MONEY TRANSFER APP MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

Key Developments

• In January 2024, ICICI Bank Canada, a wholly-owned subsidiary of ICICI Bank Limited, announced the launch of its mobile banking app called 'Money2India (Canada). 'This new app allows customers of any bank in Canada to instantly and conveniently transfer funds 24/7 to any bank account in India, without the need to open an account with ICICI Bank Canada.
• In August 2021, WorldRemit, a leading digital cross-border payments company, officially launched its money transfer services in Malaysia. This expansion enables WorldRemit customers to send money not only from Malaysia, but also from 50 other countries including the U.K. and the U.S., to over 130 destinations globally. Depending on the recipient's location, senders can choose from a variety of payout methods such as bank deposits, payments to mobile wallets, cash pick-up, and mobile airtime top-up.
• In March 2020, SumUp, a leading fintech company, introduced its mobile payments and invoicing solutions across the continent. These new features aimed at enabling consumers to make payments remotely and securely via their smartphones, especially during the COVID-19 pandemic when social distancing measures were in place.