What is Remittance Software Market?
Transfer and money transfer software manages money transfers between companies and between companies and their customers. This type of software is used to securely transfer money in multiple currencies for different purposes, e.g. B. for paying bills or moving money between different subsidiaries. Transfer and money transfer software is mainly used by financial professionals and B2B customers to make online payments. Transfer and money transfer software should not be confused with payment gateway software, which is mainly used in e-commerce for B2C payments. This type of software can be integrated into anti-fraud and anti-money laundering software for security and compliance reasons. In addition, integration into foreign exchange software is required for international transfers.
Highlights from Remittance Software Market Study
Attributes | Details |
---|
Study Period | 2018-2028 |
Base Year | 2022 |
Unit | Value (USD Million) |
Key Companies Profiled | RemitONE (United Kingdom), FinCode Ltd. (United Kingdom), MTS System Corporation (United States), Remit Anywhere (United States), Girmiti Software (India), Daemon Software (Singapore), OFX (Australia), ControlBox (United States), Fiserv (United States) and Grey Systems (Spain) |
The companies are exploring the market by adopting expansions, investments, new service launches, and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions across the globe to gain competitive advantage through combined collaborations. Research Analyst at AMA predicts that United States Players will contribute to the maximum growth of Global Remittance Software market throughout the forecasted period.
RemitONE (United Kingdom), FinCode Ltd. (United Kingdom), MTS System Corporation (United States), Remit Anywhere (United States), Girmiti Software (India), Daemon Software (Singapore), OFX (Australia), ControlBox (United States), Fiserv (United States) and Grey Systems (Spain) are some of the key players profiled in the study. Remittance Software Market Segmentation:
Scope | Sub-Segments |
---|
Application / End User | Business Remittance, Personal Remittance and Public Services Remittance |
Type | Cloud and On-premise |
Organization Size | SMEs,Large enterprises |
Subscription Type | Monthly,Quarterly,Annually,One Time License |
Device Used | PC,Laptops,Smartphones,Others |
On the basis of geography, the market of Remittance 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.
Influencing Trend:
Rapid Adoption of Banking and Financial Services, Coupled With the Increasing Number of Campaigns about Digitalization and The Growing Usage of Remittance Services Offers Users with High Security and Privacy
Market Growth Drivers:
Growing Need for Safer, Secure, and Quicker Cross-Border Monetary Transactions, Increased the Necessity of Remittances In Order To Receive Payments from Customers and Make Payments and Rapid Growth in Industrialization and Urbanization Is Attracting the Population
Challenges:
Lack of Awareness & Guidance
Restraints:
Threat regarding Data Security
Opportunities:
Rising Smartphone Penetration, Coupled With the Increasing Number of Digital-Savvy Customers and Increasing Number of Economic Migrants Traveling From Developing Economies to Developed Economies In Search Of Better Work Opportunities
Key Target Audience
Providers of Remittance Software, Downstream Vendors, Private Research Institutes, Market Research Organizations and Others
Market Leaders & Development Strategies
In April 2021, Amphenol Corporation, a leading global supplier of advanced technology interconnect, antenna and sensor solutions, completed the acquisition of MTS Systems Corporation ("MTS"). Upon closing, MTS common stock will cease trading on NASDAQ.