[195+ Pages Report] 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.
Global Digital Remittance Market: Overview
Digital remittance, or the electronic transfer of funds from foreign workers to their home countries, is a strong economic growth engine. Improving this money transfer channel’s capabilities and scope has a huge effect on people’s lives and represents a significant business opportunity. Many remittance firms have had to learn how to work in a digital-first environment as the pandemic has slowed cross-border money flows. They must keep costs under control in order to deliver lower fees to their customers while still remaining profitable. They must also ensure that they fulfill their legal responsibilities and prepare themselves for long-term success.
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Global Digital Remittance Market: Growth Factors
Because of the increase in automation and digitization, the global digital remittance market has grown steadily in recent years. Digital remittance is the most effective monitoring solution that has contributed to positive economic growth both globally and locally. Banking, which provides identification, networking, and literacy solutions, is used to handle a wide variety of economic situations. These are primarily established by both the public as well as private sectors with the assistance of government bodies. Other than the current refugee crisis, the worldwide digital remittance market is experiencing favorable growth.
Global Digital Remittance Market: Segmentation
The global digital remittance market is segregated based on type, channel, and end-use, and regions.
Inward digital remittance and outward digital remittance is the application segment of global digital remittance market. The channel segment is categorized into banks, money transfer operators, online platforms and others. In 2019, the money transfer operators channel segment lead the market, accounting for over 43.9 % of global sales. Money transfer companies may often deliver lower transfer rates as compared to banks. Furthermore, these money transfer firms have the same degree of trust and security as banks. One of the major advantages provided by money transfer companies is the pace at which money is transferred. Money transfers can be started right away and completed in a day or two. Moreover, the report is also categorized end-use segment into personal, migrant labor workforce, small businesses, and others
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Global Digital Remittance Market: Regional Analysis
Because of its rapid technological advances, North America is projected to dominate the global digital remittance industry. In addition, rising online transactions increased digitization awareness, and rising disposable incomes all point to rapid growth in the Digital Remittance Market in this area.
During the forecast period, the Europe digital remittance market is expected to expand at a CAGR of 16.3% (2020-2026). People are relocating to different cities and countries in search of employment or education. As a result, the demand for cross-border transactions grows. Furthermore, customers benefit from high standards of security and privacy when using wireless remittance systems.
In the Asia Pacific, China held the largest market share, and accounted for more than one-fourth of the total digital remittance market in 2019, and is expected to mirror the trend through 2026. This is due to the country’s significant move toward digital payments. Singapore, on the other hand, is forecast to have the highest CAGR of 21.1 % from 2020 to 2026. India, on the other hand, is expected to develop at a rate of 19.3 % over the forecast period. Japan, South Korea, and the rest of Asia-Pacific are also examined in the report.
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Global Digital Remittance Market: Competitive Players
Some main participants of the global digital remittance market are MoneyGram, PayPal Holdings, Inc., TransferGo Ltd., Azimo Limited, Digital Wallet Corporation, InstaReM Pvt. Ltd., Ria Financial Services Ltd., TransferWise Ltd., WeChat Payment, Avenues India Pvt Ltd, OrbitRemit, TNG Wallet, Ant Financial/Alipay, Toast, WorldRemit, and FlyRemit amongst others.
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