds has become highly prevalent in this region as individuals are sending money through digital platforms.Â
Various Indian banks, such as ICICI and State Bank of India (SBI) have established promoted online money transfer services in countries such as Singapore. In addition, Western Union has focused on improving the expansion of its digital money transfer capabilities during the COVID-19 crisis, so that more customers and companies can make critical cross-border payments and transactions from their residences safely.
Key Benefits of the Report
- This study presents analytical depiction of the global money transfer agencies market along with the current money transfer agencies market trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the money transfer agencies market share.Â
- The current market is quantitatively analyzed from 2020 to 2027 to highlight the market growth scenario. Â Â Â
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.Â
- The report provides a detailed money transfer agencies market analysis based on the present and future competitive intensity of the market.
Market Scope and Structure Analysis
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Report Metric |
Details |
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Market Size Available For Years |
2019-2027 |
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Base Year Considered |
2019 |
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Forecast Period |
2020-2027 |
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Forecast Units |
Value ($) |
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Segments Covered |
Type, Service Type, End User, and Region |
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Regions Covered |
North America (U.S. and Canada), Europe (Germany, UK, France, and rest of Europe), Asia-Pacific (China, Japan, India, and rest of Asia-Pacific), Latin America (Brazil, Mexico, and rest of LATAM) and Middle East & Africa |
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Companies Covered |
Western Union Holdings Inc., TransferWise Ltd., Finablr, MoneyGram International, Inc., Ria Financial Services, Xoom Corporation, Remitly Inc., WorldRemit Ltd., SMALL WORLD FINANCIAL SERVICES, and Azimo Limited |
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COVID-19 Scenario Analysis
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Though governments have imposed lockdowns to contain spread of the virus, unemployment rate has increased to a significant level in recent months.
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According to the World Bank estimates, India, one of the largest remitting countries, is expected to receive 23% less remittance receivables.Â
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Similar conditions are witnessed in other countries and have impacted the global operating performance of money transfer agencies.
Money Transfer Agencies Market Key segments
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Segments |
Sub-Segments |
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Type |
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Service Type |
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End User |
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Questions Answered in the Money Transfer Agencies Market Research Report:
- Who are the leading market players active in the global money transfer agencies market?
- What would be the detailed impact of COVID-19 on the global money transfer agencies market?
- How current trends would influence the market in the next few years?
- What are the driving factors, restraints, and opportunities in the global money transfer agencies market?
- What are the projections for the future that would help in taking further strategic steps?Â
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