The global demand for Digital Remittance Market is presumed to reach the market size of nearly USD 79.17 MN by 2030 from USD 21.94 MN in 2022 with a CAGR of 17.4% under the study period 2023 - 2030.
Digital Remittance is a cross-country online money transfer facility done by migrant workers to their home country. It is helpful for underdeveloped countries to lower the cost of transactions since digital remittance services levy low fees and facilitate easy sending and receiving money for workers without visiting the bank. It can be done through an app or a web browser from various devices like mobile, desktop, or tablet. The digital remittance system does not support cash funds; the money is transferred using the person’s bank account or digital wallet. The traditional remittance process involves many formalities, including paperwork, slow processing of cash, and multiple interactions. So, it takes time for foreign workers to send money home through the traditional remittance process. Therefore, the digital remittance process is gaining popularity nowadays for a swift and affordable money transfer.
The rate of cross-fund transfer activities from foreign workers to their countries is rising, and this is leading to the growth of digital remittance market. Furthermore, the preference for mobile-based payment methods is likely to fuel the development of the digital remittance market in the coming days. The introduction of many digital remittance platforms will likely drive customers towards online transactions. The increasing preference for customers worldwide for digital remittance process to save time and cost in money transfer adds to the growth. This process also offers better privacy and protection in money transfers which is another reason for growth. The intricacies involved in traditional remittance also encourage businesses and customers to prefer the digital remittance facility. The popularity of digital remittance among migrant workers led the governments to regulate this industry, and this ultimately helped in the economic growth of the home countries. The pandemic encouraged the adoption of digital money transfers, and the popularity of the e-wallet markets, the growing use of mobile money among low and middle-income group countries will open up fresh market opportunities for digital remittance services.
The research report covers Porter’s Five Forces Model, Market Attractiveness Analysis, and Value Chain analysis. These tools help to get a clear picture of the industry’s structure and evaluate the competition attractiveness at a global level. Additionally, these tools also give an inclusive assessment of each segment in the global market of digital remittance. The growth and trends of digital remittance industry provide a holistic approach to this study.
This section of the digital remittance market report provides detailed data on the segments at country and regional level, thereby assisting the strategist in identifying the target demographics for the respective product or services with the upcoming opportunities.
- Inward Digital Remittance
- Outward Digital Remittance
- Money Transfer Operators
- Online Platforms
- Migrant Labor Workforce
- Small Businesses
This section covers the regional outlook, which accentuates current and future demand for the Digital Remittance market across North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. Further, the report focuses on demand, estimation, and forecast for individual application segments across all the prominent regions.
Global Digital Remittance Market Share by Region (Representative Graph)
The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide. The major players in the digital remittance market include Azimo Limited, Digital Wallet Corporation, InstaReM Pvt. Ltd., MoneyGram, PayPal Holdings Inc., Ria Financial Services Ltd., TransferGo Ltd., TransferWise Ltd., Western Union Holdings Inc., WorldRemit Ltd. This section consists of a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.
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