Digital Remittance Market is expected to grow with a CAGR 14.7% from 2022 to 2028
As stated in our extensive report; providing insights on Type, Channel, End-Use, and Region; the Global Digital Remittance Market accounted for USD 17.5 Billion in the year 2021.
Digital Remittance Market plays a significant role in the financial ecosystem. Transferring a digital remittance necessitates the use of an app or a browser as well as a computer, mobile phone, or tablet. Furthermore, in recent years digital remittances have benefited from the introduction of digital-first money transfer organizations (MTOs) and existing MTOs have responded by quickly adopting digital initiation and funding capabilities.
Key factors that are driving the Digital Remittance Market growth include growth in cross-border transactions and mobile-based payment channels and reduced transfer time and remittance cost. Additionally, payment automation, as well as digitalization, are mostly driven and responsible for the expansion of Digital Remittance Market. Because of industrialization and rapid urbanization, the residents of the rural and semirural areas are moving to urban areas. Also, increasing awareness regarding education as well as quick-changing trends among youth towards the digital platform, are further propelling the market growth.
The COVID-19 pandemic has caused lockdowns and shutdowns in many parts of the world due to which many remittance agents have to either shut down their operations or work with reduced staff and working hours. The COVID-19 pandemic prompted people to rethink how they worked, lived, and interacted. As a result Digital Remittance Market is likely to develop considerably during the forecast period. Customers are looking to digital wallets as the most efficient, quick, and simple option to transmit money abroad since the shutdown began.
Rising smartphone prevalence, the increasing number of digital-savvy clients choosing digital remittances, increased internet penetration, and a rise in payment automation and digitalization are all major factors that strengthen the growth of the Digital Remittance Market. Consumers benefit from the high level of security and privacy provided by digital remittance services. As a result of this capability, the Digital Remittance Market is likely to expand.
North America is expected to hold the largest Global Digital Remittance Market share by 2028.
End-to-end digitization of remittance services involves digitizing each and every step of the remittance service right from the customer onboarding to the moment when the user completes his transaction.
The key players in the Global Digital Remittance Market are 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 Ltd.), WorldRemit Ltd. and others.
Browse the full Report - Digital Remittance Market Size, Share & Trends Analysis Report by Type (Inward Digital Remittance, Outward Digital Remittance), by Channel (Bank Transfer, Money Transfer Operators, Online Platforms, Others), by End Use (Migrant Labor Workforce, Individual, Small Businesses, Others), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)