New York, NY, April 12, 2021 (GLOBE NEWSWIRE) -- Facts and Factors have published a new research report titled “Digital Remittance Market By Type (Inward Digital Remittance and Outward Digital Remittance), By Channel (Banks, Money Transfer Operators, Online Platforms and Others), By End-Use (Personal, Migrant Labor Workforce, Small Businesses, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2020 – 2026”.
“According to the research report, the global Digital Remittance Market was estimated at USD 14.5 Billion in 2019 and is expected to reach USD 35.8 Billion by 2026. The global Digital Remittance Market is expected to grow at a compound annual growth rate (CAGR) of 13.8% from 2019 to 2026”.
Digital Remittance Market: Overview and Definition
Digital remittance, or the electronic transfer of funds from foreign workers to their home countries, is a strong economic growth engine. Improving this money transfer channel's capabilities and scope has a huge effect on people's lives and represents a significant business opportunity. Many remittance firms have had to learn how to work in a digital-first environment as the pandemic has slowed cross-border money flows. They must keep costs under control in order to deliver lower fees to their customers while still remaining profitable. They must also ensure that they fulfill their legal responsibilities and prepare themselves for long-term success.
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Our Free Sample Report Includes:
- 2020 Updated Report Introduction, Overview, and In-depth industry analysis
- COVID-19 Pandemic Outbreak Impact Analysis Included
- 190+ Pages Research Report (Inclusion of Updated Research)
- Provide Chapter-wise guidance on Request
- 2020 Updated Regional Analysis with Graphical Representation of Size, Share & Trends
- Includes Updated List of table & figures
- Updated Report Includes Top Market Players with their Business Strategy, Sales Volume, and Revenue Analysis
- Facts and Factors research methodology
(Note: The sample of this report is updated with COVID-19 impact analysis before delivery)
Key Questions Answered in this Report
1) What were the pre and post-business impacts of COVID-19 on the Digital Remittance Market?
2) What is the market size, share of the Digital Remittance Market?
3) Who are the top market players in Digital Remittance Market?
4) What will be the future market of the Digital Remittance Market?
Key Offerings:
- Market Size & Forecast by Revenue | 2020−2026
- Market Dynamics – Leading trends, growth drivers, restraints, and investment opportunities
- Market Segmentation – A detailed analysis by product, by types, end-user, applications, segments, and geography
- Competitive Landscape – Top key vendors and other prominent vendors
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Digital Remittance Market: Industry Major Market Players
- PayPal Holdings Inc.
- TransferGo Ltd.
- MoneyGram
- Azimo Limited
- Digital Wallet Corporation
- InstaReM Pvt. Ltd.
- FlyRemit
- Ria Financial Services Ltd.
- TransferWise Ltd.
- WeChat Payment
- Avenues India Pvt Ltd
- OrbitRemit
- TNG Wallet
- Ant Financial/Alipay
- WorldRemit
- Toast
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The economic suffering that results has an effect on both personal lives as well as nations’ economies. Before the pandemic, more than 270 million people worked outside of their home country, sending money back to 60 developing countries that held for more than 5% of GDP (GROSS Domestic Product). The recipients' economic survival is often dependent on this money.
The World Bank reports that 65 percent of adults in developing countries lack access to basic financial services. Their lives are more difficult because it is more difficult for them to save money, create credit, pay bills, or engage in the financial system in some other way.
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Digital Remittance Market: Market Dynamics
Payment automation and digitalization are expected to drive business expansion. Many digitally savvy consumers around the world are opting for digital remittances, which is propelling the market forward. Because of the shorter transfer time, these customers prefer digital remittances. Residents of numerous rural and semi-rural areas are being attracted to urban areas by rapid urbanization and industrialization. Many people are relocating to various countries and locations in search of work or education. As a consequence, the number of cross-border transactions grows. As a result, the demand is expected to expand.
Consumers benefit from the high level of security and privacy provided by digital remittance services. These services are expected to become the preferred mode of remitting money as more financial institutions and banks around the world opt for a data-driven and open ecosystem. Several banks and financial institutions around the world are concentrating on extending their business networks so that everyone can use their financial and banking services. Customers often like these facilities because of the low remittance prices. Over the forecast period, customer demands are expected to determine the market's speed. In recent years, consumers in low- and middle-income countries have become more accepting of digital money transfers. Digital remittances are becoming increasingly common due to rapid urbanization and rising incomes. Because of the widespread use of mobile apps and smartphone penetration, the convenience of digital payments has gained momentum.
The COVID-19 outbreak is expected to have a positive effect on the industry. The COVID-19 pandemic forced people to change their ways of working, living, and interacting. Due to global restrictions on movement, the market for international digital remittances is expected to grow. Customers are also turning to digital wallets because they are the most effective, fast, and convenient way to send money abroad since the lockdown began.
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North America is projected to Dominate Global Digital Remittance Market Growth
In 2019, the North American region held the largest revenue share in the global digital remittance industry, accounting for more than 3720% of global sales. Western Union Holdings, Inc., Paypal, Continental Exchange Solutions, Inc., and MoneyGram are among the prominent financial service and communication companies based in the area. Thousands of people move to the North American area in search of education, work opportunities, and business opportunities. Digital remittance service providers in the area are expected to benefit from the growing number of immigrants in the region.
Over the projected era, the Asia Pacific regional digital remittance market is expected to be the fastest-growing regional market. Thousands of trillions of dollars in remittances are sent annually from Asia Pacific people to friends, business associates, and families in other countries. Over the forecast period, the regional market is expected to expand due to an increase in the adoption of banking and financial services in the region. Mobile banking, cashless payments, and mobile-based payment solutions are becoming increasingly common in economies such as China and India, leading to regional market growth.
Browse the full “Digital Remittance Market By Type (Inward Digital Remittance and Outward Digital Remittance), By Channel (Banks, Money Transfer Operators, Online Platforms and Others), By End-Use (Personal, Migrant Labor Workforce, Small Businesses, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2020 – 2026” report at https://www.fnfresearch.com/digital-remittance-market
The global digital remittance market is segmented as follows:
By Type:
- Inward Digital Remittance
- Outward Digital Remittance
By Channel:
- Banks
- Money Transfer Operators
- Online Platforms
- Others
By End-use:
- Personal
- Migrant Labor Workforce
- Small Businesses
- Others
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