Market Overview:
The global digital remittance market is expected to grow at a CAGR of 10.5% from 2018 to 2030. The segment of digital money transfer holds a comparatively larger share in global market, which accounts for about 86%. Migrant labor workforce holds an important share in terms of applications, and accounts for 67% of the market share. Asia Pacific is expected to be the fastest-growing region during the forecast period.
Product Definition:
Digital remittance is the process of transferring money electronically, as opposed to through traditional methods like bank transfers or paper cheques. Digital remittance has become increasingly popular in recent years due to its convenience and security. It allows people to send and receive money quickly and easily, without having to worry about lost or stolen funds. Additionally, digital remittance can often be cheaper than other forms of money transfer.
Banks Digital Remittance:
Banks digital remittance is a new term used for money transfer between banks or financial institutions using mobile apps and websites. It's an easy, fast and reliable way to send money overseas. Banks digital remittance has several benefits over traditional modes of transferring funds such as Western Union: it's cheaper, easier to use and most importantly it saves time because there are no longer any intermediaries charging fees or commission for each transaction.
Digital Money Transfer Operators:
The global money transfer market is expected to witness significant growth over the forecast period. The primary factor driving this growth is increasing penetration of smartphones across the world. With an increase in smartphone users, digital money transfer operators have also gained popularity and are being used for transferring money digitally.
Digital Money Transfer (DMT) operators help send or receive funds from one country to another without using banks as a middleman.
Application Insights:
The other application segment is expected to grow at a significant rate over the forecast period. This growth can be attributed to the increasing use of digital remittance in countries such as India, China, Philippines, and others. The study abroad and travel segment also holds a considerable share in global market owing to rising number of students sending money home through online transfer systems., which accounts for about 15% of overall market., Other applications include small businesses and personal transfers among others.
Digital money transfer operators are increasingly using mobile apps or websites that enable customers send money directly from their bank account via internet banking system without going through the process of physical cash deposit into designated banks across countries.
Regional Analysis:
The Asia Pacific regional market is anticipated to grow at the highest CAGR of XX% from 2018 to 2030. The growth can be attributed to the increasing number of migrants in countries such as India, China, and Philippines. According to a 2015 United Nations Inter-agency Group Report on Migrants & Remittances, more than USD X billion was remitted by migrants worldwide. This trend is projected to increase with rising global migration trends., Furthermore, an increasing number of corporate travelers in emerging economies including India and China are expected drive demand for money transfer services over the forecast period.
North America region accounted for approximately 25% share in 2017 owing its large presence of corporate offices coupled with high concentration of business process outsourcing (BPO) companies that offer money transfer services across U.S and Canada regions.; Moreover; banks are also offering their own branded digital platforms through which customers can send or receive funds.
Growth Factors:
- Increasing demand for digital payments and remittances from the global population, especially in developing countries.
- Rising awareness about the benefits of digital remittance services among consumers globally.
- Proliferation of smartphones and other mobile devices that offer convenient access to digital remittance services worldwide.
- Development of innovative technologies and platforms that facilitate fast, secure, and low-cost digital remittance transactions across borders.
Scope Of The Report
Report Attributes
Report Details
Report Title
Digital Remittance Market Research Report
By Type
Banks Digital Remittance, Digital Money Transfer Operators, The segment of digital money transfer holds a comparatively larger share in global market, which accounts for about 86%.
By Application
Migrant Labor Workforce, Study Abroad and Travel, Small Businesses, Other, The migrant labor workforce holds an important share in terms of applications, and accounts for 67% of the market share.,
By Companies
Western Union (WU), Ria Financial Services, PayPal/Xoom, TransferWise, WorldRemit, MoneyGram, Remitly, Azimo, TransferGo, InstaReM, TNG Wallet, Toast Me, OrbitRemit, Smiles Mobile Remittance, Avenues India Pvt Ltd,
Regions Covered
North America, Europe, APAC, Latin America, MEA
Base Year
2021
Historical Year
2019 to 2020 (Data from 2010 can be provided as per availability)
Forecast Year
2030
Number of Pages
242
Number of Tables & Figures
170
Customization Available
Yes, the report can be customized as per your need.
Global Digital Remittance Market Report Segments:
The global Digital Remittance market is segmented on the basis of:
Types
Banks Digital Remittance, Digital Money Transfer Operators, The segment of digital money transfer holds a comparatively larger share in global market, which accounts for about 86%.
The product segment provides information about the market share of each product and the respective CAGR during the forecast period. It lays out information about the product pricing parameters, trends, and profits that provides in-depth insights of the market. Furthermore, it discusses latest product developments & innovation in the market.
Applications
Migrant Labor Workforce, Study Abroad and Travel, Small Businesses, Other, The migrant labor workforce holds an important share in terms of applications, and accounts for 67% of the market share.,
The application segment fragments various applications of the product and provides information on the market share and growth rate of each application segment. It discusses the potential future applications of the products and driving and restraining factors of each application segment.
Some of the companies that are profiled in this report are:
- Western Union (WU)
- Ria Financial Services
- PayPal/Xoom
- TransferWise
- WorldRemit
- MoneyGram
- Remitly
- Azimo
- TransferGo
- InstaReM
- TNG Wallet
- Toast Me
- OrbitRemit
- Smiles Mobile Remittance
- Avenues India Pvt Ltd
Highlights of The Digital Remittance Market Report:
- The market structure and projections for the coming years.
- Drivers, restraints, opportunities, and current trends of market.
- Historical data and forecast.
- Estimations for the forecast period 2030.
- Developments and trends in the market.
- By Type:
- Banks Digital Remittance
- Digital Money Transfer Operators
- The segment of digital money transfer holds a comparatively larger share in global market, which accounts for about 86%.
- By Application:
- Migrant Labor Workforce
- Study Abroad and Travel
- Small Businesses
- Other
- The migrant labor workforce holds an important share in terms of applications, and accounts for 67% of the market share.
- Market scenario by region, sub-region, and country.
- Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
- Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
- Government Policies, Macro & Micro economic factors are also included in the report.
We have studied the Digital Remittance Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2030.
Regional Analysis
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
Note: A country of choice can be added in the report at no extra cost. If more than one country needs to be added, the research quote will vary accordingly.
The geographical analysis part of the report provides information about the product sales in terms of volume and revenue in regions. It lays out potential opportunities for the new entrants, emerging players, and major players in the region. The regional analysis is done after considering the socio-economic factors and government regulations of the countries in the regions.
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8 Reasons to Buy This Report
- Includes a Chapter on the Impact of COVID-19 Pandemic On the Market
- Report Prepared After Conducting Interviews with Industry Experts & Top Designates of the Companies in the Market
- Implemented Robust Methodology to Prepare the Report
- Includes Graphs, Statistics, Flowcharts, and Infographics to Save Time
- Industry Growth Insights Provides 24/5 Assistance Regarding the Doubts in the Report
- Provides Information About the Top-winning Strategies Implemented by Industry Players.
- In-depth Insights On the Market Drivers, Restraints, Opportunities, and Threats
- Customization of the Report Available
Frequently Asked Questions?
Digital remittance is a process of sending money electronically from one country to another. It is typically used to send money to family and friends in other countries.
Some of the key players operating in the digital remittance market are Western Union (WU), Ria Financial Services, PayPal/Xoom, TransferWise, WorldRemit, MoneyGram, Remitly, Azimo, TransferGo, InstaReM, TNG Wallet, Toast Me, OrbitRemit, Smiles Mobile Remittance, Avenues India Pvt Ltd.
The digital remittance market is expected to grow at a compound annual growth rate of 10.5%.
1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. Digital Remittance Market Overview
4.1. Introduction
4.1.1. Market Taxonomy
4.1.2. Market Definition
4.2. Macro-Economic Factors
4.2.1. Industry Outlook
4.3. Digital Remittance Market Dynamics
4.3.1. Market Drivers
4.3.2. Market Restraints
4.3.3. Opportunity
4.3.4. Market Trends
4.4. Digital Remittance Market - Supply Chain
4.5. Global Digital Remittance Market Forecast
4.5.1. Digital Remittance Market Size (US$ Mn) and Y-o-Y Growth
4.5.2. Digital Remittance Market Size (000 Units) and Y-o-Y Growth
4.5.3. Digital Remittance Market Absolute $ Opportunity
5. Global Digital Remittance Market Analysis and Forecast by Type
5.1. Market Trends
5.2. Introduction
5.2.1. Basis Point Share (BPS) Analysis by Type
5.2.2. Y-o-Y Growth Projections by Type
5.3. Digital Remittance Market Size and Volume Forecast by Type
5.3.1. Banks Digital Remittance
5.3.2. Digital Money Transfer Operators
5.3.3. The segment of digital money transfer holds a comparatively larger share in global market, which accounts for about 86%.
5.4. Absolute $ Opportunity Assessment by Type
5.5. Market Attractiveness/Growth Potential Analysis by Type
6. Global Digital Remittance Market Analysis and Forecast by Application
6.1. Market Trends
6.2. Introduction
6.2.1. Basis Point Share (BPS) Analysis by Application
6.2.2. Y-o-Y Growth Projections by Application
6.3. Digital Remittance Market Size and Volume Forecast by Application
6.3.1. Migrant Labor Workforce
6.3.2. Study Abroad and Travel
6.3.3. Small Businesses
6.3.4. Other
6.3.5. The migrant labor workforce holds an important share in terms of applications, and accounts for 67% of the market share.
6.4. Absolute $ Opportunity Assessment by Application
6.5. Market Attractiveness/Growth Potential Analysis by Application
7. Global Digital Remittance Market Analysis and Forecast by Sales Channel
7.1. Market Trends
7.2. Introduction
7.2.1. Basis Point Share (BPS) Analysis by Sales Channel
7.2.2. Y-o-Y Growth Projections by Sales Channel
7.3. Digital Remittance Market Size and Volume Forecast by Sales Channel
7.3.1. Manufacturer/Distributor/Service Provider
7.3.2. Aftermarket
7.4. Absolute $ Opportunity Assessment by Sales Channel
7.5. Market Attractiveness/Growth Potential Analysis by Sales Channel
8. Global Digital Remittance Market Analysis and Forecast by Region
8.1. Market Trends
8.2. Introduction
8.2.1. Basis Point Share (BPS) Analysis by Region
8.2.2. Y-o-Y Growth Projections by Region
8.3. Digital Remittance Market Size and Volume Forecast by Region
8.3.1. North America
8.3.2. Latin America
8.3.3. Europe
8.3.4. Asia Pacific
8.3.5. Middle East and Africa (MEA)
8.4. Absolute $ Opportunity Assessment by Region
8.5. Market Attractiveness/Growth Potential Analysis by Region
8.6. Global Digital Remittance Demand Share Forecast, 2019-2026
9. North America Digital Remittance Market Analysis and Forecast
9.1. Introduction
9.1.1. Basis Point Share (BPS) Analysis by Country
9.1.2. Y-o-Y Growth Projections by Country
9.2. North America Digital Remittance Market Size and Volume Forecast by Country
9.2.1. U.S.
9.2.2. Canada
9.3. Absolute $ Opportunity Assessment by Country
9.4. North America Digital Remittance Market Size and Volume Forecast by Application
9.4.1. Migrant Labor Workforce
9.4.2. Study Abroad and Travel
9.4.3. Small Businesses
9.4.4. Other
9.4.5. The migrant labor workforce holds an important share in terms of applications, and accounts for 67% of the market share.
9.5. Basis Point Share (BPS) Analysis by Application
9.6. Y-o-Y Growth Projections by Application
9.7. North America Digital Remittance Market Size and Volume Forecast by Type
9.7.1. Banks Digital Remittance
9.7.2. Digital Money Transfer Operators
9.7.3. The segment of digital money transfer holds a comparatively larger share in global market, which accounts for about 86%.
9.8. Basis Point Share (BPS) Analysis by Type
9.9. Y-o-Y Growth Projections by Type
9.10. Market Attractiveness/Growth Potential Analysis
9.10.1. By Country
9.10.2. By Product Type
9.10.3. By Application
9.10.4. By Sales Channel
9.11. North America Digital Remittance Demand Share Forecast, 2019-2026
10. Latin America Digital Remittance Market Analysis and Forecast
10.1. Introduction
10.1.1. Basis Point Share (BPS) Analysis by Country
10.1.2. Y-o-Y Growth Projections by Country
10.1.3. Latin America Average Pricing Analysis
10.2. Latin America Digital Remittance Market Size and Volume Forecast by Country
10.2.1. Brazil
10.2.2. Mexico
10.2.3. Rest of Latin America
10.3. Absolute $ Opportunity Assessment by Country
10.4. Latin America Digital Remittance Market Size and Volume Forecast by Application
10.4.1. Migrant Labor Workforce
10.4.2. Study Abroad and Travel
10.4.3. Small Businesses
10.4.4. Other
10.4.5. The migrant labor workforce holds an important share in terms of applications, and accounts for 67% of the market share.
10.5. Basis Point Share (BPS) Analysis by Application
10.6. Y-o-Y Growth Projections by Application
10.7. Latin America Digital Remittance Market Size and Volume Forecast by Type
10.7.1. Banks Digital Remittance
10.7.2. Digital Money Transfer Operators
10.7.3. The segment of digital money transfer holds a comparatively larger share in global market, which accounts for about 86%.
10.8. Basis Point Share (BPS) Analysis by Type
10.9. Y-o-Y Growth Projections by Type
10.10. Market Attractiveness/Growth Potential Analysis
10.10.1. By Country
10.10.2. By Product Type
10.10.3. By Application
10.10.4. By Sales Channel
10.11. Latin America Digital Remittance Demand Share Forecast, 2019-2026
11. Europe Digital Remittance Market Analysis and Forecast
11.1. Introduction
11.1.1. Basis Point Share (BPS) Analysis by Country
11.1.2. Y-o-Y Growth Projections by Country
11.1.3. Europe Average Pricing Analysis
11.2. Europe Digital Remittance Market Size and Volume Forecast by Country
11.2.1. Germany
11.2.2. France
11.2.3. Italy
11.2.4. U.K.
11.2.5. Spain
11.2.6. Russia
11.2.7. Rest of Europe
11.3. Absolute $ Opportunity Assessment by Country
11.4. Europe Digital Remittance Market Size and Volume Forecast by Application
11.4.1. Migrant Labor Workforce
11.4.2. Study Abroad and Travel
11.4.3. Small Businesses
11.4.4. Other
11.4.5. The migrant labor workforce holds an important share in terms of applications, and accounts for 67% of the market share.
11.5. Basis Point Share (BPS) Analysis by Application
11.6. Y-o-Y Growth Projections by Application
11.7. Europe Digital Remittance Market Size and Volume Forecast by Type
11.7.1. Banks Digital Remittance
11.7.2. Digital Money Transfer Operators
11.7.3. The segment of digital money transfer holds a comparatively larger share in global market, which accounts for about 86%.
11.8. Basis Point Share (BPS) Analysis by Type
11.9. Y-o-Y Growth Projections by Type
11.10. Market Attractiveness/Growth Potential Analysis
11.10.1. By Country
11.10.2. By Product Type
11.10.3. By Application
11.10.4. By Sales Channel
11.11. Europe Digital Remittance Demand Share, 2019-2026
12. Asia Pacific Digital Remittance Market Analysis and Forecast
12.1. Introduction
12.1.1. Basis Point Share (BPS) Analysis by Country
12.1.2. Y-o-Y Growth Projections by Country
12.1.3. Asia Pacific Average Pricing Analysis
12.2. Asia Pacific Digital Remittance Market Size and Volume Forecast by Country
12.2.1. China
12.2.2. Japan
12.2.3. South Korea
12.2.4. India
12.2.5. Australia
12.2.6. Rest of Asia Pacific (APAC)
12.3. Absolute $ Opportunity Assessment by Country
12.4. Asia Pacific Digital Remittance Market Size and Volume Forecast by Application
12.4.1. Migrant Labor Workforce
12.4.2. Study Abroad and Travel
12.4.3. Small Businesses
12.4.4. Other
12.4.5. The migrant labor workforce holds an important share in terms of applications, and accounts for 67% of the market share.
12.5. Basis Point Share (BPS) Analysis by Application
12.6. Y-o-Y Growth Projections by Application
12.7. Asia Pacific Digital Remittance Market Size and Volume Forecast by Type
12.7.1. Banks Digital Remittance
12.7.2. Digital Money Transfer Operators
12.7.3. The segment of digital money transfer holds a comparatively larger share in global market, which accounts for about 86%.
12.8. Basis Point Share (BPS) Analysis by Type
12.9. Y-o-Y Growth Projections by Type
12.10. Market Attractiveness/Growth Potential Analysis
12.10.1. By Country
12.10.2. By Product Type
12.10.3. By Application
12.10.4. By Sales Channel
12.11. Asia Pacific Digital Remittance Demand Share, 2019-2026
13. Middle East & Africa Digital Remittance Market Analysis and Forecast
13.1. Introduction
13.1.1. Basis Point Share (BPS) Analysis by Country
13.1.2. Y-o-Y Growth Projections by Country
13.1.3. Asia Pacific Average Pricing Analysis
13.2. Middle East & Africa Digital Remittance Market Size and Volume Forecast by Country
13.2.1. Saudi Arabia
13.2.2. South Africa
13.2.3. UAE
13.2.4. Rest of Middle East & Africa (MEA)
13.3. Absolute $ Opportunity Assessment by Country
13.4. Middle East & Africa Digital Remittance Market Size and Volume Forecast by Application
13.4.1. Migrant Labor Workforce
13.4.2. Study Abroad and Travel
13.4.3. Small Businesses
13.4.4. Other
13.4.5. The migrant labor workforce holds an important share in terms of applications, and accounts for 67% of the market share.
13.5. Basis Point Share (BPS) Analysis by Application
13.6. Y-o-Y Growth Projections by Application
13.7. Middle East & Africa Digital Remittance Market Size and Volume Forecast by Type
13.7.1. Banks Digital Remittance
13.7.2. Digital Money Transfer Operators
13.7.3. The segment of digital money transfer holds a comparatively larger share in global market, which accounts for about 86%.
13.8. Basis Point Share (BPS) Analysis by Type
13.9. Y-o-Y Growth Projections by Type
13.10. Market Attractiveness/Growth Potential Analysis
13.10.1. By Country
13.10.2. By Product Type
13.10.3. By Application
13.10.4. By Sales Channel
13.11. Middle East & Africa Digital Remittance Demand Share, 2019-2026
14. Competition Landscape
14.1. Global Digital Remittance Market: Market Share Analysis
14.2. Digital Remittance Distributors and Customers
14.3. Digital Remittance Market: Competitive Dashboard
14.4. Company Profiles (Details Overview, Financials, Developments, Strategy)
14.4.1. Western Union (WU)
14.4.1.1. Overview
14.4.1.2. Financials
14.4.1.3. Developments
14.4.1.4. Strategic Outlook
14.4.2. Ria Financial Services
14.4.2.1. Overview
14.4.2.2. Financials
14.4.2.3. Developments
14.4.2.4. Strategic Outlook
14.4.3. PayPal/Xoom
14.4.3.1. Overview
14.4.3.2. Financials
14.4.3.3. Developments
14.4.3.4. Strategic Outlook
14.4.4. TransferWise
14.4.4.1. Overview
14.4.4.2. Financials
14.4.4.3. Developments
14.4.4.4. Strategic Outlook
14.4.5. WorldRemit
14.4.5.1. Overview
14.4.5.2. Financials
14.4.5.3. Developments
14.4.5.4. Strategic Outlook
14.4.6. MoneyGram
14.4.6.1. Overview
14.4.6.2. Financials
14.4.6.3. Developments
14.4.6.4. Strategic Outlook
14.4.7. Remitly
14.4.7.1. Overview
14.4.7.2. Financials
14.4.7.3. Developments
14.4.7.4. Strategic Outlook
14.4.8. Azimo
14.4.8.1. Overview
14.4.8.2. Financials
14.4.8.3. Developments
14.4.8.4. Strategic Outlook
14.4.9. TransferGo
14.4.9.1. Overview
14.4.9.2. Financials
14.4.9.3. Developments
14.4.9.4. Strategic Outlook
14.4.10. InstaReM
14.4.10.1. Overview
14.4.10.2. Financials
14.4.10.3. Developments
14.4.10.4. Strategic Outlook
14.4.11. TNG Wallet
14.4.11.1. Overview
14.4.11.2. Financials
14.4.11.3. Developments
14.4.11.4. Strategic Outlook
14.4.12. Toast Me
14.4.12.1. Overview
14.4.12.2. Financials
14.4.12.3. Developments
14.4.12.4. Strategic Outlook
14.4.13. OrbitRemit
14.4.13.1. Overview
14.4.13.2. Financials
14.4.13.3. Developments
14.4.13.4. Strategic Outlook
14.4.14. Smiles Mobile Remittance
14.4.14.1. Overview
14.4.14.2. Financials
14.4.14.3. Developments
14.4.14.4. Strategic Outlook
14.4.15. Avenues India Pvt Ltd
14.4.15.1. Overview
14.4.15.2. Financials
14.4.15.3. Developments
14.4.15.4. Strategic Outlook
14.4.16.
14.4.16.1. Overview
14.4.16.2. Financials
14.4.16.3. Developments
14.4.16.4. Strategic Outlook
14.4.17. COMPANY 17
14.4.17.1. Overview
14.4.17.2. Financials
14.4.17.3. Developments
14.4.17.4. Strategic Outlook
14.4.18. COMPANY 18
14.4.18.1. Overview
14.4.18.2. Financials
14.4.18.3. Developments
14.4.18.4. Strategic Outlook
14.4.19. COMPANY 19
14.4.19.1. Overview
14.4.19.2. Financials
14.4.19.3. Developments
14.4.19.4. Strategic Outlook
14.4.20. COMPANY 20
14.4.20.1. Overview
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