Digital Remittance Market to Grow USD 19710 Million by 2028 at a CAGR of 17.4% | Valuates Reports

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Jun 27, 2022, 11:00 ET

BANGALORE, India, June 27, 2022 /PRNewswire/ -- The Global Digital Remittance Market is Segmented by Type (Banks Digital Remittance, Digital Money Transfer Operators), by Application (Migrant Labor Workforce, Study Abroad and Travel, Small Businesses): Opportunity Analysis and Industry Forecast, 2022–2028.

The global Digital Remittance market size is projected to reach USD 19710 Million by 2028, from USD 6333 Million in 2021, at a CAGR of 17.4% during 2022-2028.

Major factors driving the growth of the digital remittance market are:

Rapid urbanization and industrialization are attracting residents from various rural and semi-rural areas to metropolitan areas. In search of a job or education, many individuals are migrating to new nations and places. As a result, the number of cross-border transactions increases, accelerating the expansion of the digital remittance market.

Additionally, benefits such as faster funds transfer, lower costs than traditional money transfer services, and ease of use are likely to drive the digital remittance market forward.

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TRENDS INFLUENCING THE GROWTH OF THE DIGITAL REMITTANCE MARKET:

The increasing need to reduce the remittance cost is expected to drive the growth of the digital remittance market. The cheapest method of transferring remittances throughout the world is via mobile money transfer utilizing digital wallet software or another electronic payment mechanism. As a result, integrating mobile money transfer software reduces your remittance costs. Many redundant layers of the value chain required in transmitting traditional cash-based remittances are also removed with digital money transfers. Your money transfer software enables your customers to transmit digital money straight from their mobile wallets, eliminating the need for middlemen.

Customers are likely to migrate toward online transactions as the digital platform for remittance grows in popularity. Furthermore, in recent years, the growing use of mobile devices throughout the world has aided the adoption of digital technology in remittance services and cross-border payments. Customers all across the world are switching to digital remittance services because they assist minimize money transfer time and expenses. Furthermore, digital remittance services provide high levels of anonymity and security for users' funds. This in turn is expected to further fuel the digital remittance market growth.

Furthermore, the growing popularity of digital remittance services among low-wage migrant workers who use them to send money home is forcing many regulatory agencies to pay attention to and regulate the business. Furthermore, international remittances play an essential part in emerging market economic development. As a result, authorized authorities limit and monitor money transfer costs in order to encourage consumers to keep using digital remittance services and successfully contribute to the economic growth of their home nation. Over the forecast period, these factors are likely to contribute to digital remittance market growth.

The pandemic of COVID-19 is likely to have a beneficial effect on digital remittance market growth. The usage of digital alternatives to money transfer has increased as a result of movement and other constraints, with legislative reforms made to boost the use of digital payments. In emerging nations, the use of digital payments has resulted in a large increase in the use of e-wallet payments rather than cash. Furthermore, in low- and middle-income countries, the usage of mobile money services has been continuously increasing.

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DIGITAL REMITTANCE MARKET SHARE

The Digital Money Transfer Operators segment is expected to be the most lucrative with a share over 80%. Frequently, money transfer firms might provide lower transfer fees than banks. And in terms of application, the largest end user is personal customers, with a share of about 80%.

Based on region, North America is the largest market, with a share of about 33%, followed by Asia Pacific and Europe with the share of about 32% and 15%. The deployment of compatible devices and workable networks is helping the North American Digital Remittance Market develop rapidly.

Key Companies:

Global key players of digital money transfer and remittance include Western Union, Ria Financial Services, etc. Global top 3 companies hold a share over 40%.

PayPal/Xoom
Wise
Zepz (WorldRemit, Sendwave)
MoneyGram
Remitly
Azimo
TransferGo
NIUM, Inc (Instarem)
TNG FinTech
Coins.ph
OrbitRemit
Smiles/Digital Wallet Corporation
FlyRemit
SingX
Flywire
Intermex
Small World

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SIMILAR REPORTS:

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- Global Digital Remittance Service Market Insights, Forecast to 2028

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