An online service that allows overseas transaction of money using simple electronic gadgets such as computer, tablet, and smartphone is referred to as remittance. There are multiple forces that are impacting the market. Deep penetration of digitalization in our lives is noted to leave a positive influence. Digitalization and automation are two major factors that underlines the growth of the global digital remittance market. Benefits such as curbed remittance cost, short transfer time, and surge in the adoption of financial services are observed to be gain momentum for the market. The high utility offered by electronic devices is boosting their sales, which, in turn, can drive the market growth. Trending technologies such as blockchain analytics and big data management are assisting in handling large volume transactions and preventing security breach. End-users deploying such technologies is expected to gain traction for the market. Downside, no cognisance about digital remittance and stringent financial norms of governments are factors that can be a setback in the global remittance market growth.
According to this study, over the next five years the Digital Remittance market will register a 23.6% CAGR in terms of revenue, the global market size will reach US$ 5720 million by 2024, from US$ 1990 million in 2019. In particular, this report presents the global revenue market share of key companies in Digital Remittance business, shared in Chapter 3.
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Key Players:
The noted participants of the market have been studied in details in this report for covering an in-depth share analysis of the Digital Remittance market. The analysis includes an assessment of the growth strategies implemented by these players in the market. Some of these strategies are mergers & acquisition, collaboration, rising investments, partnership, product portfolio development, etc. In addition, the increasing research & development activities are further expected to impact the growth of the xx market favorably in the forthcoming years.
Western Union (WU)
Ria Financial Services
PayPal/Xoom
TransferWise
WorldRemit
MoneyGram
Remitly
Azimo
TransferGo
InstaReM
TNG Wallet
Coins.ph
Toast
OrbitRemit
Smiles/Digital Wallet Corporation
Avenues India Pvt Ltd
FlyRemit
Industry News
September 2019
Doha Bank, one of the leading Qatar-based commercial bank, partnered with Global IME Bank, a national commercial bank. The collaboration to lead in instant remittances to Nepalese expatriates those residing in Qatar
Segmental Outline
The global digital remittance market has been segmented on the basis of product type and application.
Considering the product type, the global market has been segmented into Digital Money Transfer Operators and Banks Digital Remittance. On the basis of the application, the worldwide market has been segmented into Small Businesses, Study Abroad and Travel, Migrant Labor Workforce, and others.
Detailed Regional Analysis
The digital remittance market growth has been investigated across Europe, Middle East Asia and Africa, Americas, and Asia Pacific. The America segment has been classified into United States, Mexico, Canada, and Brazil. The Europe segment has been narrowed down to France, Spain, Germany, UK, Russia, and Italy. The Asia Pacific segment has been sub-segmented into Japan, Southeast Asia, India, Korea, Australia, and China. Turkey, South Africa, GCC Countries, Egypt, and Israel are the countries that has been studied under the Middle East & Africa segment.
As the concept of smart cities shape into reality, digitalization is playing a crucial role. The availability of strong network provider and the presence of eminent financial service providers in the Asia Pacific region is expected to spur the regional market growth. The emerging economies such as China, India, and Southeast Asia regions are expected to show high growth. In the North America region, its firm technical infrastructure and financial base are expected to promote the regional market. The United States can exhibit an impressive growth pattern. The market in Europe is expected to grow at a steady pace.
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