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Check Cashing Services Market to Reach $ 65.8 Billion, Globally, by 2032 at 9.4% CAGR: Allied Market Research
Surge in the adoption of digital technologies, increase in focus on regulatory compliance, and high speed of transactions contribute toward the growth of the market
PORTLAND, Ore., Dec. 13, 2023 /PRNewswire/ — Allied Market Research published a report, titled, “Check Cashing Services Market by Service Provider (Banks, Credit Unions, and Others), Type (Pre-Printed Checks, Payroll Checks, Government Checks, Tax Checks, and Others), and End User (Commercial, and Personal): Global Opportunity Analysis and Industry Forecast, 2022-2032″. According to the report, the global check cashing services industry generated $ 27.5 billion in 2022 and is anticipated to generate $ 65.8 billion by 2032, witnessing a CAGR of 9.4 % from 2023 to 2032.
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• 123 – Tables
• 62 – Charts
• 377 – Pages
Prime determinants of growth
Surge in the use of alternative financial services and growth in the shift of the population from banks to the non-bank sector are becoming the major factors driving the growth of the market. However, the increase in the adoption of digital payment systems and electronic transactions has reduced paper check usage and, consequently, the demand for check cashing services, which hampers the market growth. Contrarily, the launch of new and advanced software for cashing systems is estimated to provide huge opportunities in the market over the forecast period.
Report coverage & details:
|
Report Coverage |
Details |
|
Forecast Period |
2023–2032 |
|
Base Year |
2022 |
|
Market Size in 2022 |
$ 27.5 billion |
|
Market Size in 2032 |
$ 65.8 billion |
|
CAGR |
9.4 % |
|
No. of Pages in Report |
377 |
|
Segments covered |
Service Provider, Type, End User, and Region. |
|
Drivers |
Surge in adoption of digital technologies Increase in focus on regulatory compliance High speed of transactions |
|
Opportunities |
Continuous improvements in KYC policy Increased collaboration of key players with banks |
|
Restraints |
High cost of fees and fraud concerns |
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The banks segment to maintain its leadership status throughout the forecast period
Based on service provider, the banks segment held the highest market share in 2022, accounting for nearly two-thirds of the global check cashing services market revenue. This is because banks are increasingly incorporating community engagement and social responsibility into their check cashing services. This involves actively participating in community outreach programs, supporting local initiatives, and demonstrating a commitment to addressing the financial needs of underserved communities. However, the others segment is projected to manifest the highest CAGR of 11.8% from 2023 to 2032. This is because financial institutions are exploring partnerships with FinTech companies to enhance the efficiency and security of their check cashing services.
The commercial segment to maintain its leadership status throughout the forecast period
Based on end user, the commercial segment held the highest market share in 2022, accounting for more than two-thirds of the global check cashing services market revenue, and is estimated to maintain its leadership status throughout the forecast period. This is owing to check cashing services providing businesses with flexibility in handling different types of checks, including payroll checks, business checks, and customer payments. This flexibility allows businesses to choose a convenient and efficient method for converting checks into cash. However, the personal segment is projected to manifest the highest CAGR of 11.3% from 2023 to 2032. This is because check cashing services are integrated with prepaid card services. This trend allows personal end users to load funds onto prepaid cards, providing them with an additional financial tool for managing their money securely.
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North America to maintain its dominance by 2032
Based on region, North America held the highest market share in terms of revenue in 2022, accounting for more than one-third of the check cashing services market revenue, owing to the presence of leading market players and increase in the adoption of alternative financial services. However, the Asia-Pacific region is expected to witness the fastest CAGR of 12.3% from 2023 to 2032, and is expected to dominate the market during the forecast period. This is due to the economic growth and urbanization in many Asia-Pacific countries contributing to the expansion of the check cashing services industry.
Leading Market Players: –
- Anfield Cheque Cashing Centre
- Encore Capital Group
- PHH Mortgage Corporation
- Oaktree Capital Group, LLC
- Ocwen Financial Corporation
- QCHI
- Currency Exchange International Corp
- Navient Corporation
- Secure Check Cashing, Inc
- National Money Mart Company
The report provides a detailed analysis of these key players of the global check cashing services market. These players have adopted different strategies such as partnership, product launch, and expansion to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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Key benefits for stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the check cashing services market forecast from 2022 to 2032 to identify the prevailing market opportunities.
- Market research is offered along with information related to key drivers, restraints, and opportunities of check cashing services market outlook.
- Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the check cashing services market segmentation assists in determining the prevailing check cashing services market opportunity.
- Major countries in each region are mapped according to their revenue contribution to the global check cashing services market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the check cashing services market players.
- The report includes an analysis of the regional as well as global check cashing services market trends, key players, market segments, application areas, and market growth strategies.
Check Cashing Services Market Report Highlights
By Service Provider
- Banks
- Credit Unions
- Others
By Type
- Pre-printed Checks
- Payroll Checks
- Government Checks
- Tax Checks
- Others
By End User
- Commercial
- Personal
By Region
- North America (U.S., Canada)
- Europe (UK, Germany, France, Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Australia, South Korea, Rest of Asia-Pacific)
- LAMEA (Latin America, Middle East, Africa)
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STOCKHOLM, April 5, 2024 /PRNewswire/ — EQT AB’s Q1 Announcement 2024 will be published on Thursday 18 April 2024 at approximately 07:30 CEST. EQT will host a conference call at 08:30 CEST to present the report, followed by a Q&A session.
The presentation and a video link for the webcast will be available here from the time of the publication of the Q1 Announcement.
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Information on EQT AB’s financial reporting
The EQT AB Group has a long-term business model founded on a promise to its fund investors to invest capital, drive value creation and create consistent attractive returns over a 5 to 10-year horizon. The Group’s financial model is primarily affected by the size of its fee-generating assets under management, the performance of the EQT funds and its ability to recruit and retain top talent.
The Group operates in a market driven by long-term trends and thus believes quarterly financial statements are less relevant for investors. However, in order to provide the market with relevant and suitable information about the Group’s development, EQT publishes quarterly announcements with key operating numbers that are relevant for the business performance (taking Nasdaq’s guidance note for preparing interim management statements into consideration). In addition, a half-year report and a year-end report including financial statements and further information relevant for investors is published. Finally, EQT also publishes an annual report including sustainability reporting.
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- Goal to sell 1.6 million EVs annually in 2030, introducing 15 models
- PBV to play a key role in Kia’s growth, targeting 250,000 PBV sales annually by 2030 with PV5 and PV7 models
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- 2024 business guidance : KRW 101 tln in revenue with KRW 12 tln in operating profit; operating profit margin of 11.9% on sales of 3.2 million units globally
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SEOUL, South Korea, April 5, 2024 /PRNewswire/ — Kia Corporation (Kia) today shared an update on its future strategies and financial targets at its CEO Investor Day in Seoul, Korea.
Based on its innovative achievements in the years since the announcement of mid-to-long-term business initiatives, Kia is focusing on updating its 2030 strategy announced last year and further strengthening its business strategy in response to uncertainties across the global mobility industry landscape.
During the event, Kia updated its mid-to-long-term business strategy with a focus on electrification, and its PBV business. Kia reiterated its 2030 annual sales target of 4.3 million units, including 1.6 million units of electric vehicles (EVs). The 2030 4.3 million annual sales target is 34.4 percent higher than the brand’s 2024 annual goal of 3.2 million units.
The company also plans to become a leading EV brand by selling a higher percentage of electrified models among its total sales, including hybrid electric vehicles (HEV), plug-in hybrid (PHEV), and battery EVs, projecting electrified model sales of 2.48 million units annually or 58 percent of Kia’s total sales in 2030.
“Following our successful brand relaunch in 2021, Kia is enhancing its global business strategy to further the establishment of an innovative EV line-up and accelerate the company’s transition to a sustainable mobility solutions provider,” said Ho Sung Song, President and CEO of Kia. “By responding effectively to changes in the mobility market and efficiently implementing mid-to-long-term strategies, Kia is strengthening its brand commitment to the wellbeing of customers, communities, the global society, and the environment.”
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VANCOUVER, BC, April 4, 2024 /PRNewswire/ — BioVaxys Technology Corp. (CSE: BIOV) (FRA: 5LB) (OTCQB: BVAXF) (the “Company“) is providing this bi-weekly update on the status of the management cease trade order granted on February 29, 2024 (the “MCTO“), by its principal regulator, the Ontario Securities Commission (the “OSC“), under National Policy 12-203 – Management Cease Trade Orders (“NP 12-203“), following the Company’s announcement on February 21, 2024 (the “Default Announcement“), that it was unable to file its audited annual financial statements for the year ended October 31, 2023, its management’s discussion and analysis of financial statements for the year ended October 31, 2023, its annual information form for the year ended October 31, 2023, and related filings (collectively, the “Required Annual Filings“). Under National Instrument 51-102, the Required Annual Filings were required to be made no later than February 28, 2024.
As a result of the delay in filing the Required Annual Filings, the Company was unable to file its interim financial statements for the three months ended January 31, 2024, its management’s discussion and analysis of financial statements for the three months ended January 31, 2024, and related filings (collectively, the “Required Interim Filings“). Under National Instrument 51-102, the Required Interim Filings were required to be made no later than April 1, 2024.
The Company anticipates filing the Required Annual Filings by April 30, 2024. The auditor of the Company requires additional time to complete its audit of the Company, including the Company’s recent acquisition of all intellectual property, immunotherapeutics platform technologies, and clinical stage assets of the former IMV Inc. that closed on February 16, 2024. In addition, the Company anticipates filing the Required Interim Filings immediately after the filing of the Required Annual Filings.
Except as herein disclosed, there are no material changes to the information contained in the Default Announcement. In addition, (i) the Company is satisfying and confirms that it intends to continue to satisfy the provisions of the alternative information guidelines under NP 12-203 and issue bi-weekly default status reports for so long as the delay in filing the Required Annual Filings and/or Required Interim Filings is continuing, each of which will be issued in the form of a press release; (ii) the Company does not have any information at this time regarding any anticipated specified default subsequent to the default in filing the Required Annual Filings and Required Interim Filings; (iii) the Company is not subject to any insolvency proceedings; and (iv) there is no material information concerning the affairs of the Company that has not been generally disclosed.
About BioVaxys Technology Corp.
BioVaxys Technology Corp. (www.biovaxys.com), a biopharmaceuticals company registered in British Columbia, Canada, is a clinical-stage biopharmaceutical company dedicated to improving patient lives with novel immunotherapies based on the DPX™ immune-educating technology platform and it’s HapTenix© ‘neoantigen’ tumor cell construct platform, for treating cancers, infectious disease, antigen desensitization, and other immunological fields. The Company’s clinical stage pipeline includes maveropepimut-S which is in Phase II clinical development for advanced Relapsed-Refractory Diffuse Large B Cell Lymphoma (DLBCL) and platinum resistant ovarian cancer, and BVX-0918, a personalized immunotherapeutic vaccine using it proprietary HapTenix© ‘neoantigen’ tumor cell construct platform which is soon to enter Phase I in Spain for treating refractive late-stage ovarian cancer. The Company is also capitalizing on its tumor immunology know-how and creation of a unique library of T-lymphocytes & other datasets post-vaccination with its personalized immunotherapeutic vaccines to utilize predictive algorithms and other technologies to identify new targetable tumor antigens. BioVaxys common shares are listed on the CSE under the stock symbol “BIOV” and trade on the Frankfurt Bourse (FRA: 5LB) and in the US (OTCQB: BVAXF). For more information, visit www.biovaxys.com and connect with us on X and LinkedIn.
ON BEHALF OF THE BOARD
Signed “James Passin“
James Passin, Chief Executive Officer
Phone: +1 646 452 7054
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