Remittance industry continues to grow in Q1 2024 as digital becomes battleground – FXC Intelligence analysis

• New analysis reveals growth in the remittance industry throughout Q1 2024, according to a report published today by FXC Intelligence.
• Western Union leads in remittance revenue, however the gap between competitors is closing. 
• Earnings calls saw frequent mentions of ‘digital’, ‘growth’ and ‘opportunity’ as companies look to grow their share of the global market.

New analysis from FXC Intelligence, the market-leading provider of cross-border payments data and intelligence, reveals the state of the remittance industry in Q1 2024.

Major money transfer companies reported increased revenues, with Western Union maintaining a substantial lead.

However the gap between competitors is closing. In Q1 2024, Remitly and Wise continued to report similar quarterly consumer remittances revenue figures ($269m and $273m, respectively), though Remitly has seen a consistently higher growth rate than the UK-based company since Q1 2023. 

Earnings calls from these companies saw frequent mentions of ‘digital’, ‘growth’ and ‘opportunity’ as they seek to expand their global market share. 

Notably, all companies bar Western Union mentioned ‘digital’ significantly more in Q1 2024 compared to Q1 2023, highlighting the importance of the concept to these companies. 

‘Growth’ remained a key focus, with Remitly featuring the highest frequency of mentions, showing a marked increase from the previous year. Additionally, ‘opportunity’ and ‘opportunities’ saw rising mentions across all tracked companies (except for Intermex, which recently acquired La Nacional).

Lucy Ingham, Editor-in-Chief and Head of Content at FXC Intelligence, said:

“It is clear that digital innovation remains pivotal to current and future growth in the remittances industry. 

“Digital-first players such as Remitly are gaining on market leader Western Union, setting the stage for the future of the industry where digital will become the default.”

To read the report in full, click here.

Further information

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Kezia Johnson
External Communications and Branding Manager
kjohnson@fxcintel.com