Money transfer trends in Q1 2024: An analysis of remittances post-earnings season report
In the opening quarter of 2024, the money transfer and remittances industry is undergoing significant transformation, as reflected by key players such as Western Union, Intermex, Remitly, and Euronet. This transformation is marked by a continued industry pivot towards digital channels, growth opportunities in consumer and SME digital payments markets, pressure on legacy wire transfer fee revenues, and ongoing consolidation.
One of the most striking trends is the growth in digital transactions. Western Union and Intermex are both seeing strong growth in digital money transfers, though at different paces and scales. Intermex's digital revenue grew by an impressive 60% in FY 2024, albeit still representing a small share (around 3-4%) of its total revenue, reflecting its primarily cash-based customer base. Western Union, on the other hand, reports continued growth in branded digital transaction volumes (+9% in Q2 2025) and a shift toward consumer services and non-C2C business transfers, which grew 41% adjusted and increased their revenue share.
The shift towards digital is emphasised as a key growth opportunity across the industry, as fintech adoption rises among small and medium businesses as well as consumers.
However, this shift also puts pressure on traditional wire transfer revenues. International Money Express (Intermex) reported lower revenues and profits in the first half of 2025 compared with 2024, mainly due to declines in wire transfer fees and operating income. This indicates ongoing pressure on traditional remittance fee income as the market shifts towards digital and possibly lower-fee models.
Consolidation is another trend that is evident in Q1 2024. Intermex entered a merger agreement with Western Union during 2025, reflecting consolidation trends as large players aim to expand their market share and accelerate digital adoption.
The money transfer market is split between personal remittances (roughly $2 trillion annually) and corporate cross-border payments (over $146 trillion). The rise of fintech adoption is driving structural change and new revenue dynamics in the industry, with SMEs increasingly adopting fintech providers for smaller international transactions.
Another trend affecting the industry is the adoption of faster payment systems like ACH. Although not specific to these companies, the broader industry is affected by trends such as the 45% growth in Same Day ACH transactions in 2024, demonstrating a shift toward faster payment settlements and improved cash flow management for businesses.
In Q1 2024, major money transfer companies experienced growth overall. Remitly, for instance, emphasises the use of artificial intelligence in its operations. Euronet's Q1 2024 transaction rates also show steady growth.
In conclusion, this report provides a picture of the remittance industry in Q1 2024, focusing on where certain companies are excelling and the main topics these companies were concerned with. The analysis covers publicly traded money transfer players and is part of an ongoing earnings report series. A variety of patterns are emerging within the money transfer and remittances industry in Q1 2024, offering opportunities for growth and investment.
- As the money transfer industry transitions towards digital channels, companies like Western Union and Intermex are capitalizing on this shift, with Western Union seeing growth in branded digital transaction volumes and a focus on consumer services, while Intermex's digital revenue growth indicates a rising fintech adoption among its customers.
- The growth in digital transactions and fintech adoption is creating new opportunities for investment, as large players like Western Union are consolidating their market share by merging with other companies, such as Intermex, to accelerate their digital transformation and expand their offerings.
