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The value of digital money transfer and remittance transactions will increase by 41% over the next four years, up from $4.5 trillion in 2028, according to Juniper Research. This growth is largely due to the significant adoption of digital money transfer in developing regions, through solutions such as mobile money, and the impact of instant payments in developed markets, such as the EU.
Underpinned by a robust scoring methodology, the new Competitor Leaderboard ranked the top 15 digital money transfer platforms, using criteria such as the completeness of their solutions, geographical spread, and future business prospects. The top 5 vendors for 2024 are Huawei, Visa, Mastercard, Comviva, and PayPal.
The leading players scored particularly well on their breadth and creativity of offerings but the report cautioned that to stay ahead, vendors must develop solutions that operate on a PaaS (Payment-as-a-Service) approach. To enable this, money transfer platforms need to develop stronger API offerings, which will allow third parties to integrate payments seamlessly into offerings such as superapps.
“Money transfer vendors need to prioritize innovation in this fast-moving space. Alongside developing a PaaS approach, providers should consider taking advantage of stablecoins, an asset or fiat-backed cryptocurrency, to improve factors such as stability, transparency, and speed,” explained report author Cara Malone.
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