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Electronic Funds Transfer Market is expected to grow with a CAGR 8.9% from 2022 to 2028

As stated in our extensive report; providing insights on Type, and End User; the Global Electronic Funds Transfer Market accounted for USD 61.9 Billion in 2021.

Nowadays, digitalization across the globe, especially in emerging economies such as India and China is surging at an unprecedented level. Thus, activities such as the use of the internet, adoption of smartphones, Electronic funds transfers, and mobile payment transfers are also increasing. Electronic funds transfers replace paper transfers and human intermediaries while allowing the customer to do their banking. Also, protected by a personal identification number (PIN) or the login information used to access the customer's online banking service which is helping to build the trust among the consumers, ultimately driving the market growth over the forecast period.

Additionally, international fund transfers are also increasing unprecedentedly. Ultimately, increasing the demand for electronic funds transfer provides a special opportunity for the market to grow. Moreover, increasing government initiatives and increasing funding for R&D, and improving technology as well as application security is further fueling the market growth over the forecast period.

Additionally, mounting adoption of online banking services in day-to-day life along with surging usage of online payment facilities, increasing use of smartphones, and availability of advanced services are some of the factors driving the market growth over the forecast period. However, high deployment costs and increasing market competition may act as restrain the market growth over the forecast period. according to India Brand Equity Foundation (IBEF), According to the study, by 2025, instant payments will account for 37.1%, electronic payments for 34.6%, and cash and other paper-based payments will account for 28.3%.

North America holds the major share in the market owing to the presence of the prominent market players in the region. Additionally, the presence of high funding in Research and Development (R&D) and increasing investments from major players as well is further propelling the market growth.

Some of the key players in the Global Electronic Funds Transfer Market include Royal Bank of Canada, Charles Schwab & Co., Citigroup Inc., UBS, Morgan Stanley, Bank of America Corporation, JPMorgan Chase & Co., Goldman Sachs, Julius Baer Group, Credit Suisse Group and others.