Industry Background:
Money transfer platforms with efficiency manage transfers of funds between organizations likewise as organizations and their customers. These platforms enable users to possess access to cash transactions directly and execute the fund transfer method easier. Various online cash transfer platforms are specialized in providing easy services to their shoppers. These platforms square measure guaranteeing consumers navigate their sites simply.This growth is primarily driven by Increasing Demand for Digital Money Transfer and Remittance Service and Rising Demand for the Safer, Secure, and Quicker Cross-Border Monetary Transactions.
Attributes | Details |
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Study Period | 2017-2027 |
Base Year | 2021 |
Forecast Period | 2022-2027 |
Historical Period | 2017-2021 |
Unit | Value (USD Million) |
Key Companies in Study | Western Union (WU) (United States), Ria Financial Services (India), PayPal (United States), TransferWise (United Kingdom), WorldRemit (United Kingdom), MoneyGram (United States), Remitly (United States), Azimo (Netherlands), Nium (Singapore) and Google pay (United States) |
Customization Scope | Avail customization with purchase of this report. Add or modify country, region & or narrow down segments in the final scope subject to feasibility |
Globally, a noticeable market trend is evident Developing the Safe Software Solutions for Safer Transactions
. The Internet Software & Services sector in the North America region has been increasing at a sustainable rate and further growth is expected to be witnessed over the forecast period, owing to the robust investments and expansion in production facilities in the region. Major Players, such as Western Union (WU) (United States), Ria Financial Services (India), PayPal (United States), TransferWise (United Kingdom), WorldRemit (United Kingdom), MoneyGram (United States), Remitly (United States), Azimo (Netherlands), Nium (Singapore) and Google pay (United States) etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
Key Developments in the Market:
In 2021, Nium, a Singapore-based global payments platform, acquire Wirecard Forex India Pte Ltd – a foreign currency exchange, prepaid card, and remittance service provider in India. This acquisition broadens our licensing portfolio, extends the suite of digital payments services offering in India.
In November 2019, Azimo, a London-based money transfer service, launched its new Dutch subsidiary Azimo BV to create a separate operations hub for the management of transfers sent from outside the United Kingdom. The move marks the anticipation of Brexit amongst FinTechs in the United Kingdom. This new subsidiary will help the consumers in money transfer domestically and internationally.
Market Drivers
- Increasing Demand for Digital Money Transfer and Remittance Service
- Rising Demand for the Safer, Secure, and Quicker Cross-Border Monetary Transactions
Market Trend
- Developing the Safe Software Solutions for Safer Transactions
- Integration of Different Payment Tracking Tools and Blockchain Technology for the Transactions
Restraints
- High Costs involved in Setup and Complex Infrastructure
Opportunities
Rising Usage of UPI Technology for Transactions and Rising International Business and Global Transactions for the Goods Import and Export
Challenges
The Lack of Awareness and Guidance Regarding Digital Money Transfer & Remittance Services
AMA Research follow a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mostly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcase the spontaneously changing Players landscape impacting the growth of the market. Furthermore, our market researchers extensively analyse the products and services offered by multiple players competing to increase their market share and presence.
Customization in the Report
AMA Research features not only specific market forecasts, but also include significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints
- New Entrants into the Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
Against this Challenging Backdrop, Money Transfer Platforms Study Sheds Light on
The Money Transfer Platforms Market status quo and key characteristics. To end this, Analyst at AMA organize and took survey of the Money Transfer Platforms industry Players. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where Money Transfer Platforms industry is heading and what are the top priorities. Insights are drawn from financial analysis, the survey and interviews with key executives and industry experts.
How every company in this diverse set of Players can best navigate the emerging competition landscape and follow a strategy that helps them position to hold value they currently claim, or capture the new addressable opportunity.