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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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