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The size of the global digital remittance market was estimated at USD 19.69 billion in 2022, and it is anticipated to increase at a CAGR of 17.6% from 2023 to 2030.
In 2022, the total value of digital remittances around the world exceeded USD 390 billion. The market expansion can be ascribed to the rise in family-to-family money transfers by migratory workers. Additionally, it is anticipated that throughout the course of the forecast period, the volume of cross-border transactions and the use of mobile-based payment channels would both increase. According to the GSM Association, mobile money was used to conduct cross-border remittances totaling over USD 12.7 billion in 2020.
Customer preference for online transactions is anticipated to increase as digital platforms for remittance proliferate. Additionally, the adoption of digital technology in cross-border payments and remittance services has been prompted by the increasing use of mobile devices around the world in recent years. Customers all across the world are converting to digital remittance services due to how quickly and cheaply they can send money. Digital remittance providers also provide high levels of privacy and financial safety for its customers.
Digital remittance is the term used to describe the online transmission of funds, usually across different countries or regions. It is a practical and safe way to transfer money that does away with the need for actual cash or paper-based transactions. Through internet platforms or mobile applications, users can effortlessly and rapidly remit money to their family, friends, or business partners abroad. This technologically advanced method of money transfer enables people to assist their family or carry out commercial activities afar while being affordable and efficient.
Here, digital transformation is crucial because it enables the delivery of new, improved products and services while regulating and lowering operational expenses. Professionals with knowledge of emerging technologies are assisting the BFSI sector's future growth. As remittances are regarded as one of the crucial assets for this sector, digital remittance is one of the major reasons fostering the expansion of this industry. This is related to the fact that the Digital Remittance Market is growing along with the BFSI industry. Around 4.80 billion people used the internet as of January 2021, or around 59.5 percent of the world's population.
A world without the internet is unimaginable right now. The internet, which extensively connects billions of people, is a foundational element of the advanced information society. Around 59.5 percent of people worldwide use the internet, with Northern Europe leading the way with a population-wide internet penetration rate of 96 percent. The Digital Remittance Market has tremendous growth potential as a result of this increase in internet usage. This is due to the fact that all-digital remittances enable the online transfer of funds utilizing any device with trustworthy internet connectivity.
The COVID-19 pandemic is anticipated to boost market expansion. With regulatory measures announced to promote the use of digital payments, usage of digital methods of money transfer increased as a result of movement and other constraints. The use of e-wallet payments in place of cash has significantly expanded as a result of the rising adoption of digital payments in emerging economies. Additionally, low- and middle-income economies have seen a steady increase in the use of mobile money services. Over the course of the forecast period, these factors are likely to generate growth possibilities for the market.
Digital payment solutions are seeing a substantial transformation in the digital remittance business. The industry is expanding as a result of consumers using mobile wallets, internet platforms, and other digital channels more often for remittance transactions. The demand for digital remittance services is being driven by the rising number of people moving to other nations for job or education. These people depend on remittance platforms to send money to their families back in their home countries, which helps the market expand. Due to their comfort, accessibility, and simplicity of use, mobile remittance solutions are becoming more and more popular. The ability to send and receive money anytime, anywhere, and through mobile apps and digital wallets has fueled market expansion. The digital remittance sector is increasingly embracing blockchain technology. It provides advantages like improved security, greater transparency, and quicker transaction settlements, increasing efficiency and lowering costs in remittance procedures.
Report Coverage
Global Digital Remittance research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Digital Remittance report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Digital Remittance competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Digital Remittance market players and analyses their core competencies in each global market sub-segments.
Key Points Covered in the Report
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Digital Remittance market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Digital Remittance market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
InstaReM, Flywire, Western Union (WU), Ria Financial Outward Remittance, SingX Pte Ltd., WorldRemit Ltd., Remitly, Inc., Azimo Limited, TransferWise Ltd., Ripple, MoneyGram, PayPal, Paytm, Xoom (a PayPal service), OFX, CurrencyFair, TransferGo, Pangea Money Transfer, OrbitRemit, WorldFirst, Remitbee, Transfast, Skrill.
Primary Target Market
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. INFINITIVE DATA EXPERT has segmented the global Digital Remittance market based on the below-mentioned segments:
Global Digital Remittance Market, By Type
Inward Digital Remittance
Outward Digital Remittance
Global Digital Remittance market, By Channel
Banks
Money Transfer Operators
Others
Global Digital Remittance Market, By End User
Business
Personal
Global Digital Remittance market, Regional Analysis
In 2022, the total value of digital remittances around the world exceeded USD 390 billion. The market expansion can be ascribed to the rise in family-to-family money transfers by migratory workers. Additionally, it is anticipated that throughout the course of the forecast period, the volume of cross-border transactions and the use of mobile-based payment channels would both increase. According to the GSM Association, mobile money was used to conduct cross-border remittances totaling over USD 12.7 billion in 2020.
Customer preference for online transactions is anticipated to increase as digital platforms for remittance proliferate. Additionally, the adoption of digital technology in cross-border payments and remittance services has been prompted by the increasing use of mobile devices around the world in recent years. Customers all across the world are converting to digital remittance services due to how quickly and cheaply they can send money. Digital remittance providers also provide high levels of privacy and financial safety for its customers.
Digital remittance is the term used to describe the online transmission of funds, usually across different countries or regions. It is a practical and safe way to transfer money that does away with the need for actual cash or paper-based transactions. Through internet platforms or mobile applications, users can effortlessly and rapidly remit money to their family, friends, or business partners abroad. This technologically advanced method of money transfer enables people to assist their family or carry out commercial activities afar while being affordable and efficient.
Here, digital transformation is crucial because it enables the delivery of new, improved products and services while regulating and lowering operational expenses. Professionals with knowledge of emerging technologies are assisting the BFSI sector's future growth. As remittances are regarded as one of the crucial assets for this sector, digital remittance is one of the major reasons fostering the expansion of this industry. This is related to the fact that the Digital Remittance Market is growing along with the BFSI industry. Around 4.80 billion people used the internet as of January 2021, or around 59.5 percent of the world's population.
A world without the internet is unimaginable right now. The internet, which extensively connects billions of people, is a foundational element of the advanced information society. Around 59.5 percent of people worldwide use the internet, with Northern Europe leading the way with a population-wide internet penetration rate of 96 percent. The Digital Remittance Market has tremendous growth potential as a result of this increase in internet usage. This is due to the fact that all-digital remittances enable the online transfer of funds utilizing any device with trustworthy internet connectivity.
The COVID-19 pandemic is anticipated to boost market expansion. With regulatory measures announced to promote the use of digital payments, usage of digital methods of money transfer increased as a result of movement and other constraints. The use of e-wallet payments in place of cash has significantly expanded as a result of the rising adoption of digital payments in emerging economies. Additionally, low- and middle-income economies have seen a steady increase in the use of mobile money services. Over the course of the forecast period, these factors are likely to generate growth possibilities for the market.
Digital payment solutions are seeing a substantial transformation in the digital remittance business. The industry is expanding as a result of consumers using mobile wallets, internet platforms, and other digital channels more often for remittance transactions. The demand for digital remittance services is being driven by the rising number of people moving to other nations for job or education. These people depend on remittance platforms to send money to their families back in their home countries, which helps the market expand. Due to their comfort, accessibility, and simplicity of use, mobile remittance solutions are becoming more and more popular. The ability to send and receive money anytime, anywhere, and through mobile apps and digital wallets has fueled market expansion. The digital remittance sector is increasingly embracing blockchain technology. It provides advantages like improved security, greater transparency, and quicker transaction settlements, increasing efficiency and lowering costs in remittance procedures.
Report Coverage
Global Digital Remittance research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Digital Remittance report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Digital Remittance competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Digital Remittance market players and analyses their core competencies in each global market sub-segments.
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| Study Period | 2017-2030 |
| Base Year | 2022 |
| Forecast Period | 2022-2030 |
| Historical Period | 2017-2021 |
| Unit | Value (USD Billion) |
| Key Companies Profiled | InstaReM, Flywire, Western Union (WU), Ria Financial Outward Remittance, SingX Pte Ltd., WorldRemit Ltd., Remitly, Inc., Azimo Limited, TransferWise Ltd., Ripple, MoneyGram, PayPal, Paytm, Xoom (a PayPal service), OFX, CurrencyFair, TransferGo, Pangea Money Transfer, OrbitRemit, WorldFirst, Remitbee, Transfast, Skrill. |
| Segments Covered | • By Product |
| Customization Scope | Free report customization (equivalent to up to 3 analyst working days) with purchase. Addition or alteration to country, regional & segment scope |
Key Points Covered in the Report
- Market Revenue of Digital Remittance Market from 2021 to 2030.
- Market Forecast for Digital Remittance Market from 2021 to 2030.
- Regional Market Share and Revenue from 2021 to 2030.
- Country Market share within region from 2021 to 2030.
- Key Type and Application Revenue and forecast.
- Company Market Share Analysis, Digital Remittance competitive scenario, ranking, and detailed company
profiles. - Market driver, restraints, and detailed COVID-19 impact on Digital Remittance
Market
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Digital Remittance market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Digital Remittance market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
InstaReM, Flywire, Western Union (WU), Ria Financial Outward Remittance, SingX Pte Ltd., WorldRemit Ltd., Remitly, Inc., Azimo Limited, TransferWise Ltd., Ripple, MoneyGram, PayPal, Paytm, Xoom (a PayPal service), OFX, CurrencyFair, TransferGo, Pangea Money Transfer, OrbitRemit, WorldFirst, Remitbee, Transfast, Skrill.
Primary Target Market
- Market Players of Digital Remittance
- Investors
- End-users
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Third-party knowledge providers
- Value-Added Resellers (VARs)
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. INFINITIVE DATA EXPERT has segmented the global Digital Remittance market based on the below-mentioned segments:
Global Digital Remittance Market, By Type
Inward Digital Remittance
Outward Digital Remittance
Global Digital Remittance market, By Channel
Banks
Money Transfer Operators
Others
Global Digital Remittance Market, By End User
Business
Personal
Global Digital Remittance market, Regional Analysis
- Europe: Germany, Uk, France, Italy, Spain, Russia, Rest of Europe
- The Asia Pacific: China,Japan,India,South Korea,Australia,Rest of Asia Pacific
- South America: Brazil, Argentina, Rest of South America
- Middle East & Africa: UAE, Saudi Arabia, Qatar, South Africa, Rest of Middle East & Africa
About This Research
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