Small Payment Institutions Money Transfer Market By Application (B2B, B2C and PCP) and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Market Trends, Analysis, and Forecast till 2034

Report Code: PMI471021 | Publish Date: July 2023 | No. of Pages: 180

Global Small Payment Institutions Money Transfer Market Overview

Small Payment Institutions Money Transfer Market was valued at USD 2.3 Billion in 2024 and is projected to grow at a CAGR of 59.60% to reach USD 164.7 Billion by 2034.

A small payment institution means a legal person established in the particular country, which has been issued a decision by the National Bank of that particular country on the entry of a small payment institution in the register of payment service providers and electronic money issuers and which may provide one or several payment services referred to different article of the Payment System Act, of particular country. For instance, Small payment institutions of Croatia may provide payment services exclusively in the territory of the Republic of Croatia. Legal persons established in the Republic of Croatia intending to provide payment services as small payment institutions have to submit an application to the Croatian National Bank for entry in the register in accordance with Article 123 of the Payment System Act, supported by all the required documentation and information prescribed by the mentioned Act. A payment institution may register to be a small PI if its average monthly turnover of payment transactions does not exceed €3m. SPIs are not eligible for Bank of England Settlement Accounts. Registration is cheaper and simpler than authorization, but SPIs are unable to provide payment services into other European Economic Area (EEA) member states. The Small Payment Institutions Money Transfer Market accounted for USD 2.3 Bn in 2024 and is estimated to be US$ 164.7 Bn by 2034 and is anticipated to register a CAGR of 59.60%.                  

Impact of Covid-19 pandemic on market

The year 2020 is closing, and we all witnessed how difficult this year was for new businesses, including Payment and Electronic Money companies. Covid-19 has had a huge impact on financial systems across the world, including the provision of digital financial services and the functioning of the FinTech market in general.

Fintech Investments and Market Performance

According to the Pulse of Fintech H1’20, a bi-annual report on global fintech investment trends from KPMG International, overall global Fintech funding dropped by 25.6 billion of investment globally across 1,221 deals during the first half of 2020. On the other hand, VC investment remains strong across the globe despite the global uncertainties resulting from the outbreak of Coronavirus. According to the report, the investment could surpass the annual record if the trend recorded in H1’20 continues. According to data collated by CB Insights on the fintech space, in Q3’20, mega-rounds (deals worth $100M ) accounted for 60% of total fintech funding — the highest percentage share since Q2’18. Funding represented by mega-rounds increased 24% quarter-over-quarter (QoQ) to $6.4B, while non-mega-round funding declined 16%.

Global Small Payment Institutions Money Transfer Market Dynamics

Trustworthy solutions

Consumers who had been using non-banks for payment services can now feel certain that their provider has been duly authorized and registered and is being supervised by the financial authorities in the home country of the provider.

Innovative Solutions

Consumers benefit from the availability of “passported” cross-border services which are harmonised and standardised. Payment institutions have also been able to develop innovative solutions such as card and pre-paid products. They are offering online and mobile payment solutions, e-wallets, and international remittance services to a greater degree than traditional banks.

Pressure to Lower Fees by key players is affecting small payment institution money transfer

The heavy pressure from international organizations (G20, UN, etc.) to lower the costs of remittances for users is placing its main players under increased scrutiny toward their prices which hamper growth of global market to a certain extent.

Global Small Payment Institutions Money Transfer Market Segmentation

The Global Small Payment Institution Money Transfer Market is segmented based on application, and region.

On the basis of application, the target market is segmented into B2B, B2C and PCP.

The growing business-to-business (B2B) eCommerce market and rising adoption of financial technology overall the globe are prominent factors driving the B2B payments market in this part of the world.
B2C is the consumer facing segment. It refers to the internet transactions of goods and services that take place between a business and a private consumer. B2C is often used interchangeably with online retail. However, acting as an umbrella term, B2C does not only refer to online retail but also to online marketplaces, as well as the growing markets of direct-to-consumer (D2C) e-commerce and paid content. With e-commerce continuing to develop worldwide, the market is increasingly expanding into more niche categories, catering to more and more specific consumer and business needs.
Peer-to-peer payments evolved due to the maximum acceptance of the e-commerce business models.

Regional Insights:

On region the Global Small Payment Institution Money Transfer Market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Europe collectively accounted for higher revenue in the small payment institute (Money Transfer) market. The Europe region dominated the small payment institute (Money Transfer), in terms of revenue in 2019 and is expected to retain its dominance throughout the forecast period, due to increasing license approval in Europe for small payment institute (money transfer) market.  

Report Scope:

Attribute

Details

Base year for estimation

2023

Forecast period

2024 – 2034

Market representation

Revenue in USD Billion & CAGR from 2024 – 2034

Market Segmentation

By Application– B2B, B2C and PCP

Regional scope

North America - U.S., Canada

Europe - UK, Germany, Spain, France, Italy, Russia, Rest of Europe

Asia Pacific - Japan, India, China, South Korea, Australia, Rest of Asia-Pacific

Latin America - Brazil, Mexico, Argentina, Rest of Latin America

Middle East & Africa - South Africa, Saudi Arabia, UAE, Rest of Middle East & Africa

Report coverage

Revenue forecast, company share, competitive landscape, growth factors, and trends

Segments Covered in the Report:

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2024 to 2034. For the purpose of this study, has segmented the Global Small Payment Institution Money Transfer Market report based on product, site of collection, application, and region.

 

 

Small Payment Institutions Money Transfer Market- Segmentation

Global Small Payment Institution Money Transfer Market, By Region:

      • North America
          • U.S.
          • Canada
      • Europe
          • Germany
          • UK
          • France
          • Russia
          • Italy
          • Rest of Europe
      • Asia Pacific
          • China
          • India
          • Japan
          • South Korea
          • Rest of Asia Pacific
      • Latin America
          • Brazil
          • Mexico
          • Rest of Latin America
      • Middle East & Africa
          • GCC
          • Israel
          • South Africa
          • Rest of Middle East & Africa

Global Small Payment Institutions Money Transfer Market Key Players

The key players operating in the Global Small Payment Institution Money Transfer Market includes Absa, Banco Bradesco Sa, Western Union Holdings, Inc, Euronet Worldwide, Inc, Moneygram International Inc, Scotiabank and Societe Generale. For Instance, the specific financial system of South Korean is that many big companies originally non-financial industries participate in payment schemes with consumers. For instance, technological companies like (Kakao, Naver), shopping malls (Shinsegae, Lotte) and security companies. Also, even though the government has a plan to make the nation an international financial hub, they want everyone to spend money in the country which domestic players are still very powerful monopolists. As a result, many foreign bank branches withdraw business from the domestic markets.

Global Small Payment Institutions Money Transfer Market Company Profile

 

  • Absa
    • Company Overview
    • Product Portfolio
    • Key Highlights
    • Financial Overview
    • Business Strategies
  • Banco Bradesco Sa
    • Company Overview
    • Product Portfolio
    • Key Highlights
    • Financial Overview
    • Business Strategies
  • Western Union Holdings, Inc
    • Company Overview
    • Product Portfolio
    • Key Highlights
    • Financial Overview
    • Business Strategies
  • Euronet Worldwide, Inc
    • Company Overview
    • Product Portfolio
    • Key Highlights
    • Financial Overview
    • Business Strategies
  • Moneygram International Inc
    • Company Overview
    • Product Portfolio
    • Key Highlights
    • Financial Overview
    • Business Strategies
  • Scotiabank
    • Company Overview
    • Product Portfolio
    • Key Highlights
    • Financial Overview
    • Business Strategies
  • Societe Generale
    • Company Overview
    • Product Portfolio
    • Key Highlights
    • Financial Overview
    • Business Strategies

Global Small Payment Institutions Money Transfer Market Table of Contents

  1. Research Objective and Assumption
    • Preface
    • Research Objectives
    • Study Scope
    • Years Considered for the study
    • Assumptions
    • Abbreviations
  2. Research Methodology
    • Research data
    • Primary Data
      • Primary Interviews
      • Primary Breakdown
      • Key data from Primary Sources
      • Key Thickness Insights
    • Secondary Data
      • Major Secondary Sources
      • Secondary Sources
    • Market Estimation
    • Top-Down Approach
      • Approach for estimating Market Share by Top-Down Analysis (Supply Side)
    • Bottom-Up Approach
      • Approach for estimating market share by Bottom-up Analysis (Demand Side)
    • Market Breakdown and Data Triangulation
    • Research Assumptions
  3. Market Purview
    • Executive Summary
    • Key Findings—Global Outlook for Foreign Exchange Services Market Strategies
      • Key Questions this Study will Answer
      • Market Snippet, By Region
      • Market Features
      • COVID-19 Survey Analysis
  4. Market Dynamics, Regulations, and Trends Analysis
    • Market Dynamics
      • Drivers
      • Restraints
      • Market Opportunities
      • Impact Analysis
      • Trends
      • Key Highlights
    • Capital Requirement
    • Licensing Requirement
    • Funding Requirement
    • Solution Provisioning
    • Correspondent Tie up
    • Marketing and Execution plan
    • Breakeven Achievement
  5. Global Small Payment Institutions Money Transfer Market, By Application, 2024 – 2034, (US$ Bn)
    • Overview
      • Market Value and Forecast (US$ Bn), and Share Analysis (%), 2024 – 2034
      • Y-o-Y Growth Analysis (%), 2024 – 2034
      • Segment Trends
    • B2B
      •  Overview
      • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2024 – 2034
    • B2C
      •  Overview
      • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2024 – 2034
    • PCP
      •  Overview
      • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2024 – 2034
  6. Global Small Payment Institutions Money Transfer Market, By Region, 2024 – 2034, (US$ Bn)
    • Overview
      • Market Value and Forecast (US$ Bn), and Share Analysis (%), 2024 – 2034
      • Y-o-Y Growth Analysis (%), 2024 – 2034
      • Regional Trends
    • North America
      • Market Size and Forecast (US$ Bn), By Application, 2024 – 2034
      • Market Size and Forecast (US$ Bn), By Country, 2024 – 2034
        • U.S.
        • Canada
    • Europe
      • Market Size and Forecast (US$ Bn), By Application, 2024 – 2034
      • Market Size and Forecast (US$ Bn), By Country, 2024 – 2034
        • Germany
        • UK
        • France
        • Russia
        • Italy
        • Rest of Europe 
    • Asia Pacific
      • Market Size and Forecast (US$ Bn), By Application, 2024 – 2034
      • Market Size and Forecast (US$ Bn), By Country, 2024 – 2034
        • China
        • India
        • Australia
        • Rest of Asia Pacific
    • Rest of World
      • Market Size and Forecast (US$ Bn), By Application, 2024 – 2034
      • Market Size and Forecast (US$ Bn), By Country, 2024 – 2034
        • Brazil
        • Mexico
        • Rest of World
  7. Competitive Landscape
    • Company Profiles
      • Absa
        • Company Overview
        • Product Portfolio
        • Key Highlights
        • Financial Overview
        • Business Strategies
      • Banco Bradesco Sa
      • Western Union Holdings, Inc
      • Euronet Worldwide, Inc
      • Moneygram International Inc
      • Scotiabank
      • Societe Generale
  8. The Last Word
    • About Us
    • Contact

FAQs

The Global Small Payment Institution Money Transfer Market is segmented based on application, and region.

Trustworthy and innovative solution are the major factor driving growth of the global market

Europe collectively accounted for higher revenue in the small payment institute (Money Transfer) market. The Europe region dominated the small payment institute (Money Transfer), in terms of revenue in 2019 and is expected to retain its dominance throughout the forecast period, due to increasing license approval in Europe for small payment institute (money transfer) market.

The key players operating in the Global Small Payment Institution Money Transfer Market includes Absa, Banco Bradesco Sa, Western Union Holdings, Inc, Euronet Worldwide, Inc, Moneygram International Inc, Scotiabank and Societe Generale.