Digital Remittance Market is segmented By Remittance Type (Inward Remittance and Outward Remittance), By Remittance Channel (Banks, Money Transfer Operators, Online Inward Remittances, and Others), and By End-User (Migrant Labor Workforce, Businesses, and Individual/Personal) and Region (United States, Canada, Mexico, South America, France, Germany, Italy, Spain, United Kingdom, Russia, China, India, Philippines, Malaysia, Australia, Austria, South Korea, Middle East, Japan, South Africa, Rest of World)
Digital Remittance Market size was estimated at $17.88 billion in 2021 and is growing at a CAGR of 15.0% % during the forecast period of 2022 - 2032.
The electronic transmission of cash from overseas workers to their home nations, known as digital remittance, is a significant economic development engine. Enhancing the capabilities and reach of this money transfer channel has a significant impact on peoples lives and provides a substantial commercial opportunity. Numerous remittance companies have been forced to adapt to a digital-first market as the epidemic has delayed cross-border money transfers. They must reduce costs to pass down cheaper fees to their consumers while being profitable. Additionally, they must guarantee that they are meeting their legal obligations and positioning themselves for long-term success.
The markets expansion may be ascribed to an increasing need for safer, more secure, and faster cross-border financial transactions. Numerous enterprises cater to international clients and rely on foreign suppliers for items.
The outbreak of COVID-19 is expected to benefit the market. The COVID-19 epidemic compelled everyone to rethink their approach to work, life, and communication. International digital remittances are likely to grow in demand as global mobility limitations tighten. Additionally, clients are gravitating toward digital wallets as the most efficient, fastest, and most convenient method of sending money overseas since the lockout began.
Individuals who reside in foreign nations send money home to assist their family. Financial organizations and banks assist these individuals in swiftly and safely transferring money home. International banking institutions are concentrating their efforts on lowering costs and expanding their customer base. Over the projection period, the inbound digital remittance category is expected to grow at the fastest rate. The segments growth is expected to be fueled by increasing mobile payment technologies for money transfer among migrants throughout the projected period. Numerous financial institutions are focusing their efforts on implementing real-time banking technology to take advantage of the Immediate Payment Service (IMPS). Additionally, this technology provides banks to serve both non-resident and resident customers.
Digital Remittance Market Growth and Trend
Consumers benefit from high levels of safety and privacy when they utilize digital remittance services. As more financial institutions and banks worldwide embrace a data-driven and transparent environment, these services are expected to become the primary means of money transfer. Numerous banks and financial institutions worldwide are concentrating on increasing the scope of their business networks to ensure that their financial and banking services are accessible to everyone. Additionally, clients choose these services because of their low remittance charges.
Over the projected period, customer needs are likely to dictate the markets pace. Digital money transfers have gained more popularity among consumers in low- and middle-income nations in recent years. Rapid urbanization and rising affluence are critical elements contributing to the rise in popularity of digital remittances. The convenience of digital payments has gained traction primarily as a result of mobile apps and smart phone usage.
Rapid industrialization and urbanization are luring people from various semi-rural and rural regions to the worlds cities. Individuals are relocating to different cities and nations in pursuit of education or employment. As a result, the demand for cross-border transactions is increasing. Additionally, using digital remittance services provides consumers with a high level of confidentiality and anonymity. Due to financial institutions preference for a transparent and data-driven environment, digital remittance is expected to emerge as the preferred form of remittance. These institutions cooperate with an efficient network of partners to provide their clients with improved digital remittance services.
Remittance Type (Inward Remittance and Outward Remittance), By Remittance Channel (Banks, Money Transfer Operators, Online Inward Remittances, and Others), and By End-User (Migrant Labor Workforce, Businesses, and Individual/Personal)
Digital Remittance Market Segmentation
The digital remittance market is segmented by remittance type, remittance channel, and end-user. Based on remittance type, the market consists of inward remittance and outward remittance. By remittance channel, the market is divided into banks, money transfer operators, online inward remittances, and others. Based on end-user, the market is divided into migrant labor workforce, businesses, and individual/personal.
Digital Remittance Market Country Analysis
North America held the most significant global digital remittance industry in 2020, accounting for more than 29% of worldwide revenue. Additionally, expanding online transactions, growing awareness of digitalization, and rising disposable incomes all point to significant growth in this regions Digital Remittance Market. The Asia Pacific regional market is expected to expand at the highest rate during the projected period. Numerous individuals around the Asia Pacific area contribute trillions of dollars in remittances each year to colleagues, business partners, and family members in other countries. The regions increasing use of banking and financial services is projected to drive regional market growth during the forecast period.
Digital Remittance Market Share and Competition
The major players operating in the global digital remittance market are InstaReM, Flywire, Western Union (WU), Ria Financial Outward Remittance, SingX Pte Ltd., WorldRemit Ltd., Remitly, Inc., Azimo Limited, TransferWise Ltd., Ripple, MoneyGram, and TNG Wallet.
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• Estimation/projections/forecast for revenue and unit sales (2022 - 2032)
• Data breakdown for every market segment (2022 - 2032)
• Gross margin and profitability analysis of companies
• Price analysis of each product type
• Business trend and expansion analysis
• Import and export analysis
• Competition analysis/market share
• Supply chain analysis
• Client list and case studies
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Industry Segmentation and Revenue Breakdown
Remittance Type Analysis (Revenue, USD Million, 2022 - 2032)
• Inward Remittance
• Outward Remittance
Remittance Channel Analysis (Revenue, USD Million, 2022 - 2032)
• Money Transfer Operators
• Online Inward Remittances
End-User Analysis (Revenue, USD Million, 2022 - 2032)
• Migrant Labor Workforce
Region Analysis (Revenue, USD Million, 2022 - 2032)
• North America
o United States
• South America
o United Kingdom
• Asia Pacific
o South Korea
• Middle East
o GCC C ountries
o South Korea
• South Africa
• Rest of World
Digital Remittance Market Companies
• Western Union (WU)
• Ria Financial Outward Remittance
• SingX Pte Ltd.
• WorldRemit Ltd.
• Remitly, Inc.
• Azimo Limited
• TransferWise Ltd.
• TNG Wallet
• United States Digital Remittance Industry Research Report
• Europe Digital Remittance Industry Research Report
• Asia Pacific Digital Remittance Industry Research Report
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