Juniper Research forecasts a 41% increase in digital money transfers by 2028, driven by the adoption of mobile money in developing regions and instant payments in developed markets. The top 5 platform vendors for 2024, including Huawei and PayPal, are revealed, with an emphasis on the importance of innovation and a Payment-as-a-Service approach to stay ahead in the competitive landscape.
16 April 2024 – According to a new study by Juniper Research, global experts in payments markets, the value of digital money transfer and remittances transactions is set to surge by 41% over the next four years, reaching an estimated $4.5 trillion by 2028. This exponential growth is attributed to the widespread adoption of digital money transfer solutions in developing regions, facilitated by platforms like mobile money, and the influence of instant payments in developed markets, notably the EU.
Juniper Research’s Competitor Leaderboard, leveraging a robust scoring methodology, has unveiled the top 15 digital money transfer platform vendors for 2024. The rankings were determined based on criteria such as the comprehensiveness of their solutions, global reach, and future growth potential.
Leading the pack in 2024 are Huawei, Visa, Mastercard, Comviva, and PayPal, showcasing their prowess in delivering innovative and expansive offerings to meet evolving market demands. However, the report stresses the importance for vendors to embrace a Payment-as-a-Service (PaaS) approach, emphasizing the development of robust API offerings to enable seamless integration with third-party platforms, such as superapps.
Cara Malone, the author of the report, emphasized the necessity for money transfer vendors to prioritize innovation in response to the rapidly evolving landscape. She highlighted the potential of stablecoins, asset-backed cryptocurrencies, in enhancing stability, transparency, and speed in digital transactions, urging providers to explore these avenues to stay competitive in the dynamic market.
