Electronic Funds Transfer Market
Electronic Funds Transfer Market - Global Industry Assessment & Forecast
- By Type Inter-Bank Transaction, Customer Transaction
- By End User Individual, Enterprises
- By Region North America, Europe, Asia Pacific, Latin America, Middle East & Africa
|Forecast Years:||2022 - 2028|
|Historical Years:||2016 - 2021|
|Revenue 2021:||USD 61.9 Billion|
|Revenue 2028:||USD 103.2 Billion|
|Revenue CAGR (2022 - 2028):||8.9%|
|Fastest Growing Region (2022 - 2028)||Asia Pacific|
|Largest Region (2021):||North America|
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The Global Electronic Funds Transfer Market is valued at USD 61.9 Billion in the year 2021 and is projected to reach a value of USD 103.2 Billion by the year 2028. The Global Market is anticipated to grow at a Compound Annual Growth Rate (CAGR) of 8.9% over the forecast period.
Electronic Funds Transfer Market Size, 2021 To 2028 (USD Billion)
An Electronic Funds Transfer Market is a fund transfer system that allows for the instant transfer of money or securities. It is a common method of transferring funds from one account to another over a computer network. As soon as the transaction is transferred from the sending bank, it settles in the receiving bank. Furthermore, the term "gross settlement" refers to the handling and settlement of transactions as individuals rather than in batches or groups. While allowing customers to do their banking, electronic funds transfers replace paper transfers and human intermediaries. In addition, electronic funds transfers are secured by a personal identification number (PIN) or the login information used to access the customer's online banking service. An automated clearing house processes the payment (ACH). An automated clearing house processes the payment (ACH). This lays the groundwork for an Electronic Funds Transfer system.
The market is expanding due to the increased use of online banking services and customer demand for faster payment settlements. High deployment costs and increased market competition, on the other hand, are expected to stifle market growth. On the contrary, the increase in international trade can be viewed as a market opportunity. The increasing use of online banking services in daily life, combined with the increased use of advanced developments in financial services such as online payments, smartphone use, and the availability of advanced services, is driving demand. In recent years, users have increased consumer trust by adding a layer of verification to payment portals to secure information. As the demand for online payments has increased, so has the demand for faster payment portals. Furthermore, businesses across industries are embracing an online payment culture, which is expected to supplement demand for these Electronic Funds Transfer portals. As a result of these factors, the Electronic Funds Transfer Market is expanding.
The Electronic Funds Transfer Market is segmented on the basis of Type and End User. On the basis of Type, the market is segmented into Inter-Bank Transaction and Customer Transaction. On the basis of End User, the market is segmented into Individual and Enterprises.
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Based on Type
On the basis of Type, the market is segmented into Inter-Bank Transaction and Customer Transaction. The market is dominated by the interbank transaction segment. Any transfer between banks is referred to as an interbank transaction. Inter-bank transfers can be made using any means of electronic fund transfer, such as RTGS and NEFT. Interbank transactions can take place between two banks. Market growth is likely to be driven by changing lifestyles, the latest online retailing trends, and rising smartphone adoption. Fintech companies and banks now have a new approach to give mobile banking solutions to underserved and unbanked customers in distant places, thanks to the increased adoption of mobile technology in emerging nations.
Based on End User
On the basis of End User, the market is segmented into Individual and Enterprises. The market is dominated by the enterprise segment. Enterprises are entities with a workforce of more than 1,000 people. Large enterprises are adopting online payment solutions in order to digitize their payment landscape, cater to dynamic customer trends, streamline business operations, and increase market competitiveness. Large organizations use the omnichannel strategy to improve the customer experience.
North America Acquired the Largest Market Share in the Year 2021
North America held the largest market share during the year 2021 with a share of 36.10%. The presence of several key market participants distinguishes it. In addition, the region has been an early adopter of cutting-edge technologies. In the United States, the growing number of unmanned stores is also driving the use of mobile payments. The proliferation of mobile payment solutions in North America is primarily due to the growth of the e-commerce industry. With the widespread adoption of mobile technology in emerging markets, fintech companies and banks now have a new avenue for providing mobile banking solutions to underserved and unbanked customers in rural areas.
Key players operating 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 among others.
Segmentation of the Global Electronic Funds Transfer Market:
Regions & Countries Covered
Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST
analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market
attractiveness analysis by segments and North America, company market share analysis, and COVID-19
Frequently Asked Question
The global Electronic Funds Transfer valued at USD 61.9 Billion in 2020 and is expected to reach USD 103.2 Billion in 2028 growing at a CAGR of 8.9%.
The prominent players in the market are 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.
The market is project to grow at a CAGR of 8.9% between 2021 and 2028.
The driving factors of the Electronic Funds Transfer include
- Increasing use of smart devices along with surge in affordable internet facilities
North America was the leading regional segment of the Electronic Funds Transfer in 2020.