Inward Digital Remittance to Witness Fastest Growth in 2022; Outward Remittance to Contribute Nearly 60% of Revenue
The digital remittance market analysis offered by Fact.MR scrutinizes key growth factors that are impacting sales in the market. The report provides in-depth insights covering key factors such as drivers, opportunities, key players' strategies, and demand outlook. In addition to this, the study analyzes the latest trends across various segments such as type, channel, end-use, and region.
NEW YORK, Aug. 25, 2022 /PRNewswire/ -- The global digital remittance market is estimated to be valued at US$ 18.16 billion in 2022. With rising penetration of mobile devices and increasing number of cross-border transactions, the overall demand for digital remittance services is poised to grow at a prolific CAGR of 13.5% between 2022 and 2032, totaling US$ 64.43 billion by 2032.
Digital remittance is the cross border money transfer made by migrant population over the internet. It has gained a lot of traction during last few years due to its various advantages such as faster transfers and status tracking.
Introduction of digital remittance services have made it easy for migrants to send money to their families. Thus, rising number of migrants along with increasing adoption of digital remittance for cross border money transfer will continue to boost market growth during the forecast period.
Similarly, increasing usage of mobile-based payment channels are likely to drive market expansion during the forecast period. Customers are anticipated to shift toward online transactions as digital remittance channels emerge.
For more insights into the Market, Get A Sample of this Report!
https://www.factmr.com/connectus/sample?flag=S&rep_id=7104
The use of digital remittance services has enabled businesses and customers to experience more inexpensive, quicker, and value-added money transfer services. Growing popularity of digital remittance services among low-wage migrant workers who use them to send money to their families has compelled numerous regulatory agencies to pay attention to and oversee the digital remittance business.
Furthermore, international remittances are critical to the economic development of emerging countries. As a result, authorized authorities control and monitor money transfer costs to encourage consumers to continue using digital remittance services and successfully contribute to the economic growth of their home nation. Over the projected period, these factors are likely to contribute to market growth.
Demand will particularly rise in the inward digital remittance segment due to rising adoption of mobile payment technology for money transfer by migrants.
Key Takeaways:
- By type, the outward digital remittance segment accounts for nearly 3/5th of the global market.
- Based on end use, personal digital remittance segment leads the market with a revenue share of around 42%.
- Based on channel, money transfer operators segment accounted for more than 40% of share of the global revenue in 2021.
- With rising number of immigrants, North America is expected to account for over 27% share of the global revenue in 2022.
- The digital remittance market in APAC is anticipated to grow 13% CAGR during the forecast period.
- Demand for digital remittance services is poised to grow at a prolific pace across the U.S. over the next ten years.
Growth Drivers:
- Surge in the number of cross-border transactions and growing adoption of mobile-based payment channels are expected to propel market growth over the forecast period.
- Rising popularity and convenience of digital payments will continue to push the demand for digital remittance.
Restraints:
- High transfer charges and a lack of knowledge about digital remittance services are predicted to restrict industry expansion.
- Terrorist financing and money laundering might hinder the market's growth potential.
Interested to Procure The Data? Inquire here
https://www.factmr.com/connectus/sample?flag=EB&rep_id=7104
Competitive Landscape:
Product innovation, expansions, and mergers & acquisitions have transformed the competitive environment of the digital remittance sector. To capitalize on profitable opportunities in developing markets, front-runners are prioritizing capacity improvements and a wider global footprint.
For instance,
- In 2021, Telecoin extended its digital money transfer service to 23 additional mobile money platforms in 16 countries. These services will allow Tecoin application users to send affordable and convenient remittances from their iOS and android devices.
- In September 2019, the reserve bank of India announced that a record 96% of all non-cash retail payments were made using digital methods. The NEFT (National Electronic Funds Transfer) and UPI (Unified Payments Interface) systems were processed.
- In November 2020, A strategic alliance between Visa and Conferma Pay has been launched to introduce Visa Commercial Pay, a collection of B2B payment solutions, to assist businesses to optimize cash flow and do away with antiquated manual procedures. The strategic cooperation will hasten the transition of B2B payments from sluggish, antiquated techniques to quick, data-rich, secure digital payments and improve enterprise financial management.
- In April 2021, FIS introduced RealNet, a new cloud-based software as a service (SaaS) platform. For companies, individuals, and governments to conduct account-to-account (A2A) transactions across real-time payment networks.
Key Companies Profiled by Fact. MR
- Arcus
- Azimo Limited
- coins. ph Pte. Ltd.
- Digital Wallet Corporation
- Flywire
- InstaReM PTE limited
- MoneyGram International, Inc.
- OrbitRemit Global Money Transfer Limited
- PayPal Holdings, Inc.
- Pontual Money Transfer
- Remitly, Inc.
- Ria Financial Services Ltd.
- Ripple
- The Currency Cloud Limited
- The Western Union Company
- TNG Limited
- Toastme Pte Limited
- TransferGo Ltd.
- TransferWise Ltd.
- Western Union Holdings, Inc.
- WorldRemit Ltd.
More Valuable Insights on Digital Remittance Market
In the latest study, Fact.MR offers a detailed study on global digital remittance market for the forecast period of 2022 to 2032. This study also highlights key drivers promoting the sales of digital remittance through detailed segmentation as follows:
By Type:
- Inward
- Outward
By Channel:
- Banks
- Money Transfer Operators
- Online Platforms
- Other Channels
By End Use:
- Migrant Labor Workforce
- Personal
- Small Businesses
- Other
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- MEA
Get Customization on this Report for Specific Research Solutions
https://www.factmr.com/connectus/sample?flag=RC&rep_id=7104
Key Questions Covered in the Global Digital Remittance Market Report
- What is the projected value of the global digital remittance market in 2022?
- At what rate will the global digital remittance market grow until 2032?
- Which are the factors hampering the growth in the digital remittance market?
- Which region is expected to lead in the global digital remittance market during 2022-2032?
- Which are the factors driving the digital remittance market during the forecast period?
- What is the expected market value of the digital remittance market during the forecast period?
Explore Fact.MR's Coverage on the Technology Domain
Digital Battlefield Market: The digital battlefield industry is anticipated to increase from US$ 35 billion in 2022 to US$ 129.75 billion by 2032, growing at a 14% CAGR. Growth in the market is driven by rising penetration of 5G technology, increasing defence spending, and growing need for modernizing military systems.
Digital Transaction Management Market: As per Fact.MR, the global digital transaction management market size reached US $8.01 Billion in 2021 and it is likely to grow at a staggering CAGR of 25% between 2022 and 2032, totaling US$ 93.25 Billion by the end of 2032. Demand in the market is driven by rapid adoption of digital transaction management across industries such as BFSI, IT & telecom, healthcare and retail, growing popularity of cloud based services, and need for eliminating manual paperwork and traditional techniques for managing operations.
Digital Experience Platform Market: The digital experience platforms market is predicted to grow from US$ 9.9 billion in 2021 to around US$ 29.5 billion by 2032, accelerating at a CAGR of 10.2% throughout the forecast period. The digital experience platforms market is expected to rise at a faster rate due to the rising trend of providing an integrated, personalized, and simplified consumer experience across various industries.
Check it Out More Reports by Fact.MR on Technology Industry
https://www.factmr.com/industry/technology
About Fact.MR
Fact.MR is a market research and consulting agency with deep expertise in emerging market intelligence. Spanning a wide range – from automotive & industry 4.0 to healthcare, technology, chemical and materials, to even the most niche categories. We are committed to deliver insights that help businesses gain deeper understanding of their target markets. We understand that making sense of the vast labyrinth of data can be overwhelming for businesses. That's why focus on offering insights that can actually make a difference to bottom-lines.
Specialties: Competition Tracking, Customized Research, Syndicated Research, Investment Research, Social Media Research, Business Intelligence, Industry Analysis, Thought Leadership.
Contact:
Mahendra Singh
US Sales Office
11140 Rockville Pike
Suite 400
Rockville, MD 20852
United States
Tel: +1 (628) 251-1583, +353-1-4434-232 (D)
E: [email protected]
Follow Us: LinkedIn | Twitter | Blog
Logo: https://mma.prnewswire.com/media/713666/FactMR_Logo.jpg
SOURCE Fact.MR
![](https://rt.prnewswire.com/rt.gif?NewsItemId=IO54799&Transmission_Id=202208251030PR_NEWS_USPR_____IO54799&DateId=20220825)
Share this article