Money transfers have become one of the most dynamically evolving global financial market sectors in the recent years.
Based on objective preconditions, there’s ample room for the following expansion and emergence of new players and services, according to the latest studies.
New cognitive Market Research, for example, estimates the global remittance market around $812.4b in early 2025, with one third ($243.7b) dwelling in Europe. The researchers also worked out the anticipated cumulative average growth rate in 2024-2031 – approximately 4.5%, they say. UK’s market shows the most veracious acceleration: its share provides for $40.9b with expected average annual gain of 5.3% in the next six years.
Other European states demonstrate slightly lesser, yet still rather impressive numbers:
United Kingdom – growth of 5.3% ($40.9b in 2024);
Greece – growth of 4.8% ($2.9b);
Germany – 4.7% ($48.3b);
Italy – 3.9% ($21b);
France – 3.7% ($22.4b).
A real kick up the money transfer market’s keister took place in 2020 amidst the Covid-19 pandemic, as the population cut their travelling and embraced working from home where possible. The necessary trend was quickly accommodated by all kinds of marketplaces developing their online sales, along with corresponding payment services. Another factor that boosted the market’s rapid expansion was, sadly, the Russian invasion of Ukraine that resulted, among other things, in millions of forced migrants to Europe. Let’s not forget the substantial investments – state-level in some European countries – that collectively resulted in explosive rise of the FinTech sector.
Intensive advancement was specifically showcased by the digital money transfers segment as a result of the enhanced implementation of 4G/5G networks and smartphones, providing the necessary infrastructure for immediate relocation of funds anytime and almost anywhere across the globe: as per Eurostat, around 90% of EU residents between 16-74 years of age use the internet, with the percentage of smartphone users rising to over 80%. This makes even more platforms in almost all fields – from sales to healthcare and goods production – offer an immediate payment option to their clientele. More new tech solutions become a reality, including those AI-based.
Surely, the frauds and crooks are always hot to test the innovations, as the fintech establishments ramp up security measures, implementing new safety protocols that help successfully deter the latest cyberthreats (tokenization, advanced encryption methods and complex algorithms to identify the culprits) and make new friends among the local law enforcement agencies. Therefore, paying in the internet and other kinds of money transfers is more secure than ever, should the users stick to the basic security measures on their end, too.
Increasing interest lies in the p2p (peer-to-peer) segment, heavily used by private individuals and small business. In 2024, this segment was approximating $3.32b, with expected rise to $3.78b in 2025. Cumulative average growth rate in the next five years is estimated to reach 19.7%, as the market size hits $7.77b in 2029.
A number of factors make up for the market’s promising future: contactless QR-code payments, in-app integration of payment methods in messaging apps, advancement of open banking.
The researchers also recognize the increasing business component in the payment global market. Especially these days, as the workforce of telecommuters and international staff grows.
More European players enter the b2p (business-to-person) market – tide, Transferra, genome and Sends. Payment platforms make it easier for business to handle payments, tax accounting, paperwork, interactions with partners and employees. As a result, the clients can cut the expenses on accounting staff, finetuning and automating their payments instead. Daily transfers become smooth sailing, as adjusting the regular money transfers to private individuals and freelance employees can be done as you go through your morning coffee, no sweat at all.
In the meantime, financial companies are comfortable in exploring the market, oftentimes replacing the traditional banks for the clientele entirely. Sends, for instance, is HQ-ed in London: an authorized provider of financial services licensed by the UK FCA Electronic Money Institutions (EMI) since 2017. The clients are provided with personal touch and reduction of the dreaded bureaucracy that traditional banks are known for. You get the optimal and sensible rundown on the working principles, as you effortlessly pass the financial monitoring (upon the provision of the required paperwork, of course). Sends offers an extensive list of services too: personal and business accounts, internet accounts, currency exchange, payout to cards.
One can open a SEPA/UK Local Payments account inside 48 hours, carry out SWIFT payments, activate payment acceptance via Apple Pay/Google Pay. Sends accounts also allows quick payments to cards or IBAN.
There’s virtually no need going to the bank to handle one’s basic necessities, all can be done without delays:
Open a multi-currency account for your business online in 48 hours. Sends allows to maintain multiple currencies (USD, EUR and GBP) to receive payments from international customers/partners, pay wages to employees (international included) on time, and pay invoices to international contractors without delays. Opening a business account requires an extract from the company register and detailed information on the company, business and beneficiaries.
Store all the financial paperwork in your merchant cabinet: receipts, deeds, invoices. When the time to draft tax reports comes, all you need is in one place.
Keep track of your business expenses, including all domestic and foreign accounts, making it easier to monitor and control them. Opening accounts, sending details to customers, tracking payments is as easy as it gets.
Conveniently activate/connect services that provide readymade templates for all kinds of contracts. This saves a pretty penny on hiring legal assistance without delays in finalizing the necessary agreements.
Timely pay wages to your workforce: the function is fully adjustable and entirely automated.
Moreover, Sends integrates the accounting app XERO and plans to launch the referral system, enabling the invites for friends and business partners.
A vast array of services is available at all times at reasonable rates – just 0.3-1% of the sum. No need to wallow in lines at your bank’s local branch, you can now handle your business digitally, in the comfort of your home.
Read more:
Global and UK money transfers are booming amidst new tech and projects
