B2B Payments Processed by Fintech will Reach 53 Billion
According to the latest worldwide market study by Juniper Research, the volume of B2B payments facilitated by non-banks will exceed 53 billion in 2022 — that’s up from a COVID-related low of 38 billion in 2020; representing 42 percent growth.
International Money Transfer Innovation Gains Momentum
According to the latest worldwide market study by Juniper Research, global international digital money transfer transaction volume will reach 2 billion by 2024 — that’s up from 1.1 billion in 2019.
Money Transfer Fuels the Global Networked Economy
The World Economic Forum used data to visualize global remittance flows, to help convey the magnitude and the necessity of money transfers for people all over the world. India regularly tops the list of remittance-receiving nations due to its big diaspora.
How Blockchain will Drive Mobile Money Transfer Growth
According to Juniper Research, the volume of domestic money transfers via mobile phones will exceed 203 billion in 2024 — that’s up from 130 billion in 2019. Domestic person-to-person (P2P) payments will drive this growth, accounting for 80 percent of all domestic transfers in 2024.
Digital Money Transfer will Reach $525 Billion by 2024
Mobile and online (digital) money transfer offerings will continue to transform the market. New technologies, such as blockchain, will further accelerate the trend.
Banking with Blockchain will Increase Money Transfers
Global remittances totaled $613 billion in 2017, marking a 7% increase from $573 billion in 2016. Factors such as stricter immigration policies have possibly resulted in an increase in the number of remittance payments this year, and the 2018 figures are expected to rise accordingly.
How Blockchain will Improve Money Transfer
Blockchain-based remittance solutions will rapidly and effectively eliminate the dependencies that smaller MTOs have on banks and will reduce operating expenses, freeing up necessary capital that can be used to further grow their operations.
Why Fintech Innovators will Disrupt B2B Money Transfer
The money transfer segment of the commercial financial services sector is vast, with transactions taking place on both a domestic and international cross-border basis. A recent Juniper Research market study found that global cross-border B2B money transfers totalled $136 trillion in 2017.
Why Blockchain will Disrupt International Money Transfer
In 2016, emigrants working abroad sent an estimated US$442 billion to their families in their home countries. This global flow of cash is a significant factor in the financial well-being of families and societies in developing nations. But the process of sending money can be extremely expensive.
Source: World Economic Forum
Digital Payments Market will Reach $3.9 Trillion in 2017
The banking and payments arena is now greatly influenced by mobile device adoption. Moreover, retail spend continues to migrate from the physical storefront to the online checkout, enabled in part by mobile internet usage.
Source: Digital Lifescapes
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