Global Digital Remittance Market Share Is Likely To Grow At A CAGR Value Of Around 14.6% By 2028

01-Mar-2022 | Facts and Factors

According to Facts & Factors, Remittances are characterized as monetary support sent home by migrants. On the other hand, digital remittances are all the cross-border money transactions carried out via the internet by a migrant community. Digital remittance now plays a significant role in the financial ecosystem. Transferring a digital remittance necessitates the use of an app or a web browser, as well as a computer, mobile phone, or tablet. A digital finance system is also required. Furthermore, in recent years, digital remittances have benefited from the introduction of digital-first money transfer organizations (MTOs), and existing MTOs have responded by quickly adopting digital initiation & funding capabilities. Owing to the rise in demand for digital remittance, the global digital remittance market is estimated to grow at a CAGR of 14.6% during the forecast period.

Digitalization and payment automation are likely to drive corporate growth. Many technology-savvy consumers throughout the globe are adopting digital remittances, which is moving the market forward. These clients prefer digital remittances due to the shorter transfer time. Industrialization and urbanization are attracting residents from countless rural and semi-rural areas to urban areas. Several people are relocating to different regions in pursuit of jobs or education.

As a result, the number of cross-border transactions increases. However, financial crimes, such as terrorist funding, and money laundering pose security challenges for the global remittance market, and all of these actions have severe consequences. The realization of these operations harms the reputation of firms and causes them to fall behind their competitors. As a result, these realities may constrain the expansion of the digital remittance market.

The global digital remittance market is segregated based on channel, type, end-use, and region. Based on channel, the market is divided into banks, money transfer operators, online platforms, and others. Among these the money transfer operators segment dominates the market, accounting for more than 45 percent of global sales.

Based on type, the market is classified into inward digital remittance and outward digital remittance. Over the forecast period, the inward digital remittance market is expected to develop at the fastest rate. Based on end-use, the market is classified into personal, migrant labor workforce, small businesses, and others. The personal segment dominates the market, accounting for more than 40 percent of global revenue.

North America dominates the global digital remittance market and accounts for more than 25% of the global revenue. Many people come to North America in quest of higher education and work possibilities, as well as for business opportunities. The region's growing immigrant population is likely to generate new opportunities for digital remittance service providers. Furthermore, with the advent of multiple payment applications in the North American region, the trend of speedier money transmission has gained traction.

Over the forecast period, the Asia Pacific regional market is expected to be the fastest-growing regional market. Every year, thousands of trillions of dollars in remittances are sent by Asia Pacific citizens to colleagues, business partners, and families in other nations. Growth in the region's adoption of banking and financial services is likely to drive regional market growth over the forecast period. China and India are focusing heavily on the implementation of cashless payments, mobile banking, and mobile-based payment solutions, which is contributing to regional market growth.

Report Scope

Browse the full “Digital Remittance Market By Channel (Banks, Money Transfer Operators, Online Platforms, and Others), Type (Inward Digital Remittance and Outward Digital Remittance), By End-Use (Personal, Migrant Labor Workforce, Small Businesses, and Others) and By Region - Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data and Forecast 2022 – 2028” report at https://www.fnfresearch.com/digital-remittance-market

Key players functioning in the global digital remittance market include InstaReM Pvt. Ltd., Ria Financial Services Ltd., Western Union Holdings, Inc., PayPal Holdings, Inc., WorldRemit Ltd., Digital Wallet Corporation, TransferWise Ltd., Azimo Limited, TransferGo Ltd., and MoneyGram.

To cite, in August 2021, Sable, a large shipping fintech system that enables a one-stop store for checking and credit to global citizens without credit history or an SSN, launched a new integration with Wise that allows customers to transfer money worldwide directly through Sable, which is faster and cheaper than alternatives.

The global digital remittance market is segmented as follows:

By Channel Segment Analysis

• Banks
• Money transfer operators
• Online platforms
• Others

By Type Segment Analysis

• Inward Digital Remittance
• Outward Digital Remittance

By End-Use Segment Analysis

• Personal
• Migrant Labor Workforce
• Small Businesses
• Others

By Regional Segment Analysis

• North America
  • The U.S.
  • Canada
  • Mexico
  • Rest of North America
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Nordic countries
    • Denmark
    • Finland
    • Iceland
    • Sweden
    • Norway
  • Benelux Reunion
    • Belgium
    • The Netherlands
    • Luxembourg
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • New Zealand
  • Australia
  • South Korea
  • Southeast Asia
    • Indonesia
    • Thailand
    • Malaysia
    • Singapore
    • Rest of Southeast Asia
  • Rest of Southeast Asia
• The Middle East & Africa
  • Saudi Arabia
  • UAE
  • Egypt
  • Kuwait
  • South Africa
  • Rest of the Middle East & Africa
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America

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