Product Code: GVR-4-68038-520-5
Digital Remittance Market Growth & Trends
The global digital remittance market size is expected to reach USD 42.46 billion by 2028, according to a new report by Grand View Research, Inc. It is anticipated to expand at a CAGR of 13.3% from 2021 to 2028. The market growth can be attributed to the increasing transfer of money by overseas migrants to their native countries. These money transfers can be done by using digital transfer networks, such as digital wallets and easy-to-use mobile applications.
Various factors, such as ease of usability and reduced user fees related to digital remittance services, are expected to contribute to market growth. Numerous benefits are offered by these services, such as lower cost of the transaction, high payment speed, and convenience, among others. Customers have shifted their focus toward digital transactions for money remittance as these services eliminate the need for tedious form-filling processes.
An increase in cross-border transactions and rapid growth in the adoption of mobile banking are expected to propel the market growth over the forecast period. Numerous banks and online platforms are focusing on lowering transaction fees, thereby creating growth opportunities for market growth. Furthermore, the increasing adoption of digital transfer networks, such as electronic identification, distributed ledgers, digital currencies, and mobile money to remit money, has made cross-border payments easier.
The outbreak of the COVID-19 pandemic is expected to favorably impact the market. Nowadays, numerous consumers across the globe are using digital wallets and online platforms to remit money to their family and friends. The need for global remittances is expected to increase owing to worldwide restrictions on movement.
Digital Remittance Market Report Highlights
The inward digital remittance segment is anticipated to witness significant growth over the forecast period owing to the increasing usage of mobile payment applications for money transfers in developed countries
Numerous banks across the globe are focusing on integrating technologies into their remittance platforms to provide faster transfer time. Moreover, banks are increasingly adopting digital innovation to achieve a competitive advantage over other competitors. Also, the growing shift toward digitization in the cross-border money transfer industry is expected to drive the segment growth over the forecast period
The personal end-use segment is expected to continue its dominance over the forecast period since a large number of fund transactions is made by immigrants studying or working in various countries
In the Asia Pacific region, businesses are increasingly engaging with their overseas counterparts for leisure, business, medical, entertainment, and education-related activities, which include the transfer of money overseas. This, as a result, is expected to drive the regional market growth over the forecast period
Table of Contents
Chapter 1 Methodology and Scope
- 1.1 Research Methodology
- 1.2 Research Scope and Assumptions
- 1.3 List of Data Sources
Chapter 2 Executive Summary
- 2.1 Digital Remittance Market - Industry Snapshot & Key Buying Criteria, 2016 - 2028
- 2.2 Global Digital Remittance Market, 2016 - 2028
- 2.2.1 Global digital remittance market, by region, 2016 - 2028
- 2.2.2 Global digital remittance market, by type, 2016 - 2028
- 2.2.3 Global digital remittance market, by channel, 2016 - 2028
- 2.2.4 Global digital remittance market, by end use, 2016 - 2028
Chapter 3 Digital Remittance Industry Outlook
- 3.1 Market Segmentation and Scope
- 3.2 Market Size and Growth Prospects
- 3.3 Digital Remittance Market - Value Chain Analysis
- 3.4 Digital Remittance Market Dynamics
- 3.4.1 Market driver analysis
- 3.4.1.1 Growth in cross-border transactions and mobile-based payment channels
- 3.4.1.2 Reduced transfer time and remittance cost
- 3.4.2 Market restraint analysis
- 3.4.2.1 Lack of awareness
- 3.5 Penetration and Growth Prospect Mapping
- 3.6 Digital Remittance Market - Porter's Five Forces Analysis
- 3.7 Digital Remittance Market - Key Company Ranking Analysis, 2020
- 3.8 Digital Remittance Market - PESTEL Analysis
Chapter 4 Digital Remittance Type Outlook
- 4.1 Digital Remittance Market Share By Type, 2020
- 4.2 Inward Digital Remittance
- 4.2.1 Inward digital remittance market, 2016 - 2028
- 4.3 Outward Digital Remittance
- 4.3.1 Outward digital remittance market, 2016 - 2028
Chapter 5 Digital Remittance Channel Outlook
- 5.1 Digital Remittance Market Share By Channel, 2020
- 5.2 Banks
- 5.2.1 Banks digital remittance market, 2016 - 2028
- 5.3 Money Transfer Operators
- 5.3.1 Money transfer operators digital remittance market, 2016 - 2028
- 5.4 Online Platforms
- 5.4.1 Online platforms digital remittance market, 2016 - 2028
- 5.5 Others
- 5.5.1 Other digital remittance channels market, 2016 - 2028
Chapter 6 Digital Remittance End Use Outlook
- 6.1 Digital Remittance Market Share By End Use, 2020
- 6.2 Migrant Labor Workforce
- 6.2.1 Digital remittance market in migrant labor workforce, 2016 - 2028
- 6.3 Personal
- 6.3.1 Digital remittance market in personal end use, 2016 - 2028
- 6.4 Small Businesses
- 6.4.1 Digital remittance market in small businesses, 2016 - 2028
- 6.5 Others
- 6.5.1 Digital remittance market in other end use, 2016 - 2028
Chapter 7 Digital Remittance Regional Outlook
- 7.1 Digital Remittance Market Share By Region, 2020
- 7.2 North America
- 7.2.1 North America digital remittance market, 2016 - 2028
- 7.2.2 North America digital remittance market, by type, 2016 - 2028
- 7.2.3 North America digital remittance market, by channel, 2016 - 2028
- 7.2.4 North America digital remittance market, by end use, 2016 - 2028
- 7.2.5 U.S.
- 7.2.5.1 U.S. digital remittance market, 2016 - 2028
- 7.2.5.2 U.S. digital remittance market, by type, 2016 - 2028
- 7.2.5.3 U.S. digital remittance market, by channel, 2016 - 2028
- 7.2.5.4 U.S. digital remittance market, by end use, 2016 - 2028
- 7.2.6 Canada
- 7.2.6.1 Canada digital remittance market, 2016 - 2028
- 7.2.6.2 Canada digital remittance market, by type, 2016 - 2028
- 7.2.6.3 Canada digital remittance market, by channel, 2016 - 2028
- 7.2.6.4 Canada digital remittance market, by end use, 2016 - 2028
- 7.3 Europe
- 7.3.1 Europe digital remittance market, 2016 - 2028
- 7.3.2 Europe digital remittance market, by type, 2016 - 2028
- 7.3.3 Europe digital remittance market, by channel, 2016 - 2028
- 7.3.4 Europe digital remittance market, by end use, 2016 - 2028
- 7.3.5 Germany
- 7.3.5.1 Germany digital remittance market, 2016 - 2028
- 7.3.5.2 Germany digital remittance market, by type, 2016 - 2028
- 7.3.5.3 Germany digital remittance market, by channel, 2016 - 2028
- 7.3.5.4 Germany digital remittance market, by end use, 2016 - 2028
- 7.3.6 U.K.
- 7.3.6.1 U.K. digital remittance market, 2016 - 2028
- 7.3.6.2 U.K. digital remittance market, by type, 2016 - 2028
- 7.3.6.3 U.K. digital remittance market, by channel, 2016 - 2028
- 7.3.6.4 U.K. digital remittance market, by end use, 2016 - 2028
- 7.4 Asia Pacific
- 7.4.1 Asia Pacific digital remittance market, 2016 - 2028
- 7.4.2 Asia Pacific digital remittance market, by type, 2016 - 2028
- 7.4.3 Asia Pacific digital remittance market, by channel, 2016 - 2028
- 7.4.4 Asia Pacific digital remittance market, by end use, 2016 - 2028
- 7.4.5 China
- 7.4.5.1 China digital remittance market, 2016 - 2028
- 7.4.5.2 China digital remittance market, by type, 2016 - 2028
- 7.4.5.3 China digital remittance market, by channel, 2016 - 2028
- 7.4.5.4 China digital remittance market, by end use, 2016 - 2028
- 7.4.6 India
- 7.4.6.1 India digital remittance market, 2016 - 2028
- 7.4.6.2 India digital remittance market, by type, 2016 - 2028
- 7.4.6.3 India digital remittance market, by channel, 2016 - 2028
- 7.4.6.4 India digital remittance market, by end use, 2016 - 2028
- 7.4.7 Japan
- 7.4.7.1 Japan digital remittance market, 2016 - 2028
- 7.4.7.2 Japan digital remittance market, by type, 2016 - 2028
- 7.4.7.3 Japan digital remittance market, by channel, 2016 - 2028
- 7.4.7.4 Japan digital remittance market, by end use, 2016 - 2028
- 7.5 Latin America
- 7.5.1 Latin America digital remittance market, 2016 - 2028
- 7.5.2 Latin America digital remittance market, by type, 2016 - 2028
- 7.5.3 Latin America digital remittance market, by channel, 2016 - 2028
- 7.5.4 Latin America digital remittance market, by end use, 2016 - 2028
- 7.5.5 Brazil
- 7.5.5.1 Brazil digital remittance market, 2016 - 2028
- 7.5.5.2 Brazil digital remittance market, by type, 2016 - 2028
- 7.5.5.3 Brazil digital remittance market, by channel, 2016 - 2028
- 7.5.5.4 Brazil digital remittance market, by end use, 2016 - 2028
- 7.6 MEA
- 7.6.1 MEA digital remittance market, 2016 - 2028
- 7.6.2 MEA digital remittance market, by type, 2016 - 2028
- 7.6.3 MEA digital remittance market, by channel, 2016 - 2028
- 7.6.4 MEA digital remittance market, by end use, 2016 - 2028
Chapter 8 Competitive Landscape
- 8.1 Azimo Limited
- 8.1.1 Company overview
- 8.1.2 Financial performance
- 8.1.3 Product benchmarking
- 8.1.4 Strategic initiatives
- 8.2 Digital Wallet Corporation
- 8.2.1 Company overview
- 8.2.2 Financial performance
- 8.2.3 Product benchmarking
- 8.2.4 Strategic initiatives
- 8.3 InstaReM Pvt. Ltd.
- 8.3.1 Company overview
- 8.3.2 Financial performance
- 8.3.3 Product benchmarking
- 8.3.4 Strategic initiatives
- 8.4 MoneyGram
- 8.4.1 Company overview
- 8.4.2 Financial performance
- 8.4.3 Product benchmarking
- 8.4.4 Strategic initiatives
- 8.5 PayPal Holdings, Inc.
- 8.5.1 Company overview
- 8.5.2 Financial performance
- 8.5.3 Product benchmarking
- 8.5.4 Strategic initiatives
- 8.6 Ria Financial Services Ltd.
- 8.6.1 Company overview
- 8.6.2 Financial performance
- 8.6.3 Product benchmarking
- 8.6.4 Strategic initiatives
- 8.7 TransferGo Ltd.
- 8.7.1 Company overview
- 8.7.2 Financial performance
- 8.7.3 Product benchmarking
- 8.7.4 Strategic initiatives
- 8.8 TransferWise Ltd.
- 8.8.1 Company overview
- 8.8.2 Financial performance
- 8.8.3 Product benchmarking
- 8.8.4 Strategic initiatives
- 8.9 Western Union Holdings, Inc.
- 8.9.1 Company overview
- 8.9.2 Financial performance
- 8.9.3 Product benchmarking
- 8.9.4 Strategic initiatives
- 8.10 WorldRemit Ltd.
- 8.10.1 Company overview
- 8.10.2 Financial performance
- 8.10.3 Product benchmarking
- 8.10.4 Strategic initiatives
- 8.11 List of Other Prominent Market Players
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