Seoul, South Korea, July 21, 2022 (GLOBE NEWSWIRE) -- Fact.MR, a market research and competitive intelligence provider, says that the global digital remittance market would be valued at US$ 18.16 Billion in 2022 and witness a double-digit CAGR, i.e. 13.5% between 2022 and 2032. Fact.MR says that rising number of cross-border transactions coupled with an increasing adoption of the mobile-based payment channels is expected to drive the digital remittance market in the near future.
GSM Association states that in the year 2020 alone, funds close to US$ 12.7 Billion got processed in cross-border remittances via mobile money. The promulgation of digital platform for remittance is anticipated to compel the customers move in the direction of online transactions.
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The never-ending chains of hidden charges, mediators, and paperwork in conventional money transfer has been pretty arduous and costly. Digital remittance, on the contrary, has aided customers in enjoying faster and feasible money transfer services.
What Drives the Demand for Digital Remittance in Asia Pacific Countries?
The Asia Pacific regional market is anticipated to emerge as the fastest-growing regional market over the forecast period. Numerous citizens from the Asia Pacific region send thousands of trillion dollars in remittances yearly to colleagues or business partners and families in foreign countries.
Growth in the adoption of banking and financial services in the region is expected to propel the regional market growth over the forecast period. Economies such as China and India are largely focusing on the adoption of mobile banking, cashless payments, and mobile-based payment solutions, thereby contributing to the regional market growth.
An increase in competition from new entrants, coupled with the growth in customer base, is expected to create growth opportunities for the regional market over the forecast period. A CAGR of 13% is anticipated for digital remittance services across APAC.
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Key Segments Covered in the Digital Remittance Industry Survey
- By Type
- Inward Digital Remittance
- Outward Digital Remittance
- Inward Digital Remittance
- By Channel
- Digital Remittance through Banks
- Digital Remittance through Money Transfer Operators
- Digital Remittance through Online Platforms
- Digital Remittance through Other Channels
- Digital Remittance through Banks
- By End Use
- Digital Remittance for Migrant Labor Workforce
- Personal Digital Remittance
- Digital Remittance for Small Businesses
- Digital Remittance for Other End Uses
- Digital Remittance for Migrant Labor Workforce
Competitive Landscape
The competitive landscape of the digital remittance market is shaped by product innovation and strategic mergers & acquisitions. Front Runners are emphasizing capacity enhancements and global footprint expansion to leverage lucrative prospects in developing economies.
- In August 2021, WorldRemit Ltd. launched its money transfer services in Malaysia, allowing World Remit users to send money from Malaysia, in addition to 50 other countries, including the U.S. and the U.K., to more than 130 destinations. Based on their location, users can choose from numerous payout methods for the recipient, including payments to mobile wallets, bank deposits, mobile airtime top-up, and cash pick-up.
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Key players in the Digital Remittance Market
- 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.
Key Takeaways from Digital Remittance Market Study
- North America holds 27% of the market share.
- The Asia-Pacific is expected to witness a CAGR of 13% between 2022 and 2032.
- The global digital remittance market was valued at US$ 16 Bn in the year 2021.
- The same digital remittance market is likely to be worth US$ 64.43 Bn by the year 2032.
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