Money Transfer Platforms Market Trends, Insights by 2023

January 15, 2023. The Digital Remittance – Money Transfer industry is a boon to India, a country with a lot of migration of workers from villages to cities. Online money transfer companies charge a minimum processing fee and help its users transfer money from one part of the country to another without visiting any bank branch.

The online money transfer franchise industry is projected to be a market of 138 Crore in India and is expected to show an annual growth rate (CAGR 2023-2027) of 7.22% which means India alone will have about 90 million users of money transfer service.

There has been a visible growth in the online money remittance franchise business after the unprecedented era of the corona.

Digital Acceptance increased when everything right from schooling to jobs went on an online module. Previously people used to trust only banks for making money transfers but after the era of covid and digital acceptance, people have started to trust and accept money remittance franchises for sending money across the country. Now anyone near you can become a money transfer agent, just on the click of a button.

Apart from Digitalization, what makes this industry grow at this high speed?
India is the habitat of laborers, migrant workforce, daily wage earners, and village population who usually keep shifting and moving because of their work. These workers need to send money back to their home or to their family for which they usually use the service of money transfer.

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Apart from this major group, in daily life, it has become more convenient for everyone to go to the nearby retailer using these online money transferring apps rather than going to the bank, waiting in long queues to transfer money.

Due to the above reasons and increased trust in digital money transfer platforms, this industry has witnessed a remarkable boom.

How can you grab this opportunity and start your own Online Money Transfer Franchise?

To take complete advantage of this growing trend and industry, any person can start their own Money remittance franchise and make good money out of the same.

To start your own business of Money Transfer, here are a few simple steps that you need to follow:

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  1. Signup with an Online Money Transfer franchise
  2. Complete the required process of signup and E-KYC
  3. Activate your service of money transfer from the service panel of the mobile application.

Voila! You are all set to start your own business Domestic Money Transfer.

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Categorized as AEPS

By Alisha Bharmal

I am Bharmal Alisha, a seasoned Social Media Marketer and Content Writer with a rich background spanning over 3 years. My expertise lies in the dynamic intersection of digital marketing and content creation. Having dedicated substantial time to the study of the fintech industry, I bring a comprehensive understanding of its nuances. My skills are honed towards effectively translating the complexities of the fintech sector into compelling and engaging content. Through strategic social media marketing, I aim to enhance visibility and drive meaningful engagement within the fintech realm.