SAN FRANCISCO, Feb. 9, 2022 /PRNewswire/ -- The global digital remittance market size is expected to reach USD 60.05 billion by 2030, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 15.0% from 2022 to 2030. Developments in the digital space are rapidly changing the dynamics of the digital remittance industry. Digitization can bring several benefits, including improved efficiency, convenience, transparency, access, and reduced transfer prices.
Key Insights & Findings from the report:
- By type, 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. Moreover, digital remittance service providers focus on offering fast and efficient inward fund transfer services to users, thereby creating growth opportunities for the segment
- 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 competitors. Moreover, the growing shift toward digitization in the cross-border money transfer industry is expected to drive the banks channel segment over the forecast period.Amid the COVID-19 pandemic, banks began allowing workers to seek real-time access to their earnings, thereby allowing them to meet the immediate needs of their families and themselves
- Migrant workers across the globe are making use of digital remittance services owing to their numerous benefits, such as improved remittance speed and reduced cost. This is expected to foster the growth of the personal end-use segment over the forecast period
- In the Asia Pacific region, businesses are increasingly engaging with their overseas counterparts for leisure, business, medical, entertainment, and educational activities, which involve the transfer of money overseas. Moreover, an increase in cross-border transactions and a move toward cashless payment solutions are expected to accentuate the regional market growth over the forecast period
Read 140 page market research report, "Digital Remittance Market Size, Share & Trends Analysis Report By Type (Inward, Outward), By Channel (Banks, Money Transfer Operators, Online Platforms), By End Use, By Region, And Segment Forecasts, 2022 - 2030", published by Grand View Research.
Evolving customer demands with respect to cross-border remittances are expected to accentuate the market growth over the forecast period. Digital money transfer services are witnessing increased acceptance among customers in low- and medium-income economies. Furthermore, increasing incomes and rapid urbanization are driving the demand for digital remittance services.
Cross-border remittances bring many economic benefits, widen financial inclusion, and boost economic development. Digital remittances play an enormous and vital role in the lives of migrants and their families. The money received in migrant households in migrants' countries of origin represents around 60% of household income, which is normally spent on essential items such as medicines, education, food, and housing expenses.
The COVID-19 pandemic is anticipated to favorably impact the market growth. The pandemic has proved to be a significant growth catalyst for the digitization of remittance services. Various factors such as the closure of money transfer agent locations due to national lockdowns and customers turning to digital solutions out of necessity further accentuated the market growth.
Market Segmentation:
Grand View Research has segmented the global digital remittance market on the basis of type, channel, end use, and region:
- Digital Remittance Type Outlook (Revenue, USD Million, 2017 - 2030)
- Inward Digital Remittance
- Outward Digital Remittance
- Digital Remittance Channel Outlook (Revenue, USD Million, 2017 - 2030)
- Banks
- Money Transfer Operators
- Online Platforms
- Others
- Digital Remittance End-use Outlook (Revenue, USD Million, 2017 - 2030)
- Migrant Labor Workforce
- Personal
- Small Businesses
- Others
- Digital Remittance Regional Outlook (Revenue, USD Million, 2017 - 2030)
- North America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- Asia Pacific
- China
- India
- Japan
- Latin America
- Brazil
- Middle East & Africa
List of Key Players of 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.
Check out more studies related to digital payments and transactions, published by Grand View Research:
- Payment Gateway Market - The global payment gateway market size was valued at USD 18.21 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 21.7% from 2021 to 2028. The growth can be attributed to the advancements in mobile payment technology and an increase in the use of mobile wallets.
- Digital Payment Market - The global digital payment market size was valued at USD 68.61 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 20.5% from 2022 to 2030. The worldwide increase in customer preference for real-time payments is one of the major factors driving the market growth.
Browse through Grand View Research's coverage of the Global Next Generation Technologies Industry.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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