Digital Remittance Market Growth to Exceed CAGR of 14.7% by 2023-2028
According to the latest report by IMARC Group, titled “Digital Remittance Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, offers a comprehensive analysis of the industry, which comprises insights on the global digital remittance market. The report also includes competitor and regional analysis, and contemporary advancements in the market.
The global digital remittance market is expected to exhibit a growth rate (CAGR) of 14.7% during 2023-2028. Digital remittance represents the cross-border transfer of money or payments of a bill or invoice between two or more parties via the internet. It generally includes fund transfers between residents and non-residents and earnings transfers from short-time workers from other countries to their country of origin. The digital remittance, such as inward and outward remittance, is usually conducted through e-wallets and smartphone applications. It is controlled by banks, money transfer operators, and other financial entities for personal consumption, savings, investments of individuals, etc. As compared to the traditionally used alternatives, digital remittance is highly cost-effective, transparent, convenient to use, secured, etc.
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Market Trends:
The expanding banking, financial services and insurance (BFSI) sector across the globe is among the key factors stimulating the digital remittance market. Moreover, the widespread adoption of automated payment and money transfer solutions is acting as another significant growth-inducing factor. Besides this, the increasing usage of transparent and data-driven ecosystems by financial institutions to grow their business networks and provide their consumers with low remittance costs is positively influencing the global market.
Furthermore, the escalating demand for digital remittance solutions to transfer funds effectively and quickly, owing to the sudden outbreak of the COVID-19 pandemic, is propelling the market growth. Apart from this, the inflating expenditure capacities of individuals and the growing industrialization levels, especially in developing economies, are also augmenting the global market. Additionally, numerous technological solutions, such as the introduction of real-time banking technology to leverage Immediate Payment Service (IMPS), are anticipated to fuel the digital remittance market over the forecasted period.
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Competitive Landscape:
The competitive landscape of the market has been studied in the report with detailed profiles of the key players operating in the market.
Some of these key players include:
- Azimo Limited
- Digital Wallet Corporation
- Moneygram International Inc.
- NIUM Pte. Ltd.
- PayPal Holdings Inc.
- Remitly Inc.
- Ria Financial Services Ltd.
- Ripple Labs Inc.
- TransferGo Ltd.
- Western Union Holdings Inc.
- Wise (Earlier TransferWise Limited)
- WorldRemit Ltd
Key Market Segmentation:
Breakup by Type:
- Inward Digital Remittance
- Outward Digital Remittance
Breakup by Channel:
- Bank Transfer
- Money Transfer Operators
- Online Platforms
- Others
Breakup by End Use:
- Migrant Labor Workforce
- Individual
- Small Businesses
- Others
Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key highlights of the Report:
- Market Performance (2017-2022)
- Market Outlook (2023-2028)
- COVID-19 Impact on the Market
- Porter’s Five Forces Analysis
- Historical, Current and Future Market Trends
- Market Drivers and Success Factors
- SWOT Analysis
- Structure of the Market
- Value Chain Analysis
- Comprehensive Mapping of the Competitive Landscape
Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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