What is Online Money Transfer Software Market?
Online money transfer software allows the user to transfer money to beneficiary account by using methods such as IMPS and NEFT method. To transfer the amount, user has to enter details like IFSC code, account number and amount. By using this software, user can send money to any bank. Another benefit is that the transaction is secured with multiple levels of authentications, and no hidden charges are applied. These benefits of simplified fund transfer are gaining the popularity which is fueling the market growth.
The market study is being classified and major geographies with country level break-up.
Transfer wise (United Kingdom), Remitly (United States), Money transfer system (United States), HBS technology (United Kingdom), Vayupay (India), Azimo (United Kingdom), Money control (United Kingdom), Xoom corporation (United States), Omega software (India) and Skypoint India E Services Pvt Ltd (India) are some of the key players profiled in the study. Additionally, the Players which are also part of the research are Finsync (United States), Finxera (United States) and Girmiti (India).
The global Online Money Transfer Software market is witnessing rise in competitiveness among the players. In terms of market share, the major players are currently dominating. However, some of the companies are increasing the market presence by securing new contracts and tapping new markets. Research Analyst at AMA predicts that United Kingdom, India Players will contribute to the maximum growth of Global Online Money Transfer Software market throughout the predicted period.
Segment Analysis
Analyst at AMA have segmented the market study of Global Online Money Transfer Software market by Type, Application and Region.
On the basis of geography, the market of Online Money Transfer Software has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Market Drivers
- Benefits Such as Quick Transfer, Time Saving and Easy to Use is fueling the Market
- Increasing Internet Penetration across the Globe
Market Trend
- Inclination of Consumers towards Digital Payment
- Technological Advancements for Online Money Transfer
Restraints
- Increasing Security Risks May Hamper the Market
Opportunities
- Government Initiatives for Digitization in Developing Economies
- Increasing Usage of Money Transfer Software by B2B Customers and Financial Professionals
Challenges
- Changing Government Regulations
Key Target Audience
Online money transfer software developers, Government associations, Research organizations, software vendors, Financial institutions and Others