Connect with us

Technology

Money Transfer Agencies Market size is set to grow by USD 15.84 billion from 2024-2028, Technological advancements to boost the market growth, Technavio

Published

on

NEW YORK, July 8, 2024 /PRNewswire/ — The global money transfer agencies market  size is estimated to grow by USD 15.84 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  11.54%  during the forecast period. Technological advancements is driving market growth, with a trend towards rising number of start-ups. However, rising illicit financial flows  poses a challenge. Key market players include Azimo BV, Bank of America Corp., Citigroup Inc., Denarii, Euronet Worldwide Inc., Finablr Ltd., HDFC Bank Ltd., JPMorgan Chase and Co., MoneyGram Payment Systems 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 Ltd.

Get a detailed analysis on regions, market segments, customer landscape, and companies – Click for the snapshot of this report

Forecast period

2024-2028

Base Year

2023

Historic Data

2018 – 2022

Segment Covered

Service (Money transfer and Currency exchange) and Geography (North America, Europe, APAC, Middle East and Africa, and South America)

Region Covered

North America, Europe, APAC, Middle East and Africa, and South America

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 Systems 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 Ltd.

Key Market Trends Fueling Growth

Fintech start-ups, such as TransferWise, Revolut, Xoom, WeSwap, PeerTransfer, Sendmoney.ph, WorldRemit, Remitly, Azimo, and TransferGo, are disrupting the global money transfer agencies market by raising substantial investments and offering innovative solutions. These start-ups are challenging traditional banks and Money Transfer Operators (MTOs) with peer-to-peer (P2P) and consumer-to-business (C2B) cash payment models. For instance, M-Pesa’s P2P and C2B transactions have significantly improved money transfer convenience for millions of users. With the increasing number of start-ups, the payments landscape is poised for significant change during the forecast period. Xoom held a 23% market share in September 2021, and the market is expected to grow due to the convenience, affordability, and accessibility offered by these fintech solutions. 

The Money Transfer Agencies market is experiencing significant trends as more people use mobile wallet transfers for cross-border payments. Migrants, expatriates, students, travelers, and business partners are increasingly relying on mobile platforms for remittance services. Digital technology and correspondent banks are key partners in facilitating these transactions. Currency exchange and exchange rates are crucial factors, with digital banks and wire transfers offering competitive rates. Traditional financial institutions and multinational corporations are also embracing digital technology to streamline international trade transactions, investment activities, and currency risk management. Cross-selling and value-added services like currency exchange, bill payments, prepaid cards, microfinance products, and transaction histories are becoming popular offerings. International organizations and financial inclusion initiatives are also leveraging these services for foreign exchange and remittances. 

Discover 360° analysis of this market. For complete information, schedule your consultation- Book Here!

Market Challenges

The money transfer agencies market faces significant challenges due to the increasing issue of illicit financial flows. These flows involve funds that are illegally earned, transferred, or used. With the growing reliance on digital technologies, the communication networks facilitating these illicit transactions pose a major concern. Furthermore, digital technologies enable organized cybercrimes and offer opportunities for fraud, corruption, tax evasion, and other unlawful activities. These factors are expected to impede the market’s growth throughout the forecast period.Money transfer agencies face several challenges in today’s digital world. User-friendly mobile apps and online platforms are essential for customer convenience, but they require advanced technologies and API-driven infrastructure. Banking infrastructure and regulatory scrutiny are crucial for secure and efficient cross-border transactions. Industry professionals must navigate the use of blockchain technology, digitalization, and cryptocurrencies like Bitcoin and Ethereum. Security is paramount, with fraud, tracking, and multicurrency accounts top concerns. Immigrant populations and their family members and friends rely on remittance services for financial inclusion. Fintech companies and disruptors are transforming the financial services industry with digital transactions, while physical branches and currency exchange rates remain important for some customers. Cross-border remittances, e-commerce, and financial investments also pose challenges. Decentralized ledgers offer potential solutions, but regulatory compliance and financial crimes are ongoing concerns. Intermediaries must balance the need for efficiency and security with the demands of international borders and financial services regulations.

For more insights on driver and challenges – Download a Sample Report

Segment Overview 

This money transfer agencies market report extensively covers market segmentation by

Service 1.1 Money transfer1.2 Currency exchangeGeography 2.1 North America2.2 Europe2.3 APAC2.4 Middle East and Africa2.5 South America

1.1 Money transfer-  Money transfer agencies facilitate the process of sending money across borders. These agencies offer various services such as cash pick-up, bank transfer, mobile wallet top-ups, and home delivery. They partner with banks and financial institutions to ensure secure and efficient transactions. Fees and exchange rates may vary, making it essential for customers to compare offerings before selecting a service. The market for money transfer agencies continues to grow due to increasing globalization and the need for seamless cross-border transactions.

For more information on market segmentation with geographical analysis including forecast (2024-2028) and historic data (2018 – 2022)  – Download a Sample Report

Research Analysis

The Money Transfer Agencies (MTAs) market is a dynamic and evolving sector that facilitates the transfer of monetary assets across international borders and domestic transactions for individuals and businesses. MTAs serve as intermediaries between senders and receivers, providing various payment methods through digital platforms and physical agent networks. The market caters to diverse needs, including international remittances, business payments, and personal financial needs. Industry standards ensure secure and efficient transactions. Financial technology innovations, digital technologies, mobile devices, and user-friendly mobile apps have revolutionized the sector, making it more accessible and convenient. Online platforms and retail agents offer cash pickups and bank deposits as payout locations, expanding financial inclusion and broadening the reach of MTAs in the financial services industry.

Market Research Overview

The Money Transfer Agencies (MTOs) market is a dynamic and evolving industry that facilitates the transfer of monetary assets between individuals, businesses, and service providers across international borders. This market caters to various financial needs, including international remittances, business payments, and personal financial requirements. The industry is witnessing significant digitalization, with digital platforms and mobile devices becoming increasingly popular for digital transactions. Financial technology innovations, such as blockchain technology and API-driven infrastructure, are revolutionizing the industry by providing secure, efficient, and decentralized solutions for cross-border transactions. MTOs operate through physical agent networks and correspondent banks, offering various payout options, including cash pickups, bank deposits, mobile wallet transfers, and home address delivery. The market is subject to regulatory scrutiny and industry standards to ensure security, efficiency, and compliance with financial crimes and fraud prevention measures. The MTO market serves a diverse clientele, including immigrants, expatriates, students, travelers, and businesses, and caters to various financial services, including foreign remittances, cross-border e-commerce, and financial investments. The industry is experiencing disruption from fintech companies, which are leveraging digital technologies to offer user-friendly mobile apps, online platforms, and digital transactions. Currency exchange rates, regulatory compliance, and security are critical factors that influence the market’s growth and competitiveness. The market’s future growth is expected to be driven by digital transformation, financial inclusion, and the increasing demand for cross-border payments and remittances.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

ServiceMoney TransferCurrency ExchangeGeographyNorth AmericaEuropeAPACMiddle East And AfricaSouth America

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

View original content to download multimedia:https://www.prnewswire.com/news-releases/money-transfer-agencies-market-size-is-set-to-grow-by-usd-15-84-billion-from-2024-2028–technological-advancements-to-boost-the-market-growth-technavio-302189695.html

SOURCE Technavio

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Technology

RADPAIR Named “Best New Radiology Vendor 2024” at AuntMinnie.com’s Minnies Awards

Published

on

By

KNOXVILLE, Tenn., Nov. 13, 2024 /PRNewswire/ — RADPAIR, a Knoxville-based radiology tech startup founded by radiologist and CEO Dr. Avez Rizvi, has been awarded “Best New Radiology Vendor 2024” by AuntMinnie.com. This recognition highlights RADPAIR’s AI-driven platform, designed to address radiology’s growing workload and burnout by automating essential parts of the reporting process.

“Radiologists are facing unprecedented levels of burnout, with increased demands and a workload that continues to grow,” said Dr. Rizvi, RADPAIR’s Founder & CEO. “At RADPAIR, we wanted to make a meaningful impact by developing solutions that ease their daily challenges, allowing them to focus more on their expertise and patient care.”

With version 2.0 launched this year, RADPAIR now includes AI inference capabilities developed with Groq, PAIR Insights for seamless access to Radiopaedia.org’s clinical guidelines, and Wingman, a real-time editing support feature. RADPAIR’s zero-footprint platform is ready for use out-of-the-box and can be customized for individual users.

Strategic Partnerships Drive Platform Success

RADPAIR’s effectiveness is strengthened through recent partnerships with platform providers and enterprise imaging systems such as Deepc, RamSoft, LifeTrack, InsiteOne, NewVue, PACS Harmony, and channel distributors like Illudium Technologies, among many others. These collaborations, along with our growing network of commercial partners and practices throughout the country and around the world, are integral to our platform’s continued success.

“Radiology is at a crossroads—our technology is designed to meet this moment by offering radiologists tools that enhance their efficiency and ease daily demands,” Dr. Rizvi added. “We’re proud to help these invaluable professionals find joy in their work again.”

RADPAIR will showcase its latest advancements at the 2024 Radiological Society of North America (RSNA) conference in Chicago, December 1-5, at Booth #4918 in the South Hall AI section. Attendees can book a demo at www.radpair.com/rsna2024.

About RADPAIR
RADPAIR offers a fully cloud-based, AI-powered radiology reporting platform focused on enhancing radiology workflows and improving patient care.

Media Contact
Fatima Baig
Marketing Director, RADPAIR
310-766-8911
fatima@radpair.com

 

View original content to download multimedia:https://www.prnewswire.com/news-releases/radpair-named-best-new-radiology-vendor-2024-at-auntminniecoms-minnies-awards-302303691.html

SOURCE RADPAIR

Continue Reading

Technology

New Research Uncovers Surge in SAP Automation as S/4HANA Migrations Accelerate

Published

on

By

Complex SAP-centric business processes continue to hinder full-scale, organization-wide automation

BURLINGTON, Mass, Nov. 13, 2024 /PRNewswire/ — Precisely, the global leader in data integrity, today released new findings from a survey conducted in collaboration with the Americas SAP Users Group (ASUG). Announced during the ASUG Tech Connect event, the Unlocking Automation in SAP: 2025 Trends and Challenges report provides important insight into the adoption, maturity, and challenges of automation in SAP environments.

Findings reveal the increasing importance of data and process automation in digital transformation efforts, alongside the key factors hindering success.

Automation Adoption Increases Despite Persistent Challenges

The survey shows that 58% of organizations now use automation for SAP migrations and digital transformation projects – an increase from 43% in the 2023 report. Alongside this, the research highlighted a 69% reduction in the number of organizations reporting low automation maturity – dropping from 13% in 2023, to just 4%.

Despite this progress, many businesses still face hurdles in reaching full automation maturity. Most organizations (56%) report having a “medium” level of automation, indicating a blend of automated and manual processes. Furthermore, half of the respondents (50%) stated that they implement automation selectively, choosing a case-by-case approach rather than adopting it organization-wide.

A key reason for these trends in automation is the increasing complexity of SAP-centric business processes, particularly when it involves the creation and management of master data. The majority of respondents (61%) report integration with existing business processes as the biggest challenge when adopting process automation, a significant increase from just 39% in 2023. This is closely followed by 53% of respondents citing the complexity of business processes as a key obstacle to success. 

SAP S/4HANA Migrations Gain Sudden Momentum

Alongside increased focus on automation, the research further reveals a significant shift towards SAP S/4HANA adoption as the 2027 deadline for migrations fast approaches. By the end of 2024, 50% of respondents will have migrated or started migration to S/4HANA, with another 30% planning to make the move within the next two years.

The news is in stark contrast to previous industry reports showing slow rates of adoption. The migration from legacy SAP ERP systems to S/4HANA is a notoriously complex process, which can require the parallel operation of both legacy and new systems, alongside significant data management challenges. Successful companies rely on process automation to accelerate complex SAP business processes, enabling them to create new master data and transaction data in SAP systems, update mass amounts of data throughout the SAP landscape using Excel, and perform data migration from existing systems to S/4HANA.

“Organizations realize that as they expand automation efforts and advance digital transformation strategies within their SAP environments, challenges with business complexity and integrations increase,” said Chris Hall, Chief Product Officer at Precisely. “Our end-to-end automation solutions, combined with our powerful data integrity capabilities, empower customers to overcome these obstacles – enabling them to gain the speed, agility, and trusted data needed to stay ahead of the competition.”

Access the Unlocking Automation in SAP: 2025 Trends and Challenges report to learn more.

About Americas SAP Users Group (ASUG)

ASUG is the world’s largest SAP user group. Originally founded by a group of visionary SAP customers in 1991, its mission is to help people and organizations get the most value from their investment in SAP technology. ASUG currently serves thousands of businesses via companywide memberships, connecting more than 130,000 professionals with networking and educational resources to help them master new challenges. Through in-person and virtual events, on-demand digital resources, and ongoing advocacy for its membership, ASUG helps SAP customers make more possible. Learn more at www.asug.com.

About Precisely
As a global leader in data integrity, Precisely ensures that your data is accurate, consistent, and contextual. Our portfolio, including the Precisely Data Integrity Suite, helps integrate your data, improve data quality, govern data usage, geocode and analyze location data, and enrich with complementary datasets for confident business decisions. Over 12,000 organizations in more than 100 countries, including 93 of the Fortune 100, trust Precisely software, data, and strategy services to power AI, automation, and analytics initiatives. Learn more at www.precisely.com.

Photo – https://mma.prnewswire.com/media/2554167/ASUG_Report_2024_S4HANA.jpg
Logo – https://mma.prnewswire.com/media/2408758/5018662/Precisely_Logo.jpg

View original content:https://www.prnewswire.co.uk/news-releases/new-research-uncovers-surge-in-sap-automation-as-s4hana-migrations-accelerate-302302826.html

Continue Reading

Technology

Edible’s Inaugural State of Gifting Report Unveils Top Trends Driving the Future of Shopping and Celebration

Published

on

By

Data-driven insights uncover key gifting behaviors across demographics and how they will shape the retail landscape

ATLANTA, Nov. 13, 2024 /PRNewswire/ — Edible®, an innovative e-commerce retail hub and modern gifting destination, has unveiled its first-ever State of Gifting Report, providing a timely look at anticipated trends for this year’s holiday season and beyond. Based on extensive internal data and consumer research, the report reveals how people are celebrating life’s moments in more spontaneous, creative, and personalized ways and provides a glimpse into how retailers must evolve to meet these shifting demands.

“We’ve always kept a close eye on consumer trends, constantly innovating to keep pace with what gifters want today and what they’ll need tomorrow,” says Somia Farid Silber, CEO of Edible Brands®. “For the first time, we’re sharing these insights with the world and providing a look into the future, from long-distance gifting to the rise of self-treating and new gifting occasions. We’re seeing gifting evolve in exciting ways, and, by remaining at the heart of these trends, reaffirming our commitment to make gifting easier and more joyful for all.”

From the growing love for same-day deliveries to the resurgence of in-store shopping, Edible’s State of Gifting Report offers a juicy glimpse into the future of gifting. Among the key findings are five overarching trends:

PRO-crastination Nation: Rushed Orders with Real Love – Last-minute gifting is on the rise, reflecting a growing reliance on same-day and next-day delivery services. Yet, consumers still want the best, signaling a need for flexibility from retailers in today’s fast-paced worldClick or Brick (and Mortar): Gen Z’s In-Store Comeback Has Everyone Talking – Online shopping may dominate, but Gen Z is rediscovering the value of in-store experiences.The Distance Dilemma: Bridging the Miles One Click at a Time – When people can’t show up IRL, they turn to the URL. Long-distance gifting will continue to connect loved ones even from miles away.Millennials Want a Brandlationship, While Gen Z is Still Dating Around – Millennials will continue to stick with brands they trust, while Gen Z is all about seeking novelty, personalization, and snagging the best promotion—proving loyalty is earned differently across generations.No Occasion? No Problem – “Just Because” gifting is taking off, particularly among younger generations. Self-gifting has also surged, with Gen Z embracing this trend as a form of self-care, while older generations, especially Boomers, continue to favor larger gifts that bring people together for shared experiences.

The report also sheds light on societal implications, including how social media fueled the rise of new gifting occasions like hashtag holidays such as #NationalGirlfriendDay and other generational differences across multiple facets of retail.

View Edible’s State of Gifting Report here to learn more about these and other emerging trends, the data behind these findings and insight from brand executives into how gifting will continue to evolve in 2025. For more information, please contact media@edible.com.

About Edible®
Founded in 1999, Edible® has revolutionized the gifting industry, uniquely leveraging the synergistic power of an innovative e-commerce hub and locally owned brick-and-mortar locations across the globe. Edible’s platform seamlessly blends the convenience of online shopping with a vast retail footprint that services over 70% of U.S. households within an hour. Expanding beyond its iconic fruit arrangements, Edible has a range of offerings, including delectable dessert boards, cookies, brownies, cakes, farm-fresh flowers and more – perfect for every celebratory occasion and any treat-yourself moment. For more information, visit edible.com.

View original content to download multimedia:https://www.prnewswire.com/news-releases/edibles-inaugural-state-of-gifting-report-unveils-top-trends-driving-the-future-of-shopping-and-celebration-302303422.html

SOURCE Edible

Continue Reading

Trending