The money transfer app market allows
users to easily transfer money to friends and family locally and
internationally using only a smartphone. Money transfer apps offer several
advantages over traditional money transfer services like banks as they provide
instant transfers through a user-friendly interface at low fees. With growing
internet and smartphone penetration worldwide, money transfer apps have emerged
as a popular alternative for quick and secure funds transfer. The growing
migrant population and rising need for instant peer-to-peer payments are
driving substantial demand for money transfer apps.
The global money transfer app market is estimated to be valued at US$ 65.38 billion in 2024 and is
expected to exhibit a CAGR of 18%
over the forecast period from 2024 to 2031. Key players operating in the money
transfer app market are Azimo, Cashq, Glint Pay, Insta-Rem, Leios, Moneygram,
NetM, Noir Social Cash, NOW Money, OFX, Remitly, Remit2India, Revolut, Ria, and
Skrill.
Key Takeaways
Key players operating in the money transfer app market are Azimo, Cashq, Glint
Pay, Insta-Rem, Leios, Moneygram, NetM, Noir Social Cash, NOW Money, OFX,
Remitly, Remit2India, Revolut, Ria, and Skrill. These players are focusing on
strengthening their consumer base through collaboration with banks and
financial institutions. For instance, in 2022, Remitly partnered with Silicon
Valley Bank to accelerate its global expansion plans.
The growing adoption of digital financial services and proliferation of fintech
startups have opened lucrative opportunities for Money
Transfer App Market Size in both developing and developed markets.
Emerging economies with large migrant worker populations like India,
Philippines, and Mexico are promising markets. Furthermore, compliance with
local regulations is key for money transfer apps to tap new high-growth
regions.
Major money transfer apps are focusing on global expansion through strategic
partnerships and acquisitions. For example, in 2023, Wise acquired Canadian
FinTech startup Anthropic to strengthen its AI capabilities and better serve
customers. Revolut also plans to launch banking and money transfer services in
additional 50 countries by 2024 to benefit from large cross-border payment
volumes.
Market Drivers
Rising global migrant worker population - Growing expatriate population
worldwide, especially in GCC countries, EU nations, and Southeast Asia is
driving demand for reliable cross-border money transfer services. Money
transfer apps offer a convenient way for migrant workers to send funds home.
Ease of use of money transfer apps - Money
Transfer Apps Market Size And Trends provide simple sign-up processes, real-time
tracking of transfers, and multi-currency wallet options. Their user-friendly
interfaces have made online money transfer services accessible even to those
with limited digital experience.
Market Restraints
Compliance with regulations - Money transfer businesses need to comply with
complex regulatory requirements including Know Your Customer (KYC) and
Anti-Money Laundering (AML) norms in different geographies. This increases
operational challenges and costs.
Connectivity and technology constraints - In regions with unreliable
connectivity and less tech-savvy populations, conventional money transfer
agents still have an advantage over online money transfer apps. This acts as a
restraint in rural and underdeveloped areas.
Segment Analysis
The money transfer app market can be segmented based on type which includes
domestic money transfer and international money transfer. The international
money transfer segment is estimated to dominate the market and hold the highest
share. The growing need for transferring money across international borders
especially from developed nations to developing nations is boosting the growth
of this segment. The remittance market size is growing significantly with
rising globalization.
Global Analysis
The Asia Pacific region is projected to witness the fastest growth in the money
transfer app market during the forecast period. This is attributed to growing
urbanization, improving internet connectivity and increasing adoption of
smartphones in Asia Pacific countries like India, China, Indonesia and others.
The developing economies in the region have a large migrant population sending
remittances through digital modes thereby driving the regional market growth.
North America region currently dominates the global market and is expected to
maintain its leading position throughout the forecast period. Developed nations
like the US and Canada have high acceptance for digital payment platforms and
the region is an early adopter of new technologies. Major players focus on
expanding their business across the North America region to tap the high
potential growth opportunities.
Get
More Insights On, Money
Transfer App Market
About
Author
Alice Mutum is a seasoned senior content editor
at Coherent Market Insights, leveraging extensive expertise gained from her
previous role as a content writer. With seven years in content development,
Alice masterfully employs SEO best practices and cutting-edge digital marketing
strategies to craft high-ranking, impactful content. As an editor, she
meticulously ensures flawless grammar and punctuation, precise data accuracy,
and perfect alignment with audience needs in every research report. Alice's
dedication to excellence and her strategic approach to content make her an
invaluable asset in the world of market insights.(LinkedIn: www.linkedin.com/in/alice-mutum-3b247b137)
0 Comments