Press Release - | Electronic Funds Transfer Market to Reach Valuation of USD 103.2 Billion by 2028 - Increased Adoption of Online Banking Services to drive the Global Electronic Funds Transfer Market growth |
Vantage Market Research | 28 Apr 2022
Technology & Media
Electronic Funds Transfer Market to Reach Valuation of USD 103.2 Billion by 2028 - Increased Adoption of Online Banking Services to drive the Global Electronic Funds Transfer Market growth
From the period 2022 to 2028, the Global Electronic Funds Transfer Market is expected to reach USD 103.2 Billion in terms of revenue, growing at a Compound Annual Growth Rate (CAGR) of 8.9%.
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 primary factors driving the market are the increasing penetration of smartphones and high-speed internet, as well as the global improvement of network infrastructure. Furthermore, the integration of biometric authentication methods with mobile payment applications to reduce the likelihood of security thefts or frauds by securing the payment gateway is increasing the demand for electronic funds transfers. Significant growth in the banking, financial services, and insurance (BFSI) industry around the world is one of the key factors driving the market's positive outlook. Furthermore, the widespread adoption of digital and automated payment and money transfer solutions is propelling the market growth. Financial institutions are using transparent and data-driven ecosystems for money remittance to expand their business networks and provide low remittance costs to their customers.
Key Highlights from the Report
Some of the key players in the Electronic Funds Transfer Market include [object Object] and others.
Market Dynamics:
Increased Adoption of Online Banking Services
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 the demand for these Electronic Funds Transfer Market portals. As a result of these factors, the Electronic Funds Transfer Market is expanding.
Expensive Deployment
When deciding on advanced technology such as funds transfer, UPI, debit cards, and online banking, cost is an important factor to consider. High security for these applications is usually costly. In most cases, the cost of integrating or providing access to an online payment gateway application is prohibitively expensive. The high cost of Electronic Funds Transfer Market components, as well as the high cost of integrating payment gateways into the online payment market, are stifling market growth. These are the primary factors limiting demand for this market. As a result, high implementation costs are expected to stymie the electronic fund transfer market's growth during the forecasted period.
North America is expected to grow significantly during the forecast period. It is distinguished by the presence of several key market participants. The region has also been an early adopter of cutting-edge technologies. The growing number of unmanned stores in the United States is also fueling the adoption of mobile payments. The expansion of the e-commerce industry is primarily to blame for the widespread adoption of mobile payment solutions in North America.
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Technology & Media
Electronic Funds Transfer Market to Reach Valuation of USD 103.2 Billion by 2028 - Increased Adoption of Online Banking Services to drive the Global Electronic Funds Transfer Market growth
28 Apr 2022
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Electronic Funds Transfer Market to Reach Valuation of USD 103.2 Billion by 2028 - Increased Adoption of Online Banking Services to drive the Global Electronic Funds Transfer Market growth
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