[220+ Pages Report] According to a market research study published by Facts and Factors, the demand analysis of Global Digital Remittance Market size & share revenue was valued at around USD 15.27 billion in 2021 and is estimated to grow to about USD 36.54 billion by 2028, at a CAGR of approximately 14.6% between 2022 and 2028. The key market players are listed in the report with their sales, revenues and strategies are 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, and others.
NEW YORK, United States, March 24, 2022 (GLOBE NEWSWIRE) — Facts and Factors has published a new research report titled “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” in its research database.
“According to the latest research study, the demand of global Digital Remittance Market size & share was witnessed USD 15.27 billion in 2021and it is expected to surpass around USD 36.54 billion Mark, by 2028, at a compound annual growth rate (CAGR) of about 14.6% during the forecast period 2022to 2028.”
What is Digital Remittance? How big is the Digital Remittance Market?
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.
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|Market Size in 2021||USD 15.27 Billion|
|Projected Market Size in 2028||USD 36.54 Billion|
|CAGR Growth Rate||14.6% CAGR|
|Key Market Players||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., MoneyGram., and Others|
|Key Segment||By Channel, By Type, By End-Use, and By Region|
|Major Regions Covered||North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa|
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Global Digital Remittance Market: Growth Factors
- Rising digitalization & its adoption likely to pave way for global market growth
Digitalization and payment automation are likely to drive corporate growth. Many technology-savvy consumers throughout the globe are adopting a digital remittance, 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.
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The global digital remittance market is segregated based on channel, type, end-use, and region.
- Money transfer operators dominate the market, accounting for more than 45% of all global sales
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.
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Some of the main competitors dominating 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.
Key Insights from Primary Research:
- As per the analysis shared by our research analyst, the Digital Remittance market is estimated to grow annually at a CAGR of around 14.6%.
- The Digital Remittance market was valued at around USD 15.27 billion in 2021 and is projected to reach USD 36.54 billion, by 2028.
- Money transfer operators, which account for more than 45% of global sales, dominate the market.
- The inward digital remittance market is predicted to grow at the fastest rate over the forecast period.
- On the basis of region, “North America” dominates the global digital remittance industry, accounting for more than 25% of global revenue.
Key questions answered in this report:
- What is the market size and growth rate forecast for the Digital Remittance industry?
- What are the main driving factors propelling the Digital Remittance market forward?
- What are the leading companies in the Digital Remittance Industry?
- What segments does the Digital Remittance Market cover?
- How can I receive a free copy of the Digital Remittance Market sample report and company profiles?
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COVID-19 Impact Analysis:
The COVID-19 outbreak is known to be beneficial to businesses. The COVID-19 pandemic prompted people to rethink how they worked, lived, and interacted. As a result of global movement constraints, the global digital remittance market is likely to develop considerably during the forecast period. Customers are also resorting to digital wallets as the most efficient, quick, and simple option to transmit money abroad since the shutdown began.
- North America is the market leader in the global digital remittance industry, accounting for more than 25% 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.
- May 2021 – Western Union, a world leader in cross-currency money movement & payments, cross-border, and Google have collaborated to give consumers in the United States access to Western Union’s best acclaimed digital money movement experience through the Google Pay app.
- 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.
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The global digital remittance market is segmented as follows:
By Channel Segment Analysis
- Money transfer operators
- Online platforms
By Type Segment Analysis
- Inward Digital Remittance
- Outward Digital Remittance
By End-Use Segment Analysis
- Migrant Labor Workforce
- Small Businesses
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