The money transfer app market allows users to transfer funds domestically as well as internationally through their mobile devices conveniently and securely. Money transfer apps offer benefits like 24/7 availability, easy setup process, competitive exchange rates, and real-time notifications. They assist overseas workers, students studying abroad, and tourists in sending funds home in a cost-effective manner. Growing adoption of smartphones and increasing internet penetration are generating demand for digital payment options.
Global Money Transfer App Market is estimated to be valued at US$ 65.38 Bn in 2024 and is expected to exhibit a CAGR of 18.% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the Money Transfer App market are Azimo, Cashq, Glint Pay, Insta-Rem, Leios, Moneygram, NetM, Noir Social Cash, NOW Money, OFX, Remitly, Remit2India, Revolut, Ria, and Skrill.
The Money Transfer App Market Demand expansion of migrant worker population, and rising focus on financial inclusion. Technological innovations such as cryptocurrencies, mobile wallets, AI-based fraud detection are expanding use cases and simplifying money transfer process.
Market Drivers
Growing smartphone penetration and high-speed internet connectivity are majorly driving the adoption of money transfer apps. Consumers prefer digital payment solutions for their convenience and ease of use. Safety and security features of money transfer apps are encouraging their use over traditional modes of transfer. Regulatory changes promoting digital financial services are also fueling the market growth.
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