08-Apr-2021 | Facts and Factors
As per the market research report published by Facts and Factors, the global Digital Remittance market was valued at approximately USD 14.5 Billion in 2019 and is expected to generate revenue of around USD 35.8 Billion by end of 2026, growing at a CAGR of around 13.8% between 2020 and 2026.
Customers can now use financial remittance services thanks to rising internet penetration. Furthermore, over the forecast era, an increase in digitalization and automation of payment is expected to generate growth opportunities. Furthermore, demand growth is expected to be supported by an increase in the number of economic migrants traveling from emerging to developed economies in search of better job opportunities.
The economic suffering that results has an effect on both personal lives as well as nations’ economies. Before the pandemic, more than 270 million people worked outside of their home country, sending money back to 60 developing countries that held for more than 5% of GDP (GROSS Domestic Product). The recipients' economic survival is often dependent on this money.
The World Bank reports that 65 percent of adults in developing countries lack access to basic financial services. Their lives are more difficult because it is more difficult for them to save money, create credit, pay bills, or engage in the financial system in some other way.
Top Market Players
Major players operative in the global digital remittance market are Azimo Limited, Digital Wallet Corporation, InstaReM Pvt. Ltd., MoneyGram, PayPal Holdings, Inc., Ria Financial Services Ltd., TransferGo Ltd., TransferWise Ltd., WeChat Payment, Avenues India Pvt Ltd, OrbitRemit, TNG Wallet, Ant Financial/Alipay, FlyRemit, Toast and WorldRemit among others.
Payment automation and digitalization are expected to drive business expansion. Many digitally savvy consumers around the world are opting for digital remittances, which is propelling the market forward. Because of the shorter transfer time, these customers prefer digital remittances. Residents of numerous rural and semi-rural areas are being attracted to urban areas by rapid urbanization and industrialization. Many people are relocating to various countries and locations in search of work or education. As a consequence, the number of cross-border transactions grows. As a result, the demand is expected to expand.
Consumers benefit from the high level of security and privacy provided by digital remittance services. These services are expected to become the preferred mode of remitting money as more financial institutions and banks around the world opt for a data-driven and open ecosystem. Several banks and financial institutions around the world are concentrating on extending their business networks so that everyone can use their financial and banking services. Customers often like these facilities because of the low remittance prices. Over the forecast period, customer demands are expected to determine the market's speed. In recent years, consumers in low- and middle-income countries have become more accepting of digital money transfers. Digital remittances are becoming increasingly common due to rapid urbanization and rising incomes. Because of the widespread use of mobile apps and smartphone penetration, the convenience of digital payments has gained momentum.
The COVID-19 outbreak is expected to have a positive effect on the industry. The COVID-19 pandemic forced people to change their ways of working, living, and interacting. Due to global restrictions on movement, the market for international digital remittances is expected to grow. Customers are also turning to digital wallets because they are the most effective, fast, and convenient way to send money abroad since the lockdown began.
North America is projected to Dominate Global Digital Remittance Market Growth
In 2019, the North American region held the largest revenue share in the global digital remittance industry, accounting for more than 3720% of global sales. Western Union Holdings, Inc., Paypal, Continental Exchange Solutions, Inc., and MoneyGram are among the prominent financial service and communication companies based in the area. Thousands of people move to the North American area in search of education, work opportunities, and business opportunities. Digital remittance service providers in the area are expected to benefit from the growing number of immigrants in the region.
Over the projected era, the Asia Pacific regional digital remittance market is expected to be the fastest-growing regional market. Thousands of trillions of dollars in remittances are sent annually from Asia Pacific people to friends, business associates, and families in other countries. Over the forecast period, the regional market is expected to expand due to an increase in the adoption of banking and financial services in the region. Mobile banking, cashless payments, and mobile-based payment solutions are becoming increasingly common in economies such as China and India, leading to regional market growth.
Browse the full “Digital Remittance Market By Type (Inward Digital Remittance and Outward Digital Remittance), By Channel (Banks, Money Transfer Operators, Online Platforms and Others), By End-Use (Personal, Migrant Labor Workforce, Small Businesses, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2020 – 2026” report at https://www.fnfresearch.com/digital-remittance-market
The global digital remittance market is segmented as follows:
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