In 2023, Switzerland led the ranking of countries with the highest average wealth per adult, with approximately ******* U.S. dollars per person. Luxembourg was ranked second with an average wealth of around ******* U.S. dollars per adult, followed by Hong Kong SAR. However, the figures do not show the actual distribution of wealth. The Gini index shows wealth disparities in countries worldwide. Does wealth guarantee a longer life? As the old adage goes, “money can’t buy you happiness”, yet wealth and income are continuously correlated to the quality of life of individuals in different countries around the world. While greater levels of wealth may not guarantee a higher quality of life, it certainly increases an individual’s chances of having a longer one. Although they do not show the whole picture, life expectancy at birth is higher in the wealthier world regions. Does money bring happiness? A number of the world’s happiest nations also feature in the list of those countries for which average income was highest. Finland, however, which was the happiest country worldwide in 2022, is missing from the list of the top twenty countries with the highest wealth per adult. As such, the explanation for this may be the fact that the larger proportion of the population has access to a high income relative to global levels. Measures of quality of life Criticism of the use of income or wealth as a proxy for quality of life led to the creation of the United Nations’ Human Development Index. Although income is included within the index, it also has other factors taken into account, such as health and education. As such, the countries with the highest human development index can be correlated to those with the highest income levels. That said, none of the above measures seek to assess the physical and mental environmental impact of a high quality of life sourced through high incomes. The happy planet index demonstrates that the inclusion of experienced well-being and ecological footprint in place of income and other proxies for quality of life results in many of the world’s materially poorer nations being included in the happiest.

According to the Hurun Global Rich List 2025, the United States housed the highest number of billionaires worldwide in 2025. In detail, there were *** billionaires living in the United States as of January that year. By comparison, *** billionaires resided in China. India, the United Kingdom, and Germany were also the homes of a significant number of billionaires that year. United States has regained its first place As the founder and exporter of consumer capitalism, it is no surprise that the United States is home to a large number of billionaires. Although China had briefly overtaken the U.S. in recent years, the United States has reclaimed its position as the country with the most billionaires in the world. Moreover, North America leads the way in terms of the highest number of ultra high net worth individuals – those with a net worth of more than ***** million U.S. dollars. The prominence of Europe and North America is a reflection of the higher degree of economic development in those states. However, this may also change as China and other emerging economies continue developing. Female billionaires Moreover, the small proportion of female billionaires does little to counter critics claiming the global economy is dominated by an elite comprised mainly of men. On the list of the 20 richest people in the world, only one was a woman. Moreover, recent political discourse has put a great amount of attention on the wealth held by the super-rich with the wealth distribution of the global population being heavily unequal.

In 2023, roughly 1.49 billion adults worldwide had a net worth of less than 10,000 U.S. dollars. By comparison, 58 million adults had a net worth of more than one million U.S. dollars in the same year. Wealth distribution The distribution of wealth is an indicator of economic inequality. The United Nations says that wealth includes the sum of natural, human, and physical assets. Wealth is not synonymous with income, however, because having a large income can be depleted if one has significant expenses. In 2023, nearly 1,700 billionaires had a total wealth between one to two billion U.S. dollars. Wealth worldwide China had the highest number of billionaires in 2023, with the United States following behind. That same year, New York had the most billionaires worldwide.

Research done by the Credit Suisse Research Institute states that the country with the highest number of millionaires is the U.S., with nearly 30 million millionaires and 17 million people with wealth up to $5 million! To put numbers in perspective, China, Japan, Germany, the U.K., and France, added together, have a total of 17 million millionaires!

In 2023, by far the highest number of individuals with net assets of at least 30 million U.S. dollars worldwide were residing in North America, reaching over 250,000 people. Asia recorded the second highest number of UHNWIs in the world with over 165,000 individuals.A small share owns vast sums of wealthThe vast majority of global wealth is concentrated in the hands of a few people. Only one percent of the global population owns assets worth more than one million U.S. dollars. The richest people in the world are Elon Mask, Jeff Bezos, and Bernard Arnault. When it comes to women, Francoise Bettencourt Meyers led the ranking of the most affluent women worldwide. The wealth of over 70 percent of UHNWIs was self-made. Where UHNWIs live and where they leave Unsurprisingly, as North America is the world region with the highest number of UHNWIs, the United States is the country with the highest UHNWI count. However, Hong Kong, special administrative (SAR) region in China, is the city with the highest number of UHNWIs. Nevertheless, China was the country that recorded the highest outflux of UHNWIs in 2022.

New Jersey has the highest rate of millionaires, with 9.76% of households showing a net worth of $1 million or above. That means that 246,058 New Jersey households are millionaires.

Data from the Credit Suisse Global Wealth Report shows that in 2023 there were just under 30 million millionaires in the US.

The biggest receivers of remittances in the world included India, Mexico, and China in 2023, with each country receiving several billions worth of dollars. This is according to a database that tries to model money sent internationally from one party to another. Remittances typically refer to money sent from migrant workers back home to family and friends, although there are other forms of this. Remittances can, for example, include pensioners who have a second home in a foreign country. Nevertheless, Asia Pacific is often referred to as the main receiver of remittances.

The average for 2022 based on 149 countries was 181.94 billion U.S. dollars. The highest value was in China: 8192.33 billion U.S. dollars and the lowest value was in Lebanon: -4.41 billion U.S. dollars. The indicator is available from 1960 to 2023. Below is a chart for all countries where data are available.

Mobile Money Market Outlook

As of 2023, the global mobile money market size is poised at approximately $150 billion, with forecasts indicating it could escalate to an impressive $500 billion by 2032, driven by a robust compound annual growth rate (CAGR) of 15%. This surge can be attributed to a combination of technological advancements, increased smartphone penetration, and the growing preference for cashless economies. As digital transactions become more ubiquitous, mobile money solutions are anticipated to play a pivotal role in transforming financial landscapes across the globe. The convenience offered by mobile money services, especially in regions with limited banking infrastructure, serves as a catalyst for their widespread adoption and continued growth trajectory.

One of the primary growth factors fueling the mobile money market is the increasing penetration of smartphones and the internet. With more affordable smartphones becoming available, even in low-income regions, access to mobile money services is growing exponentially. This increase in accessibility is essential, especially in rural and underserved areas where traditional banking facilities are sparse. Mobile money platforms provide these communities with financial inclusion, allowing them to engage in economic activities such as saving, transferring money, and making payments without needing a physical bank presence. Moreover, the growing number of mobile phone users, coupled with enhancements in mobile internet connectivity, is setting the stage for a significant uptick in mobile money transactions over the forecast period.

Another significant driver is the global shift towards digitalization and the push for cashless transactions. Governments and financial institutions worldwide are advocating for reduced reliance on physical cash, aiming to curb money laundering, increase financial transparency, and reduce operational costs associated with cash handling. This shift is particularly evident in developing countries where mobile money services offer a viable alternative to cash transactions. Furthermore, the COVID-19 pandemic has accelerated the adoption of contactless payment methods, including mobile money, as consumers seek safer and more hygienic payment options. This trend is expected to continue as people become more accustomed to the convenience and security of digital transactions.

The landscape of regulations and policies surrounding mobile money services is also a significant factor contributing to market growth. Many countries are enacting favorable regulatory frameworks that encourage the proliferation of mobile money platforms. These regulations aim to ensure the security of transactions, protect consumer data, and foster fair competition among service providers. Additionally, partnerships between mobile network operators, financial institutions, and fintech companies are creating robust ecosystems that support mobile money services. These collaborations are pivotal in expanding the reach and functionality of mobile money, offering users a wide range of services, from simple money transfers to more sophisticated financial products like loans and insurance.

The regional outlook for the mobile money market indicates varied growth patterns across different geographies. Africa is emerging as a leader in mobile money adoption, with countries like Kenya and Tanzania at the forefront due to successful models like M-PESA. In Asia Pacific, particularly in countries like India and China, mobile money services are growing rapidly, driven by a combination of large unbanked populations and proactive government policies promoting digital payment solutions. North America and Europe, although more mature markets, continue to see growth due to technological innovations and evolving consumer preferences towards mobile banking solutions. Latin America and the Middle East are also showing significant potential, as governments in these regions push for financial inclusion and economic stability through digital financial services.

Transaction Type Analysis

The transaction type segment of the mobile money market is diverse, encompassing several key activities such as peer-to-peer transfers, bill payments, airtime top-ups, and others. Peer-to-peer (P2P) transfers are a major driver in this segment, as they offer a swift and convenient method for individuals to send money to one another using their mobile phones. This feature is particularly beneficial in regions where people frequently remit funds to family members, either domestically or across borders. As the influx of migrant workers increases globally, the demand for efficient, low-cost P2P trans

Money Transfer App Market Outlook

The global money transfer app market size was valued at approximately USD 17.8 billion in 2023 and is expected to reach USD 34.7 billion by 2032, showcasing a CAGR of 7.2% during the forecast period. The market growth is driven by the increasing adoption of digital payment solutions, the proliferation of smartphones, and the rising demand for convenient, fast, and secure methods of transferring money both domestically and internationally.

One of the primary growth factors of the money transfer app market is the increasing penetration of smartphones and internet connectivity around the world. As more people gain access to mobile devices and the internet, the convenience of using money transfer apps becomes more appealing. This is particularly significant in developing countries where traditional banking infrastructure may be lacking or underdeveloped. Additionally, the global shift towards digitalization, accelerated by the COVID-19 pandemic, has further spurred the adoption of these applications.

Another contributing factor to the growth of the market is the rise of financial technology (fintech) companies that are constantly innovating and providing new solutions in the digital payments space. The introduction of blockchain technology and cryptocurrency for money transfers has also opened up new avenues for secure and efficient transactions. Moreover, the competitive landscape is seeing traditional banks and financial institutions partnering with fintech companies to offer their customers enhanced digital services, thereby expanding the reach and capabilities of money transfer apps.

Regulatory support and government initiatives promoting digital payments and financial inclusion also play a crucial role in the expansion of the money transfer app market. Governments worldwide are actively encouraging cashless transactions to enhance transparency and reduce the costs associated with cash handling. For instance, initiatives like India's Digital India campaign and the European UnionÂ’s directive on electronic payments are encouraging the use of digital solutions for money transfers, further driving market growth.

In addition to the growth driven by digital payment solutions, the emergence of Cashback Apps has added another layer of appeal to money transfer applications. These apps offer users the opportunity to earn cashback on transactions, making them an attractive option for cost-conscious consumers. By integrating cashback features, money transfer apps can enhance user engagement and loyalty, as users are incentivized to conduct more transactions to earn rewards. This trend is particularly popular among younger demographics who are more inclined to use digital solutions for their financial needs. As a result, the incorporation of cashback features is becoming a competitive differentiator in the money transfer app market.

Regionally, North America holds a significant share in the market due to the high adoption rate of digital payment solutions and the presence of major technology players. However, the Asia Pacific region is expected to witness the highest growth rate due to the increasing number of smartphone users, rising internet penetration, and supportive government policies promoting digital payments. Countries like China and India are at the forefront of this growth, contributing significantly to the overall market expansion.

Type Analysis

The money transfer app market can be segmented by type into domestic money transfer and international money transfer. Domestic money transfers refer to transactions made within the same country, while international money transfers involve cross-border transactions. Each of these segments has its unique drivers and challenges that influence market dynamics.

Domestic money transfers are increasingly popular due to the convenience and speed they offer. Users can easily send money to family and friends or make payments for goods and services without the need for cash or traditional banking methods. The rise of peer-to-peer (P2P) payment platforms has significantly contributed to the growth of this segment. Companies like Venmo, Zelle, and Square Cash have made it easier for individuals to transfer money using just a mobile number or email address. This segment is also driven by the increasing adoption of digital wallets that integrate seamlessly with money transfer apps.

International money t

Michael Jordan is the undisputed leader when it comes to the highest paid athletes in history. The basketball legend and former Chicago Bulls star was estimated to have earned a staggering 3.75 billion U.S. dollars throughout his career, thanks to his on-court accomplishments, endorsements, and ownership of the Charlotte Hornets. Jordan's enduring popularity and iconic status have cemented his place as one of the greatest athletes of all time.

Golfers earning big bucks on and off the course

Interestingly, the three of the next five athletes on the list of highest paid athletes of all time are all golfers. Arnold Palmer, Jack Nicklaus, and Tiger Woods all earned a significant amount of money during their careers. These golfing greats managed to secure lucrative endorsement deals with major brands and also enjoyed success on the golf course, with multiple major championships to their names.

Cristiano Ronaldo leads the way for soccer players

Soccer can be considered one of the most popular sports in the world and the highest soccer player in the ranking of highest paid athletes is Cristiano Ronaldo. The Portuguese superstar was in third place on the list, with estimated lifetime earnings of over 1.5 billion U.S. dollars. Ronaldo's on-field achievements, combined with his large numbers of social media followers make him one of the most recognizable and highest-paid athletes of all time.

Gender pay gap in sport

In terms of female athletes, Serena Williams was the highest placed athlete on the list, coming in at 40th place, with lifetime earnings of 630 million U.S. dollars. Williams is widely regarded as one of the greatest tennis players of all time and won an impressive 23 Grand Slam titles during her career. She has also been a vocal advocate for women's rights and equal pay in sports, paving the way for future generations of female athletes to succeed and prosper. Serena Williams' relatively low rank on the list of highest paid athletes of all time is indicative of the gender pay gap that exists in sports. Despite being one of the most successful and dominant tennis players in history, Williams earned significantly less than many of her male counterparts. For example, Roger Federer, who won fewer Grand Slam titles than Williams, ranked ninth on the list, having earned almost 1.50 billion U.S. dollars throughout his career.

This disparity in earnings is not unique to tennis, as it is a pervasive issue in sports across the board. Female athletes are often paid less than male athletes for performing the same job, even when they achieve comparable levels of success and generate similar levels of revenue. This gender pay gap within sports can be attributed to a variety of factors, including differences in media coverage, sponsorships, and endorsement deals.

World GDP for 2023 was 100.000 trillion US dollars, a 0% increase from 2022.

<ul style='margin-top:20px;'>

<li>World GDP for 2022 was <strong>100.000 trillion US dollars</strong>, a <strong>2.2% increase</strong> from 2021.</li>
<li>World GDP for 2021 was <strong>97.848 trillion US dollars</strong>, a <strong>14.09% increase</strong> from 2020.</li>
<li>World GDP for 2020 was <strong>85.763 trillion US dollars</strong>, a <strong>2.71% decline</strong> from 2019.</li>
</ul>GDP at purchaser's prices is the sum of gross value added by all resident producers in the economy plus any product taxes and minus any subsidies not included in the value of the products. It is calculated without making deductions for depreciation of fabricated assets or for depletion and degradation of natural resources. Data are in current U.S. dollars. Dollar figures for GDP are converted from domestic currencies using single year official exchange rates. For a few countries where the official exchange rate does not reflect the rate effectively applied to actual foreign exchange transactions, an alternative conversion factor is used.

Money Supply M2 in the United States increased to 21862.50 USD Billion in April from 21706.80 USD Billion in March of 2025. This dataset provides - United States Money Supply M2 - actual values, historical data, forecast, chart, statistics, economic calendar and news.

Money Transfer Agencies Market Outlook

The global money transfer agencies market size reached approximately USD 800 billion in 2023 and is expected to grow to nearly USD 1.2 trillion by 2032, reflecting a compound annual growth rate (CAGR) of 4.5% over the forecast period. This substantial growth is primarily driven by the increasing globalization of economies, which necessitates efficient money transfer solutions to support both personal and business needs across international borders. The rise of digital banking, the proliferation of smartphones, and increasing internet penetration have also propelled the growth of the market by making money transfers more accessible and less costly. Furthermore, remittances, which form a significant part of this market, are crucial for many economies, particularly in developing regions, ensuring a steady demand for money transfer services.

One of the most significant growth factors for the money transfer agencies market is the increase in foreign workforce and expatriates who regularly send money back home, known as remittances. This trend is particularly strong in regions such as the Middle East and North America, where a large number of immigrants reside. With global migration patterns continuing to expand due to better opportunities abroad, there is a consistent demand for reliable and efficient money transfer agencies. Additionally, the economic contributions from expatriates are crucial to the GDP of many developing nations, fostering further growth in the money transfer market. The continuous improvement of regulatory frameworks to ensure the safety and security of financial transactions also spurs growth, as it creates a more trustworthy environment for consumers.

The technological advancements in financial services, particularly in digital payment systems, have been pivotal in the growth of the money transfer agencies market. Mobile banking and online financial services have greatly reduced the dependency on traditional banking systems, offering quicker, more convenient, and cheaper alternatives for money transfers. Technologies such as blockchain are increasingly being explored to enhance transaction security and efficiency, promising to revolutionize the industry further. This shift towards digital solutions not only caters to tech-savvy younger generations but also reaches underserved populations in remote areas, thereby widening the market base. The integration of artificial intelligence and machine learning in financial services has also improved user experience through personalized services and fraud detection mechanisms.

Another growth factor is the increasing number of strategic partnerships and collaborations between money transfer agencies and other financial service providers. These partnerships enhance service delivery and expand the reach of money transfer services. For instance, collaborations with telecommunications companies allow for mobile money transfers, broadening the accessibility of these services. Financial inclusion is a major goal for many governments, especially in developing countries, which further encourages partnerships with money transfer agencies to offer financial services to unbanked and underbanked populations. By facilitating seamless and cost-effective remittance services, these collaborations are key growth drivers for the industry.

Service Type Analysis

The money transfer agencies market is majorly segmented by service type into domestic and international money transfers. Domestic money transfers, although vital, are largely driven by the need for personal and business transactions within national borders. This segment benefits from the increasing digitalization of payment systems, facilitating quick and efficient transfers. With the growth of e-commerce and the gig economy, domestic transactions have seen significant upticks as individuals and businesses require immediate payment solutions. Moreover, the rise of peer-to-peer payment platforms has made domestic transfers more user-friendly and accessible to a broader demographic.

International money transfers, on the other hand, form a significant portion of this market, driven by the need for remittances, cross-border trade, and global business operations. The increase in global migration, as well as international business expansions, fuels the demand for international money transfer services. These transfers pose unique challenges such as currency conversion, regulatory compliance, and transaction speed, which money transfer agencies are continually innovating to address. The introduction of digital wallets and blockchain technology is particularly influential in this s

Graph and download economic data for Share of Net Worth Held by the Top 1% (99th to 100th Wealth Percentiles) (WFRBST01134) from Q3 1989 to Q4 2024 about net worth, wealth, percentile, Net, and USA.

Virtual Currency (e-Money) Market Outlook

In 2023, the global virtual currency (e-Money) market size was valued at approximately USD 2 trillion. With a projected Compound Annual Growth Rate (CAGR) of 15.7% from 2024 to 2032, the market size is expected to reach an estimated USD 5.6 trillion by the end of 2032. This exponential growth is driven by the increasing adoption of digital payment systems, the rise of blockchain technology, and the growing acceptance of cryptocurrencies and other forms of e-Money by both consumers and businesses.

One of the primary growth drivers of the virtual currency market is the increasing digitalization of financial services. As more consumers and businesses adopt digital payment solutions for convenience and efficiency, the demand for virtual currencies continues to rise. Blockchain technology, which underpins many forms of e-Money, offers enhanced security, faster transaction times, and lower fees, making it an attractive alternative to traditional banking systems. The global shift towards a cashless society is further accelerating the adoption of virtual currencies, as governments and financial institutions explore the benefits of digital currencies for streamlining economic transactions and reducing fraud.

Another significant factor driving the growth of the virtual currency market is the increasing interest in cryptocurrencies like Bitcoin and Ethereum. These digital assets have gained widespread recognition as investment opportunities, with many investors seeking the high returns associated with their volatile nature. Institutional investors, in particular, have begun to allocate substantial portions of their portfolios to cryptocurrencies, further legitimizing their role in the financial ecosystem. Additionally, the emergence of stablecoins, which are pegged to traditional fiat currencies, has provided a more stable and secure option for those looking to avoid the volatility of other cryptocurrencies.

The rise of central bank digital currencies (CBDCs) is also contributing to the expansion of the virtual currency market. Governments and central banks around the world are exploring the development and implementation of CBDCs as a means of enhancing monetary policy, improving financial inclusion, and ensuring the stability of their financial systems. Countries like China, Sweden, and the Bahamas have already made significant strides in this area, with pilot programs and, in some cases, full-scale rollouts of their digital currencies. The growing interest in CBDCs is expected to drive further innovation and investment in the virtual currency space, creating new opportunities for growth and development.

From a regional perspective, the Asia Pacific region is poised to dominate the virtual currency market over the forecast period. This region's rapid digital transformation, coupled with a large tech-savvy population and supportive regulatory environments, has created a fertile ground for the adoption of e-Money solutions. North America and Europe are also significant players in the market, driven by strong financial infrastructures and high levels of consumer trust in digital payment systems. Latin America and the Middle East & Africa, while currently smaller markets, are expected to experience substantial growth as they continue to develop their digital economies and embrace virtual currency technologies.

Type Analysis

The virtual currency market can be segmented by type into cryptocurrencies, central bank digital currencies (CBDCs), stablecoins, and others. Cryptocurrencies are the most well-known type of virtual currency, with Bitcoin and Ethereum being the two most prominent examples. These digital assets operate on decentralized blockchain networks and are known for their high volatility and potential for significant returns. The widespread adoption of cryptocurrencies has been driven by their appeal as investment vehicles, as well as their potential to disrupt traditional financial systems by offering an alternative means of conducting transactions without the need for intermediaries.

Central Bank Digital Currencies (CBDCs) represent another critical segment within the virtual currency market. Unlike cryptocurrencies, CBDCs are issued and regulated by central banks, ensuring their stability and legitimacy. CBDCs aim to enhance monetary policy, improve financial inclusion, and secure the financial system's stability. Examples of countries that have made significant progress in the development and implementation of CBDCs include China, with its Digital Yuan, and Sweden, with the e-Krona. The growing interest in C

Money Supply M0 in the United States decreased to 5732900 USD Million in April from 5775200 USD Million in March of 2025. This dataset provides - United States Money Supply M0 - actual values, historical data, forecast, chart, statistics, economic calendar and news.

Remittance Market Outlook

The global remittance market size was valued at USD 701.93 billion in 2023 and is projected to reach USD 1.08 trillion by 2032, growing at a compound annual growth rate (CAGR) of 4.9% from 2024 to 2032. The growth of this market is driven by increasing migration trends, technological advancements, and rising demand for convenient and cost-effective money transfer services. The expansion of digital platforms and mobile wallets has significantly contributed to the ease and speed of cross-border money transfers, providing a robust foundation for market growth.

A significant growth factor contributing to the expansion of the remittance market is the increasing global migration rates. Economic disparities and the pursuit of better employment opportunities have led to a rise in the number of people moving to different countries. These migrants often send money back to their home countries to support their families, driving the demand for remittance services. Additionally, humanitarian reasons and international aid are playing essential roles in boosting remittance flows to regions in need.

Technological advancements have been another critical driver of growth in the remittance market. The advent of digital payment platforms and fintech innovations has revolutionized the way money is transferred across borders. These technological solutions offer faster, cheaper, and more secure transaction methods compared to traditional banking systems. Fintech companies are leveraging blockchain technology to enhance transparency and reduce transfer time, further propelling market growth. The increased penetration of smartphones and internet connectivity also aids in the widespread adoption of digital remittance services.

The rising demand for convenient and cost-effective money transfer services has prompted both traditional and non-traditional financial institutions to enhance their offerings. Money Transfer Operators (MTOs), banks, and online platforms are continuously improving their services to cater to the evolving needs of customers. Competitive pricing, reduced transfer fees, and additional services such as currency exchange and bill payments are attracting more users to formal remittance channels. This trend is particularly evident in developing economies where access to financial services was previously limited.

From a regional perspective, Asia Pacific holds the largest share in the global remittance market, driven by high migration rates and substantial volumes of inward remittances, particularly in countries like India, China, and the Philippines. North America and Europe also represent significant markets due to their large immigrant populations and established financial infrastructures. Latin America and the Middle East & Africa are emerging regions with growing remittance flows, fueled by economic growth and increasing outbound migration.

Type Analysis

The remittance market can be segmented into inward remittance and outward remittance. Inward remittance refers to money sent by expatriates to their home country, while outward remittance involves funds sent from a home country to other countries. Inward remittances constitute a major portion of the market due to the high number of migrant workers sending money back to support their families. This segment is particularly crucial for developing economies where remittances play a significant role in boosting household incomes and economic growth.

Outward remittance, although smaller in comparison to inward remittance, is also growing steadily. This segment is driven by factors such as international tuition fees, payments for overseas purchases, and investments in foreign properties. The increasing number of people traveling abroad for education and business purposes has led to a rise in outward remittance transactions. Additionally, with globalization and international trade on the rise, businesses are also contributing to outward remittance flows.

The inward remittance segment is expected to continue its dominance over the forecast period, supported by the growing migrant population and the necessity to support families back home. Government policies in various countries that encourage the inflow of remittances, such as reduced transaction fees and favorable exchange rates, are also bolstering this segment. Furthermore, international organizations and financial institutions are working towards making inward remittance processes more efficient, secure, and cost-effective.

The outward remittance segment, while s

Real-time payments, or RTP, were commonly used in Asia-Pacific in 2023, with transactions in India being almost 10 times higher as in China. RTP is important in India due to its implementation in the country's Unified Payments Interface or UPI. An expanded ranking on the number of instant payments per country places India at the top with a figure that was higher than 43 other countries combined. India is expected to keep this position by 2028, although its predicted CAGR will be lower than Brazil, the United States, and Indonesia. UPI (India) and Pix (Brazil) are the two main systems Real-time payments generally have two main characteristics that make them appealing: One, as the name suggests, payments can be initiated and settled almost immediately, allowing consumers, businesses, bank to send and receive money across the world within minutes. Two, these schemes are not bound to the opening times of a bank, and are available "24/7" and 365 days in the year. These traits matter especially to countries with a complex payment market that need to be digitalized — such as in India with its UPI system, but also in Brazil (PIX). UPI in India and Pix in Brazil together reached nearly 100 billion transactions in 2022. A2A payments: An enabler of real-time payment technology UPI and Pix are both also examples of applications that allow for A2A payments. A2A or account-to-account payments refers to direct payments from one party to the other without the need for an intermediary. Such intermediaries are card rails from the likes of Visa and Mastercard, which are essentially bypassed in A2A. These typically domestically developed payment options come from banks. A2A apps were more common in Latin America than in other parts of the world in late 2022. It should be noted that sources sometimes interpret A2A in different ways, as bank transfers (push requests) and direct debit (pull requests) can technically be a part of A2A as well.