GITNUX MARKETDATA REPORT 2024

Money Transfer Industry Statistics

The money transfer industry continues to experience steady growth globally, driven by increasing adoption of digital technologies and rising demand for convenient and secure cross-border transactions.

With sources from: afro.who.int, mordorintelligence.com, migrationdataportal.org, knomad.org and many more

Statistic 1

It's estimated that the size of the global remittance market is likely to reach $930 billion by 2026.

Statistic 2

In 2015, the global money transfer market was valued at 580.4 billion dollars.

Statistic 3

As of 2020, the US was the top remittance-sending country, followed by Switzerland.

Statistic 4

The cost of sending remittances worldwide is on average 7% of the total amount sent.

Statistic 5

In 2020, digital remittances made up about 43% of worldwide international remittances.

Statistic 6

The industry experienced a drop in the amount of remittances by 7% in 2020 due to the outbreak of COVID-19.

Statistic 7

China is the largest remittance-receiving country worldwide.

Statistic 8

As of 2021, Western Union, an international money transfer platform, has over half a million agent locations worldwide.

Statistic 9

Over 2 billion people worldwide are unbanked and rely on money transfer services to receive funds.

Statistic 10

Several large banks handle over 90% of all global money transfers.

Statistic 11

Mobile money industry processed $2 billion a day in 2019.

Statistic 12

The digital money transfer market is forecasted to grow at a CAGR of 15.34% from 2021 to 2028.

Statistic 13

Digital remittance platforms saw significant growth due to increasing smartphone penetration and rising internet operators.

Statistic 14

India is the world's leading receiver of remittances, with an inflow of $79 billion in 2018.

Statistic 15

MoneyGram, a major player, operates in over 200 countries and territories.

Statistic 16

The average cost of sending $200 to Sub-Saharan Africa is around 9%.

Statistic 17

E-wallet platforms are projected to handle $10 trillion worth of transactions in the year 2025.

Statistic 18

As of 2019, the global digital payments market was worth around $4.9 trillion, primarily driven by emerging economies such as India and China.

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In this post, we will explore key statistics and insights into the dynamic world of the money transfer industry. From the staggering growth projections to the significant impacts of digitalization and global events, these statistics offer a glimpse into the evolving landscape of remittances and international finance. Let’s dive into the numbers that shape this industry’s present and future.

Statistic 1

"It's estimated that the size of the global remittance market is likely to reach $930 billion by 2026."

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Statistic 2

"In 2015, the global money transfer market was valued at 580.4 billion dollars."

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Statistic 3

"As of 2020, the US was the top remittance-sending country, followed by Switzerland."

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Statistic 4

"The cost of sending remittances worldwide is on average 7% of the total amount sent."

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Statistic 5

"In 2020, digital remittances made up about 43% of worldwide international remittances."

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Statistic 6

"The industry experienced a drop in the amount of remittances by 7% in 2020 due to the outbreak of COVID-19."

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Statistic 7

"China is the largest remittance-receiving country worldwide."

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Statistic 8

"As of 2021, Western Union, an international money transfer platform, has over half a million agent locations worldwide."

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Statistic 9

"Over 2 billion people worldwide are unbanked and rely on money transfer services to receive funds."

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Statistic 10

"Several large banks handle over 90% of all global money transfers."

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Statistic 11

"Mobile money industry processed $2 billion a day in 2019."

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Statistic 12

"The digital money transfer market is forecasted to grow at a CAGR of 15.34% from 2021 to 2028."

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Statistic 13

"Digital remittance platforms saw significant growth due to increasing smartphone penetration and rising internet operators."

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Statistic 14

"India is the world's leading receiver of remittances, with an inflow of $79 billion in 2018."

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Statistic 15

"MoneyGram, a major player, operates in over 200 countries and territories."

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Statistic 16

"The average cost of sending $200 to Sub-Saharan Africa is around 9%."

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Statistic 17

"E-wallet platforms are projected to handle $10 trillion worth of transactions in the year 2025."

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Statistic 18

"As of 2019, the global digital payments market was worth around $4.9 trillion, primarily driven by emerging economies such as India and China."

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Interpretation

In conclusion, the global money transfer industry is a dynamic and evolving sector with significant economic impact. The industry has experienced growth in digital remittances, driven by factors such as increasing smartphone penetration and internet connectivity. Despite challenges like the high average cost of sending remittances and fluctuations in remittance volumes due to events like the COVID-19 pandemic, key players like Western Union and MoneyGram continue to dominate the market. As the industry moves towards more digital solutions, it is forecasted to see substantial growth in the coming years, with e-wallet platforms projected to handle trillions of dollars in transactions. Emerging economies like India and China are driving much of this growth, indicating the increasing importance of these markets in shaping the future of global money transfers.

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