GITNUX MARKETDATA REPORT 2024

Beneficiary Money Receiving Time Statistics

The average time taken for beneficiaries to receive money is 2-3 business days.

Last Updated: June 20, 2024

How we write

In this post, we present an array of compelling statistics shedding light on the evolving landscape of beneficiary money receiving time and methods across the globe. From the rapid rise of digital channels for payment transfers to the growing preference for mobile apps, these data points paint a comprehensive picture of the trends shaping the world of remittances and financial transactions. Join us as we explore the key insights that define the current scenario and project towards the future of monetary exchanges.

Statistic 1

"Approximately 60% of beneficiary payments globally are made through digital channels."

Statistic 2

"9.8% of beneficiaries receive money via paper checks."

Statistic 3

"90% of remittances occur within minutes."

Statistic 4

"Mobile money accounts have ballooned to 690 million globally in 2020."

Statistic 5

"About 34% of beneficiary money recipients prefer the use of mobile apps."

Statistic 6

"In 2021, about 70% of millennials are now using mobile banking."

Statistic 7

"The use of smartphones for sending money globally increased by 65% in 2020."

Statistic 8

"Approximately 70% of world remittances are received in developing countries."

Statistic 9

"In Sub-Saharan Africa, the cost of receiving $200 is the highest globally at 8.9%."

Statistic 10

"The global remittance flow was estimated to have decreased by 7.2% in 2020."

Statistic 11

"Real-time payments transactions saw a 41% growth globally in 2020."

Statistic 12

"By 2025, it's projected that 72% of all mobile transactions will be real-time."

Statistic 13

"It is expected that by 2022 cross-border digital remittances will reach $300 billion."

Statistic 14

"93% of money transfer users are satisfied with their mobile experience."

Statistic 15

"Almost 50% of beneficiaries in Europe receive their funds in less than an hour."

Statistic 16

"Almost 25% of beneficiaries in rural areas receive remittances through post offices."

Statistic 17

"In 2019, the median cost of sending $200 remained high, at 6.8%."

Statistic 18

"In 2020, $540 billion was sent to low- and middle-income countries by remittances."

Statistic 19

"In 2018, South Asia was the least expensive region to send $200, at an average cost of 5.2%."

In conclusion, the global landscape of beneficiary money receiving is rapidly evolving towards digital channels, with a significant percentage of payments being processed electronically. This shift is evidenced by the surge in mobile money accounts, preference for mobile apps, and the increasing use of mobile banking among millennials. Real-time payments are also gaining traction, with projections indicating a substantial portion of mobile transactions being executed in real time by 2025. Despite the advancements in digital remittances, challenges such as high costs in certain regions and fluctuations in global remittance flows persist. Nonetheless, the overall satisfaction with mobile money transfer experiences among users is high, highlighting the positive impact of technology on the efficiency and accessibility of financial transactions worldwide.

Jannik Lindner

Jannik is the Co-Founder of Gitnux and has been working in the digital space since 2016. He is specialized in content and tech.

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