Report Overview

Juniper Research’s latest Digital Money Transfer & Remittances research provides an extensive analysis of how the money transfer space is evolving in reaction to changing consumer preferences, as well as the impact of new payment methods across both domestic and cross‑border payments. This research includes a regional analysis of key money transfer markets and remittance corridors.

The research report positions 44 unique digital money transfer vendors across 3 different Juniper Research Competitor Leaderboards; covering digital money transfer platform providers, digital remittance providers and mobile money vendors. The research also provides in-depth industry benchmark, 5-year forecasts and analysis for:

  • Mobile & Online Domestic Money Transfer
  • Mobile & Online International Money Transfer & Remittances
  • Domestic Consumer Instant Payments
  • Cross-border Consumer Instant Payments
This research suite comprises:
  • Market Trends & Strategies (PDF)
  • Competitor Leaderboard (PDF)
  • Data & Forecasts (PDF & Excel)
  • 12 Months' Access to harvest Online Data Platform
Key Market Statistics
Market Size in 2022: $2.5tn
Market Size in 2027: $4.4tn
2022 to 2027 Market Growth: 74.4%

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Key Features

  • Market Analysis: An independent analysis of the key trends and outlook for the digital money transfer & remittances market, including the growth of mobile transfers & remittances, as well as the shift towards digital payments and the threat posed by instant payments to established money transfer models.
  • Regional Analysis: Analysis of key regional regulations, payment methods and opportunities within digital money transfer, split by countries and remittance corridors of interest.
  • Benchmark Industry Forecasts: Includes forecasts for domestic and international money transfer & remittances, split by mobile and online, and providing detailed insights into user adoption, as well as transaction volume and value, accompanied by splits for instant payment usage, as well as for the following 60 countries:
    • Algeria
    • Argentina
    • Australia
    • Austria
    • Bangladesh
    • Belgium
    • Brazil
    • Canada
    • Chile
    • China
    • Colombia
    • Croatia
    • Czech Republic
    • Denmark
    • Ecuador
    • Egypt
    • Finland
    • France
    • Germany
    • Greece
    • Hong Kong
    • Hungary
    • India
    • Indonesia
    • Ireland
    • Israel
    • Italy
    • Japan
    • Kenya
    • Kuwait
    • Malaysia
    • Mexico
    • Nepal
    • Netherlands
    • New Zealand
    • Nigeria
    • Norway
    • Pakistan
    • Peru
    • Philippines
    • Poland
    • Portugal
    • Qatar
    • Romania
    • Russia
    • Saudi Arabia
    • Singapore
    • South Africa
    • South Korea
    • Spain
    • Sweden
    • Switzerland
    • Thailand
    • Turkey
    • UK
    • Ukraine
    • United Arab Emirates
    • Uruguay
    • US
    • Vietnam
  • Juniper Research Competitor Leaderboards: Key player capability and capacity assessments for 44 vendors within the digital money transfer & remittances ecosystem, via 3 separate Juniper Research Competitor Leaderboards:
    • International remittance providers
      • Azimo
      • Currencies Direct
      • CurrencyFair
      • FairFX
      • InstaReM
      • moneycorp
      • MoneyGram
      • OFX
      • Remitly
      • Ria
      • Western Union
      • Wise
      • WorldRemit
      • Xoom
    • Mobile money transfer providers
      • Airtel Money
      • bKash
      • Easypaisa
      • EcoCash
      • Equitel Money
      • eZ Cash
      • LinkAja
      • MonCash
      • M-PESA
      • MTN Mobile Money
      • Orange Money
      • Tigo
      • Transfer/Telcel
      • uPaisa
      • Wave Money
    • Digital money transfer platform providers
      • Amdocs
      • Comviva
      • Huawei
      • Infosys EdgeVerve
      • Interac
      • Mastercard
      • Money Transfer Application
      • OBOPAY
      • PayPal
      • RemitONE
      • Ripple
      • Seamless Distribution Systems
      • Telepin Software
      • Thunes
      • Visa

Key Questions Answered

  1. What key trends are shaping the growth of the international remittances and domestic money transfer markets today?
  2. Which countries represent the greatest opportunities within the international remittances and domestic money transfer markets?
  3. What will the value of P2P payments be in 2027?
  4. To what extent do instant payments pose a threat to the business models employed by players within the international and domestic money transfer markets?
  5. Who are the key platform players disrupting the international and domestic money transfer landscape? How can they secure their market position?

Companies Referenced

Interviewed: Huawei
Case Studied: Huawei
Included in Juniper Research’s Money Transfer Platform Vendors Competitor Leaderboard: Amdocs, Comviva, Huawei, Infosys EdgeVerve, Interac, Mastercard, Money Transfer Application, OBOPAY, PayPal, RemitONE, Ripple, Seamless Distribution Systems, Telepin Software, Thunes, Visa.
Included in Juniper Research’s Digital Remittance Vendors Competitor Leaderboard: Azimo, Currencies Direct, CurrencyFair, FairFX, InstaReM, moneycorp, MoneyGram, OFX, Remitly, Ria, Western Union, Wise, WorldRemit, Xoom.
Included in Juniper Research Competitor Mobile Money Vendors Leaderboard: Airtel Money, bKash, Easypaisa, EcoCash, Equitel Money, eZ Cash, LinkAja, MonCash, M-PESA, MTN Mobile Money, Orange Money, Tigo, Transfer/Telcel, uPaisa, Wave Money.
Mentioned: 10X Capital, 2Keys Corporation, AB Bank, ABN AMRO, Abu Dhabi Global Market Financial Services Regulatory Authority, Accel, ACI Worldwide, AFEX Money Express, Africell Afrimoney, Alipay, Aliv Bahamas, Allianz, Allied Bank, amadeus, Amazon, América Móvil, American Express, Ant Group, Apple, AsiaHawala, AT&T, AXA General Insurance, Axiata, Azure Ventures Group, Banamex, Banco do Brazil, Banco Inbursa, Bancolombia, Bank Asia, Bank of America, Bank of China, Bank of Dubai, Bank of Montreal, Barclays, BDO (Banc de Oro), Bell, Bharti Enterprises, Bhutan’s Central Bank, Bill and Melinda Gates Foundation, BitPay, Blackstone, BNP Paribas, Bolt, BRAC Bank, BRI Ventures, British Chambers of Commerce, BT, BTC SMEGA, Canada Trust, Canadian Imperial Bank of Commerce, Canadian Western Bank, Capital One, CCA (Cámara de Compensación Electrónica), CFPB (Consumer Financial Protection Bureau), Chase,, ChromePay, CIBC, Citi, Claret Capital Partners, Clearpay, Clickatell, CNN, Coinbase, Coinme,, Commerce Bank, Convoy Payments, Convoy Payments Limited, Cooperative Bank of Kenya, Corsair, Credit Union Central of Canada, Crypto Accept, CSG, Cuentas, Currencies Direct, CurrencyCloud, Dandelion Network, DBS, Department for International Development, Desjardins, Digicel, Dinex, Discover Financial Services, Djibouti Telecom, dLocal, DN Capital, DSTV, Early Warning, Earthport, Easypaisa, Ecobank, EcoCash, Emirates NBD, Enterprise Ireland, Equals Group Plc , Equity Bank, Ericcson, eSewa Money Transfer, eswatini Mobile, Etisalat, Euronet Worldwide, Evantagesoft, Express Union, EzyPesa, Farallon Capital, FCMB Bank, Federal Bank, Fédération des Caisses Desjardins du Québec, Fidelity Ventures, Financial Deepening Challenge Fund , FINCI, Firma Foreign Exchange Corporation, First Bank of Nigeria, First Calgary Financial, fiserv, Flutterwave, Frog Capital, Frontline Ventures, Future Shape, Gatwick Airport, GGV Capital, Globacom Ltd, Global Send, G-Money, GoCardless, Goldman Sachs, Google, Grab, Grameenphone, GT&T MMG, Halopesa, Helios Investment Partners, HSBC, Huveane, ICICI Bank, IDG Capital, IFC (International Finance Corporation), IFIC Bank, IMB, IME, ING, Insight Partners, InterSwitch, Inwi Money, iZettle, JazzCash, Jumia, KBZPay, Kenya Airways, Kim Phu Money Transfer, Klarna, Laurentian Bank, Leapfrog Investments, Libro Credit Union, Limonetik, Link, LinkAja, Logiq, Madison Dearborn Partners, Mandiri Capital , Masoko, Maybank, Metrobank, MFS Africa, Money in Motion LLC, Moneytrans, Monzo, MOVii, Movil Red, M-Shwari, Mukuru, NASDAQ, National Bank, NCBA, New Enterprise Associates, New York State Department of Financial Services, Nium, Nokia, NSSF (National Social Security Fund), One Acre Fund, Onfido, Ooredoo, Openet, Paidy, Palamon Capital Partners, Papaya Global, Pasa Tiempo Amigo, Paxos Trust Company, Payfare Inc, Payoneer, Paytm, PayU, Pertamina, Polaris Bank, Pos Indonesia, Poste Italiane, PromptPay, QNB (Qatar National Bank), Quick Remit, Quona Capital, Rakuten, RBC, RBI (Reserve Bank of India), Rebtel, Reserve Bank of Zimbabwe, Riaktr, Riio, Roshan M-Paisa, Route 66 Ventures, Royal Bank of Canada, Ryman, Safaricom, Sandwave, Santander, SBI, SCB (Siam Commercial Bank), Scotiabank, Sequoia Capital, Shinhan Bank of South Korea, Silicon Valley Bank, Simility, Singtel, SMARTCASH Payment Service Bank Limited, Smith&Smith, Socash, SoftBank Vision Fund, Sogebank, Sourced Group, Standard Bank, Standard Charter, State Bank of India, State Bank of Pakistan, stc, Stellar Development Foundation, Stern Bank, Strands, Strex, Stripe, SVB Capital, Swedbank, Swift Financial, Symphoni, Tangerine Bank, Tata Indicom, TCV, TD, Tech Mahindra, Techstars, Telcomsel, Tele2, Telenor, Telia, Telkom, Telkomsel, Telma, Temenos, Tempo France, TerraPay, Tetragon Financial Group, The Currency Cloud, The Guardian, The Telegraph, Threshold, TIO Networks, T-Mobile, TN Bank, Tookitaki, TPesa, Tranglo, Transfast, TransferTo, Travelex, TrueMoney, TSB, UBA, Uber, UK Post Office, Union Bank of India, Union Bank of the Philippines, UnityLink, urpay, Valyou, Viamericas, Viber, Virgin Atlantic, VizPay, Vocalink, Vodafone, Volaris Group, Walmart, WeChat, Wells Fargo, Wirecard Forex India, WiseTech Global, Worldpay, Xe, Yabx, Yoma Bank, YouGov, Zepz.

Data & Interactive Forecast

Juniper Research’s Digital Money Transfer & Remittances forecast suite includes:
  • Data splits for:
    • Mobile Domestic Money Transfer
    • Mobile International Money Transfer
    • Online Domestic Money Transfer
    • Online International Money Transfer
    • Domestic Consumer Instant Payments
    • Cross-border Consumer Instant Payments
  • Mobile money transfer & remittances split by seven transaction types:
    • Cash in
    • Cash out
    • Domestic Airtime Top-up
    • Domestic P2P Remittance
    • Bulk Disbursement (G2P)
    • International Airtime Top-up
    • International P2P Remittance
  • Interactive scenario tool allowing users to manipulate Juniper Research’s data for 10 different metrics.
  • Access to the full set of forecast data of more than 100 tables and over 46,000 datapoints.

Geographical splits: 60 countries

Harvest: Our online data platform, harvest, contains the very latest market data and is updated throughout the year. This is a fully featured platform enabling clients to better understand key data trends and manipulate charts and tables, overlaying different forecasts within the one chart - using the comparison tool. Empower your business with our market intelligence centre, and get alerted whenever your data is updated.

Interactive Excels (IFxl): Our IFxl tool enables clients to manipulate both forecast data and charts, within an Excel environment, to test their own assumptions using the Interactive Scenario Tool and compare selected markets side by side in customised charts and tables. IFxls greatly increase a clients’ ability to both understand a particular market and to integrate their own views into the model.

Forecast Summary

The volume of digital domestic money transfer payments will exceed 300 billion globally for the first time in 2026, from 207 billion in 2022. This represents a growth of nearly 50%.
  • Superapps, where multiple services including payment and financial transaction processing are available in one app, are driving digitisation of previously cash-based payments, by including messaging and access to other services alongside payments.
  • The top three countries will account for just under 74% of global digital domestic money transfer transactions in 2026. The report identified the top three markets for usage as:
       1.  China
       2.  US
       3.  India
  • The appeal of social payments, in which payments are integrated into social platforms, has driven transactions in these three countries. WeChat Pay in China and Venmo in the US were cited by the research as examples of how social payments are driving domestic money transfer. Money transfer vendors must identify the most popular social platforms in each country and aim to create partnerships that enable social payments.
  • Differentiation is a key challenge for money transfer apps, particularly given the highly competitive market landscape. The superapp approach, where a marketplace of different services is offered in-app, is key to creating money transfer apps that offer greater value for users. Therefore, vendors must onboard other financial service providers and eCommerce merchants, to boost the unique user value their apps represent.

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  • Market data, forecasts and interactivity (xls)
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Research FAQs

How big is the money transfer market?
What is the money transfer market growth?
Which segment accounted for the largest money transfer market share?
What are the top 3 countries with highest remittances?

Research Details

Juniper Research
Damla Sat, Nick Maynard
Fintech & Payments
8 Key Regions - includes North America, Latin America, West Europe, Central & East Europe, Far East & China, Indian Subcontinent, Rest of Asia Pacific and Africa & Middle East
Algeria, Argentina, Australia, Austria, Bangladesh, Belgium, Brazil, Canada, Chile, China, Colombia, Croatia, Czech Republic, Denmark, Ecuador, Egypt, Finland, France, Germany, Greece, Hong Kong, Hungary, India, Indonesia, Ireland, Israel, Italy, Japan, Kenya, South Korea, Kuwait, Malaysia, Mexico, Nepal, Netherlands, New Zealand, Nigeria, Norway, Pakistan, Peru, Philippines, Portugal, Qatar, Romania, Russian Federation, Saudi Arabia, Singapore, South Africa, Spain, Sweden, Switzerland, Tanzania, Thailand, Turkey, Ukraine, United Arab Emirates, UK, Uruguay, USA, Vietnam