Money Transfer Agencies Market Growth, Size, Trends, Analysis Report by Type, Application, Region and Segment Forecast 2022-2026

Published: Jun 2022

Pages: 124

SKU: IRTNTR73705

Snapshot

The money transfer agencies market share is expected to increase to USD 13.89 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 10.34%.

This money transfer agencies market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers money transfer agencies market segmentation by service (money transfer and currency exchange) and geography (North America, Europe, APAC, Middle East and Africa, and South America). The money transfer agencies market report also offers information on several market vendors, including Azimo BV, Bank of America Corp., Citigroup Inc., Denarii, Euronet Worldwide Inc., Finablr Ltd., HDFC Bank Ltd., JPMorgan Chase and Co., MoneyGram Payment Services Inc., NIUM Pte. Ltd., NOW Payment Services Provider LLC, OzForex Ltd., PayPal Holdings Inc., Remitly Global Inc., Remitware Payments Canada Inc., Sendah Direct, TransferGo Ltd., U.S. Bancorp, Wells Fargo and Co., Western Union Holdings Inc., Wise Payments Ltd., and worldremit.com among others.

What will the Money Transfer Agencies Market Size be During the Forecast Period?

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Money Transfer Agencies Market: Key Drivers, Trends, and Challenges

Technological advancements is notably driving the money transfer agencies market growth, although factors such as rising illicit financial flows may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the money transfer agencies industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Money Transfer Agencies Market Driver

One of the key factors driving the global money transfer agencies industry growth is technological advancements.
Technological advancements have made it easy for the banking sector to undertake contemporary advancements that might be a resource in streamlining daily banking offerings, inclusive of fund transfers abroad, currency exchange deposits, and loans.
The global money transfer agencies market has been augmented via the growing digitization of banking offerings.
Net banking and online remittance money transfers have made it far more convenient for remitters to transfer money to their families.
The use of blockchain technology with its distributed ledger is making instant and secure payments in new-age international money transfer setups.
The technological innovation will lead to concerning market growth during the forecast period.

Key Money Transfer Agencies Market Trend

Rising number of start-ups is one of the key money transfer agencies market trends that is expected to impact the industry positively in the forecast period.
Fintech start-ups, such as TransferWise and Revolut, are raising hundreds of millions of dollars and offering a challenge to big banks and MTOs, and increasing their share of the market worth.
Paypal start-up Xoom owned 23% of the market share in September 2021.
Most of the recent solutions offered by existing start-ups are about peer-to-peer cash payment models.
M-Pesa has made a big difference in the lives of millions of people who move money around with convenience using P2P (peer-to-peer) and C2B transactions.
WeSwap, PeerTransfer, Sendmoney.ph, WorldRemit, Remitly, Azimo, and TransferGo are some of the other startups in the market.

Key Money Transfer Agencies Market Challenge

One of the key challenges to the global money transfer agency industry growth is the rising illicit financial flows.
The term illicit financial flows include money illegally earned, transferred, or used.
The rising dependency on digital technologies, and the information and communication networks facilitating illicit financial flows are rising as one of the key challenges.
Digital technologies facilitate organized cybercrimes and provide several opportunities for fraud, corruption, tax evasion, and other criminal activities.
Security concerns may limit the growth of the market during the forecast period.

This money transfer agencies market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.

Parent Market Analysis

Technavio categorizes the global money transfer agencies market as a part of the global specialized consumer services market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the money transfer agencies market during the forecast period.

Who are the Major Money Transfer Agencies Market Vendors?

The report analyzes the market's competitive landscape and offers information on several market vendors, including:

This statistical study of the money transfer agencies market encompasses successful business strategies deployed by the key vendors. The money transfer agencies market is fragmented and the vendors are deploying growth strategies such as technological innovation to compete in the market.

Product Insights and News

Azimo BV - The company offers a money transfer solution for sole traders, small businesses, and growing businesses.
Bank of America Corp. - The company offers money transfer solutions namely International Wire Transfer.

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The money transfer agencies market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.

Money Transfer Agencies Market Value Chain Analysis

Our report provides extensive information on the value chain analysis for the money transfer agencies market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.

Which are the Key Regions for Money Transfer Agencies Market?

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35% of the market's growth will originate from North America during the forecast period. The US is the key market for money transfer agencies in North America. Market growth in this region will be faster than the growth of the market in South America and MEA.

The significant increase in the demand for money transfer and currency exchange services, as firms will transfer money and exchange currency for many individuals and small businesses by improving their services with the help of big data and analytics, will facilitate the money transfer agencies market growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

COVID Impact and Recovery Analysis

In 2020, the outbreak of COVID-19 negatively impacted the money transfer agencies market in North America. The implementation of lockdowns led to a decline in tourism and resulted in the shutdown of many money transfer agencies. However, the lifting of lockdowns has increased tourism, which has led to the resumption of operations in money transfer agencies. Moreover, the rising number of startups and innovative services solutions will drive the market in the region during the forecast period.

What are the Revenue-generating Service Segments in the Money Transfer Agencies Market?

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The money transfer agencies market share growth by the money transfer segment will be significant during the forecast period. With the global workforce becoming increasingly mobile, international money transfers have equally grown in prominence. With improved digital technology support, more people visiting foreign for traveling and studying have led to the development of money transfer agencies over the past few years. The rapid growth of e-banking and the rise of digital channels for remittance transfers will drive segment growth in the coming years.

This report provides an accurate prediction of the contribution of all the segments to the growth of the money transfer agencies market size and actionable market insights on post COVID-19 impact on each segment.

Money Transfer Agencies Market Scope
Report Coverage	Details
Page number	120
Base year	2021
Forecast period	2022-2026
Growth momentum & CAGR	Accelerate at a CAGR of 10.34%
Market growth 2022-2026	$ 13.89 billion
Market structure	Fragmented
YoY growth (%)	9.58
Regional analysis	North America, Europe, APAC, Middle East and Africa, and South America
Performing market contribution	North America at 35%
Key consumer countries	US, China, UK, France, and Germany
Competitive landscape	Leading companies, Competitive strategies, Consumer engagement scope
Key companies profiled	Azimo BV, Bank of America Corp., Citigroup Inc., Denarii, Euronet Worldwide Inc., Finablr Ltd., HDFC Bank Ltd., JPMorgan Chase and Co., MoneyGram Payment Services Inc., NIUM Pte. Ltd., NOW Payment Services Provider LLC, OzForex Ltd., PayPal Holdings Inc., Remitly Global Inc., Remitware Payments Canada Inc., Sendah Direct, TransferGo Ltd., U.S. Bancorp, Wells Fargo and Co., Western Union Holdings Inc., Wise Payments Ltd., and worldremit.com
Market dynamics	Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period
Customization purview	If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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What are the Key Data Covered in this Money Transfer Agencies Market Report?

CAGR of the market during the forecast period 2022-2026
Detailed information on factors that will drive money transfer agencies market growth during the next five years
Precise estimation of the money transfer agencies market size and its contribution to the parent market
Accurate predictions on upcoming trends and changes in consumer behavior
The growth of the money transfer agencies industry across North America, Europe, APAC, Middle East and Africa, and South America
A thorough analysis of the market's competitive landscape and detailed information on vendors
Comprehensive details of factors that will challenge the growth of money transfer agencies market vendors

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Table of Contents

1 Executive Summary

1.1 Market overview
- Exhibit 01: Executive Summary – Chart on Market Overview
- Exhibit 02: Executive Summary – Data Table on Market Overview
- Exhibit 03: Executive Summary – Chart on Global Market Characteristics
- Exhibit 04: Executive Summary – Chart on Market by Geography
- Exhibit 05: Executive Summary – Chart on Market Segmentation by Service
- Exhibit 06: Executive Summary – Chart on Incremental Growth
- Exhibit 07: Executive Summary – Data Table on Incremental Growth
- Exhibit 08: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

2.1 Market ecosystem
- Exhibit 09: Parent market
- Exhibit 10: Market Characteristics

3 Market Sizing

3.1 Market definition
- Exhibit 11: Offerings of vendors included in the market definition

3.2 Market segment analysis
- Exhibit 12: Market segments

3.3 Market size 2021

3.4 Market outlook: Forecast for 2021-2026
- Exhibit 13: Chart on Global - Market size and forecast 2021-2026 ($ million)
- Exhibit 14: Data Table on Global - Market size and forecast 2021-2026 ($ million)
- Exhibit 15: Chart on Global Market: Year-over-year growth 2021-2026 (%)
- Exhibit 16: Data Table on Global Market: Year-over-year growth 2021-2026 (%)

4 Five Forces Analysis

4.1 Five forces summary
- Exhibit 17: Five forces analysis - Comparison between 2021 and 2026

4.2 Bargaining power of buyers
- Exhibit 18: Chart on Bargaining power of buyers – Impact of key factors 2021 and 2026

4.3 Bargaining power of suppliers
- Exhibit 19: Bargaining power of suppliers – Impact of key factors in 2021 and 2026

4.4 Threat of new entrants
- Exhibit 20: Threat of new entrants – Impact of key factors in 2021 and 2026

4.5 Threat of substitutes
- Exhibit 21: Threat of substitutes – Impact of key factors in 2021 and 2026

4.6 Threat of rivalry
- Exhibit 22: Threat of rivalry – Impact of key factors in 2021 and 2026

4.7 Market condition
- Exhibit 23: Chart on Market condition - Five forces 2021 and 2026

5 Market Segmentation by Service

5.1 Market segments
- Exhibit 24: Chart on Service - Market share 2021-2026 (%)
- Exhibit 25: Data Table on Service - Market share 2021-2026 (%)

5.2 Comparison by Service
- Exhibit 26: Chart on Comparison by Service
- Exhibit 27: Data Table on Comparison by Service

5.3 Money transfer - Market size and forecast 2021-2026
- Exhibit 28: Chart on Money transfer - Market size and forecast 2021-2026 ($ million)
- Exhibit 29: Data Table on Money transfer - Market size and forecast 2021-2026 ($ million)
- Exhibit 30: Chart on Money transfer - Year-over-year growth 2021-2026 (%)
- Exhibit 31: Data Table on Money transfer - Year-over-year growth 2021-2026 (%)

5.4 Currency exchange - Market size and forecast 2021-2026
- Exhibit 32: Chart on Currency exchange - Market size and forecast 2021-2026 ($ million)
- Exhibit 33: Data Table on Currency exchange - Market size and forecast 2021-2026 ($ million)
- Exhibit 34: Chart on Currency exchange - Year-over-year growth 2021-2026 (%)
- Exhibit 35: Data Table on Currency exchange - Year-over-year growth 2021-2026 (%)

5.5 Market opportunity by Service
- Exhibit 36: Market opportunity by Service ($ million)

6 Customer Landscape

6.1 Customer landscape overview
- Exhibit 37: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

7 Geographic Landscape

7.1 Geographic segmentation
- Exhibit 38: Chart on Market share by geography 2021-2026 (%)
- Exhibit 39: Data Table on Market share by geography 2021-2026 (%)

7.2 Geographic comparison
- Exhibit 40: Chart on Geographic comparison
- Exhibit 41: Data Table on Geographic comparison

7.3 North America - Market size and forecast 2021-2026
- Exhibit 42: Chart on North America - Market size and forecast 2021-2026 ($ million)
- Exhibit 43: Data Table on North America - Market size and forecast 2021-2026 ($ million)
- Exhibit 44: Chart on North America - Year-over-year growth 2021-2026 (%)
- Exhibit 45: Data Table on North America - Year-over-year growth 2021-2026 (%)

7.4 Europe - Market size and forecast 2021-2026
- Exhibit 46: Chart on Europe - Market size and forecast 2021-2026 ($ million)
- Exhibit 47: Data Table on Europe - Market size and forecast 2021-2026 ($ million)
- Exhibit 48: Chart on Europe - Year-over-year growth 2021-2026 (%)
- Exhibit 49: Data Table on Europe - Year-over-year growth 2021-2026 (%)

7.5 APAC - Market size and forecast 2021-2026
- Exhibit 50: Chart on APAC - Market size and forecast 2021-2026 ($ million)
- Exhibit 51: Data Table on APAC - Market size and forecast 2021-2026 ($ million)
- Exhibit 52: Chart on APAC - Year-over-year growth 2021-2026 (%)
- Exhibit 53: Data Table on APAC - Year-over-year growth 2021-2026 (%)

7.6 Middle East and Africa - Market size and forecast 2021-2026
- Exhibit 54: Chart on Middle East and Africa - Market size and forecast 2021-2026 ($ million)
- Exhibit 55: Data Table on Middle East and Africa - Market size and forecast 2021-2026 ($ million)
- Exhibit 56: Chart on Middle East and Africa - Year-over-year growth 2021-2026 (%)
- Exhibit 57: Data Table on Middle East and Africa - Year-over-year growth 2021-2026 (%)

7.7 South America - Market size and forecast 2021-2026
- Exhibit 58: Chart on South America - Market size and forecast 2021-2026 ($ million)
- Exhibit 59: Data Table on South America - Market size and forecast 2021-2026 ($ million)
- Exhibit 60: Chart on South America - Year-over-year growth 2021-2026 (%)
- Exhibit 61: Data Table on South America - Year-over-year growth 2021-2026 (%)

7.8 US - Market size and forecast 2021-2026
- Exhibit 62: Chart on US - Market size and forecast 2021-2026 ($ million)
- Exhibit 63: Data Table on US - Market size and forecast 2021-2026 ($ million)
- Exhibit 64: Chart on US - Year-over-year growth 2021-2026 (%)
- Exhibit 65: Data Table on US - Year-over-year growth 2021-2026 (%)

7.9 UK - Market size and forecast 2021-2026
- Exhibit 66: Chart on UK - Market size and forecast 2021-2026 ($ million)
- Exhibit 67: Data Table on UK - Market size and forecast 2021-2026 ($ million)
- Exhibit 68: Chart on UK - Year-over-year growth 2021-2026 (%)
- Exhibit 69: Data Table on UK - Year-over-year growth 2021-2026 (%)

7.10 France - Market size and forecast 2021-2026
- Exhibit 70: Chart on France - Market size and forecast 2021-2026 ($ million)
- Exhibit 71: Data Table on France - Market size and forecast 2021-2026 ($ million)
- Exhibit 72: Chart on France - Year-over-year growth 2021-2026 (%)
- Exhibit 73: Data Table on France - Year-over-year growth 2021-2026 (%)

7.11 China - Market size and forecast 2021-2026
- Exhibit 74: Chart on China - Market size and forecast 2021-2026 ($ million)
- Exhibit 75: Data Table on China - Market size and forecast 2021-2026 ($ million)
- Exhibit 76: Chart on China - Year-over-year growth 2021-2026 (%)
- Exhibit 77: Data Table on China - Year-over-year growth 2021-2026 (%)

7.12 Germany - Market size and forecast 2021-2026
- Exhibit 78: Chart on Germany - Market size and forecast 2021-2026 ($ million)
- Exhibit 79: Data Table on Germany - Market size and forecast 2021-2026 ($ million)
- Exhibit 80: Chart on Germany - Year-over-year growth 2021-2026 (%)
- Exhibit 81: Data Table on Germany - Year-over-year growth 2021-2026 (%)

7.13 Market opportunity by geography
- Exhibit 82: Market opportunity by geography ($ million)

8 Drivers, Challenges, and Trends

8.1 Market drivers

8.2 Market challenges

8.3 Impact of drivers and challenges
- Exhibit 83: Impact of drivers and challenges in 2021 and 2026

8.4 Market trends

9 Vendor Landscape

9.1 Overview

9.2 Vendor landscape
- Exhibit 84: Overview on Criticality of inputs and Factors of differentiation

9.3 Landscape disruption
- Exhibit 85: Overview on factors of disruption

9.4 Industry risks
- Exhibit 86: Impact of key risks on business

10 Vendor Analysis

10.1 Vendors covered
- Exhibit 87: Vendors covered

10.2 Market positioning of vendors
- Exhibit 88: Matrix on vendor position and classification

10.3 Azimo BV
- Exhibit 89: Azimo BV - Overview
- Exhibit 90: Azimo BV - Product / Service
- Exhibit 91: Azimo BV - Key offerings

10.4 Bank of America Corp.
- Exhibit 92: Bank of America Corp. - Overview
- Exhibit 93: Bank of America Corp. - Business segments
- Exhibit 94: Bank of America Corp. - Key news
- Exhibit 95: Bank of America Corp. - Key offerings
- Exhibit 96: Bank of America Corp. - Segment focus

10.5 Citigroup Inc.
- Exhibit 97: Citigroup Inc. - Overview
- Exhibit 98: Citigroup Inc. - Business segments
- Exhibit 99: Citigroup Inc. - Key offerings
- Exhibit 100: Citigroup Inc. - Segment focus

10.6 JPMorgan Chase and Co.
- Exhibit 101: JPMorgan Chase and Co. - Overview
- Exhibit 102: JPMorgan Chase and Co. - Business segments
- Exhibit 103: JPMorgan Chase and Co. - Key offerings
- Exhibit 104: JPMorgan Chase and Co. - Segment focus

10.7 MoneyGram Payment Services Inc.
- Exhibit 105: MoneyGram Payment Services Inc. - Overview
- Exhibit 106: MoneyGram Payment Services Inc. - Business segments
- Exhibit 107: MoneyGram Payment Services Inc. - Key offerings
- Exhibit 108: MoneyGram Payment Services Inc. - Segment focus

10.8 PayPal Holdings Inc.
- Exhibit 109: PayPal Holdings Inc. - Overview
- Exhibit 110: PayPal Holdings Inc. - Product / Service
- Exhibit 111: PayPal Holdings Inc. - Key offerings

10.9 U.S. Bancorp
- Exhibit 112: U.S. Bancorp - Overview
- Exhibit 113: U.S. Bancorp - Business segments
- Exhibit 114: U.S. Bancorp - Key offerings
- Exhibit 115: U.S. Bancorp - Segment focus

10.10 Wells Fargo and Co.
- Exhibit 116: Wells Fargo and Co. - Overview
- Exhibit 117: Wells Fargo and Co. - Business segments
- Exhibit 118: Wells Fargo and Co. - Key offerings
- Exhibit 119: Wells Fargo and Co. - Segment focus

10.11 Western Union Holdings Inc.
- Exhibit 120: Western Union Holdings Inc. - Overview
- Exhibit 121: Western Union Holdings Inc. - Business segments
- Exhibit 122: Western Union Holdings Inc. - Key offerings
- Exhibit 123: Western Union Holdings Inc. - Segment focus

10.12 Wise Payments Ltd.
- Exhibit 124: Wise Payments Ltd. - Overview
- Exhibit 125: Wise Payments Ltd. - Business segments
- Exhibit 126: Wise Payments Ltd. - Key offerings
- Exhibit 127: Wise Payments Ltd. - Segment focus

11 Appendix

11.1 Scope of the report

11.2 Inclusions and exclusions checklist
- Exhibit 128: Inclusions checklist
- Exhibit 129: Exclusions checklist

11.3 Currency conversion rates for US$
- Exhibit 130: Currency conversion rates for US$

11.4 Research methodology
- Exhibit 131: Research methodology
- Exhibit 132: Validation techniques employed for market sizing
- Exhibit 133: Information sources

11.5 List of abbreviations
- Exhibit 134: List of abbreviations

adoption of multichannel marketing strategies: The key vendors in the market are striving to expand their target customer base by investing in marketing and promotional activities. Large specialized consumer service providers aim at strengthening their presence by investing in brand visibility activities, celebrity endorsements, and marketing through channels such as television, radio, the Internet, print media, posters, and direct mails. The competitors also use a targeted advertising approach and launch advertisements that are designed and crafted to promote the services and communicate the brand positioning.

attrition and training: Professional, skilled, and unskilled workforce is required to provide specialized consumer services. However, there is a shortage of skilled and professional workforce to meet the demand. For instance, in security services, a skilled workforce is required when new monitoring devices and security gadgets are developed and adopted. Several vendors provide rigorous training to their employees about the handling of critical tasks while serving specialized consumer services. However, the retention of such a workforce is a major challenge.

Methodology

Research Framework

Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

INFORMATION SOURCES

Primary sources

Manufacturers and suppliers
Channel partners
Industry experts
Strategic decision makers

Secondary sources

Industry journals and periodicals
Government data
Financial reports of key industry players
Historical data
Press releases

DATA ANALYSIS

Data Synthesis

Collation of data
Estimation of key figures
Analysis of derived insights

Data Validation

Triangulation with data models
Reference against proprietary databases
Corroboration with industry experts

REPORT WRITING

Qualitative

Market drivers
Market challenges
Market trends
Five forces analysis

Quantitative

Market size and forecast
Market segmentation
Geographical insights
Competitive landscape

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Key Questions Answered

What are the key global market and the regional market share?
What are the revenue-generating key market segments?
What are the key factors driving and challenging this market’s growth?
Who are the key market vendors and their growth strategies?
What are the latest trends influencing the growth of this market?
What are the variables influencing the market growth in the primary regions?
What are the factors influencing the growth of the parent market?

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