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Home /  Technology & Media /  Digital Remittance Market

Digital Remittance Market Size, Share Global Analysis Report, 2022 – 2028

Press Release  Publish on: Mar-2022

 Total Page: 220

Digital Remittance Market By Channel (Banks, Money Transfer Operators, Online
Platforms, and Others), Type (Inward Digital Remittance and Outward Digital  Report Code: FAF-1421

Remittance), By End-Use (Personal, Migrant Labor Workforce, Small Businesses,  Base Year: 2021
and Others) and By Region - Global and Regional Industry Overview, Market
 Format: 
Intelligence, Comprehensive Analysis, Historical Data and Forecast 2022 – 2028
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 Report Summary  Table Of Content  Key Players  Free Analysis  Download PDF Sample
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Industry Insights
[220+ Pages Report] As per the market research report published by Facts and Factors, the global digital remittance
market was worth around USD 15.27 billion in 2021 and is estimated to grow to about USD 36.54 billion by 2028, with a
compound annual growth rate (CAGR) of approximately 14.6% over the forecast period. The report analyzes the digital
remittance market’s drivers, restraints/challenges, and the effect they have on the demands during the projection period. Choose License Type
In addition, the report explores emerging opportunities in the digital remittance market.
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Market Overview Multi User | $ 4850

Remittances are characterized as monetary support sent home by migrants. On the other hand, digital remittances are all Enterprise Access | $ 5850
the cross-border money transactions carried out via the internet by a migrant community. Fund transfers between
residents and non-residents, as well as wages transferred from short-term workers in other nations to their home Excel Data Pack | $ 2190
country, are examples of remittances. It now plays a significant role in the financial ecosystem. Even while overall
remittances fell in 2020, digital remittances grew rapidly and continue to provide significant benefits to those who can Buy Now
make use of them. In that there appears to be no need for an in-person visit to a store or office to initiate a transfer,
digital remittances are analogous to a person-to-person version of e-commerce.

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Transferring a digital remittance necessitates the use of an app or a web browser, as well as a computer, mobile phone,
or tablet. A digital finance system is also required. Furthermore, in recent years, digital remittances have benefited from
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the introduction of digital-first money transfer organizations (MTOs), and existing MTOs have responded by quickly
adopting digital initiation and funding capabilities.
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COVID-19 Impact:
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The COVID-19 outbreak is known to be beneficial to businesses. The COVID-19 pandemic prompted people to rethink
how they worked, lived, and interacted. As a result of global movement constraints, the global digital remittance market
is likely to develop considerably during the forecast period. Customers are also resorting to digital wallets as the most
efficient, quick, and simple option to transmit money abroad since the shutdown began.
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Growth Drivers

Rising digitalization & its adoption likely to pave way for global market growth

Digitalization and payment automation are likely to drive corporate growth. Many technology-savvy consumers
throughout the globe are adopting digital remittances, which is moving the market forward. These clients prefer digital
remittances due to the shorter transfer time. Industrialization and urbanization are attracting residents from countless
rural and semi-rural areas to urban areas. Several people are relocating to different regions in pursuit of jobs or
education. As a result, the number of cross-border transactions increases, thereby driving market growth.

Restraints

Rising number of frauds globally may hamper the global market growth

Financial crimes, such as terrorist funding, and money laundering pose security challenges for the remittance market,
and all of these actions have severe consequences. The realization of these operations harms the reputation of firms and
causes them to fall behind their competitors. As a result, these realities may constrain the expansion of the global digital
remittance market.
 Opportunities

Rising security demand among customers brings up several growth opportunities

Digital remittance services provide consumers with a high level of protection and anonymity. As more financial
institutions and banks throughout the world choose to operate in a data-driven and open environment, these services
are projected to become the preferred means of remitting money. Several banks and financial organizations throughout
the world are focusing on expanding their business networks so that their financial and banking services are available to
everyone. Customers frequently prefer these services because of the inexpensive remittance fees. Customer demand is
predicted to determine the market's speedy growth over the forecast period.

Challenges

The high cost of remittances continues to be a global challenge: Remittances are low-value transactions that are
typically sent on a routine basis by migrants to their families back home. The payments are mostly used for basic
necessities, including food, health care, bills, housing, and education. However, because of the high cost of
remittances, beneficiaries may not get as much as they could.
Transferring money in cash is difficult: This is primarily due to the manual nature of the process—the sender goes to
an agent and passes over cash, the agent handles it, and the identical actions occur on the receiving side. And bank
transfers can be highly expensive; in some situations, the combination of bank fees and the interbank exchange rate
used results in a costly transaction.
De-risking has unexpected effects in the remittance market, which include, but are not limited to, jeopardizing
progress toward financial intermediation, reversing progress toward lower remittance prices & fees, denying
humanitarian organizations access to banking services, and having to push higher risk transactions out of the
regulated system and into more ambiguous informal channels. As a result, the market becomes more volatile.
Scarcity of consistent and reliable data on remittances: Despite the fact that several nations have considerably
improved their data in recent years, with the frequent publication of important data, data is still inadequate,
particularly data that would be useful to remittance service providers and, in some cases, remitters. Information on
remittance outflows and inflows, mode of sending or receiving, characteristics (including age, gender, and region), and
so on would be extremely beneficial. Accurate data is essential for comprehending the significance of remittances to a
respective country.

Segmentation Analysis

The global digital remittance market is segregated on the basis of channel, type, end-use, and region.
By channel, the market is divided into banks, money transfer operators, online platforms, and others. Among these, the
money transfer operators segment dominates the market, accounting for more than 45 percent of global sales.

By type, the market is classified into inward digital remittance and outward digital remittance. Over the forecast period,
the inward digital remittance market is expected to develop at the fastest rate.

By end-use, the market is classified into personal, migrant labor workforce, small businesses, and others. The personal
segment dominates the market, accounting for more than 40 percent of global revenue.

Report Scope

Report Attribute Details

Market Size in 2021 USD 15.27 Billion

Projected Market Size in 2028 USD 36.54 Billion

CAGR Growth Rate 14.6% CAGR

Base Year 2021

Forecast Years 2022-2028

InstaReM Pvt. Ltd., Ria Financial Services Ltd., Western Union Holdings, Inc.,
Key Market Players PayPal Holdings, Inc., WorldRemit Ltd., Digital Wallet Corporation, TransferWise
Ltd., Azimo Limited, TransferGo Ltd., MoneyGram., and Others

Key Segment By Channel, By Type, By End-Use, and By Region

Major Regions Covered North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa

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Regional Landscape

Rising immigrant population likely to help North America dominate the global market

North America dominates the global digital remittance market and accounts for more than 25 percent of the global
revenue. Continental Exchange Solutions, Inc., Western Union Holdings, Inc., and MoneyGram are among the region's
notable financial service and communication organizations. Many people come to North America in quest of higher
education and work possibilities, as well as for business opportunities. The region's growing immigrant population is
likely to generate new opportunities for digital remittance service providers. Furthermore, with the advent of multiple
payment applications in the North American region, the trend of speedier money transmission has gained traction.

Over the forecast period, Asia Pacific regional market is expected to be the fastest-growing regional market. Every year,
thousands of trillions of dollars in remittances are sent by Asia Pacific citizens to colleagues, business partners, and
families in other nations. Growth in the region's adoption of banking and financial services is likely to drive regional
market growth over the forecast period. China and India are focusing heavily on the implementation of cashless
payments, mobile banking, and mobile-based payment solutions, which is contributing to regional market growth. Also,
the rise in competition from new entrants, combined with customer base growth, is likely to generate growth prospects
for the regional market throughout the forecast period.

Recent Developments

May 2021 - Western Union, a world leader in cross-currency money movement & payments, cross-border, and
Google have collaborated to give consumers in the United States access to Western Union's best acclaimed digital
money movement experience through the Google Pay app.
August 2021 - Sable, a large shipping fintech system that enables a one-stop store for checking and credit to global
citizens without credit history or an SSN, launched a new integration with Wise that allows customers to transfer
money worldwide directly through Sable, which is faster and cheaper than alternatives.

Competitive Landscape

Some of the main competitors dominating the global digital remittance market include - InstaReM Pvt. Ltd., Ria Financial
Services Ltd., Western Union Holdings, Inc., PayPal Holdings, Inc., WorldRemit Ltd., Digital Wallet Corporation,
TransferWise Ltd., Azimo Limited, TransferGo Ltd., and MoneyGram.

The global digital remittance market is segmented as follows:

By Channel Segment Analysis

Banks
Money transfer operators
Online platforms
Others

By Type Segment Analysis

Inward Digital Remittance

Outward Digital Remittance

By End-Use Segment Analysis

Personal
Migrant Labor Workforce
Small Businesses
Others

By Regional Segment Analysis

North America
The U.S.
Canada
Mexico
Rest of North America
Europe
France
The UK
Spain
Germany
Italy
Nordic countries
Denmark
Finland
Iceland
Sweden
Norway
Benelux Reunion
Belgium
The Netherlands
Luxembourg
Rest of Europe
 Asia Pacific
China
Japan
India
New Zealand
Australia
South Korea
Southeast Asia
Indonesia
Thailand
Malaysia
Singapore
Rest of Southeast Asia
Rest of Southeast Asia
The Middle East & Africa
Saudi Arabia
UAE
Egypt
Kuwait
South Africa
Rest of the Middle East & Africa
Latin America
Brazil
Argentina
Rest of Latin America

Frequently Asked Questions

1. Which key factors will influence digital remittance market growth over 2022-2028? +
2. What will be the value of the digital remittance market during 2022-2028? +

3. Which region will contribute notably towards the digital remittance market value? +

4. Which are the major players leveraging the digital remittance market growth? +

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