Total Money Transfer & Remittances Market to Exceed $6.5tn in Transactions by 2028 Globally
BASINGSTOKE, England, April 15, 2024–(BUSINESS WIRE)–A new study from Juniper Research, the foremost experts in payments markets, found the value of digital money transfer & remittances transactions will increase by 41% over the next four years; up from $4.5 trillion in 2028. This growth is largely due to the significant adoption of digital money transfer in developing regions, through solutions such as mobile money, and the impact of instant payments in developed markets, such as the EU.
Find out more about the new report: Global Money Transfer & Remittances Market 2024-2028, or download a free sample.
Which Money Transfer Platform Vendors Lead the Market in 2024?
Underpinned by a robust scoring methodology, the new Competitor Leaderboard ranked the top 15 digital money transfer platforms, using criteria such as the completeness of their solutions, geographical spread, and future business prospects.
The top 5 vendors for 2024:
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Huawei
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Visa
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Mastercard
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Comviva
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PayPal
Competitor Leaderboard Findings & Recommendations
The leading players scored particularly well on their breadth and creativity of offerings, but the report cautioned that to stay ahead, vendors must develop solutions that operate on a PaaS (Payment-as-a-Service) approach. To enable this, money transfer platforms need to develop stronger API offerings, which will allow third parties to integrate payments seamlessly into offerings such as superapps.
Report author Cara Malone explained: “Money transfer vendors need to prioritise innovation in this fast-moving space. Alongside developing a PaaS approach, providers should consider taking advantage of stablecoins, an asset or fiat-backed cryptocurrency, to improve factors such as stability, transparency and speed.”
About the Research Suite
The new research and data suite offers the most comprehensive assessment of the digital money transfer & remittances market to date; providing critical analysis and five-year forecasts for over 60 countries. With over 40,000 market statistics included, the suite also provides a ‘Competitor Leaderboard’ and an examination of future market opportunities.
View the Digital Money Transfer & Remittances market research: https://www.juniperresearch.com/research/fintech-payments/core-payments/digital-money-transfer-research-report/
Download the free sample: https://www.juniperresearch.com/resources/whitepapers/whitepapersthe-rise-of-digital-currencies-in-money-transfer/
Juniper Research has, for two decades, provided market intelligence and advisory services to the global financial sector, retained by many of the world’s leading banks, intermediaries and providers.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240414630618/en/
Contacts
Sam Smith, Press Relations
T: +44(0)1256 830002
E: sam.smith@juniperresearch.com
