Sales of Digital Remittance Market are Calculated to Reach US$ 83.2 Billion by 2034

Fact.MR, a market research and competitive intelligence provider, estimates that the global digital remittance market will be valued at US$ 18.16 billion in 2022, with an anticipated CAGR of 13.5% between 2022 and 2032. This growth is driven by the increasing number of cross-border transactions and the rising adoption of mobile-based payment channels.

The GSM Association reported that in 2020, approximately US$ 12.7 billion was processed in cross-border remittances via mobile money. The shift towards digital platforms for remittances is expected to encourage customers to transition to online transactions.

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Traditional money transfer methods are often burdened with hidden charges, intermediaries, and extensive paperwork, making them costly and cumbersome. In contrast, digital remittance offers customers faster and more convenient money transfer services.

Factors Driving Digital Remittance Demand in Asia Pacific

The Asia Pacific market is projected to be the fastest-growing regional market over the forecast period. Many individuals in the Asia Pacific region send substantial amounts in remittances annually to colleagues, business partners, and families abroad. The growing adoption of banking and financial services in the region is expected to drive market growth. Countries such as China and India are focusing on mobile banking, cashless payments, and mobile-based payment solutions, thereby contributing to regional market expansion.

Increased competition from new entrants and a growing customer base are expected to create significant growth opportunities in the region. The digital remittance services market in the Asia Pacific is anticipated to achieve a CAGR of 13%.

Key Segments Covered in the Digital Remittance Industry Survey

By Type:

• Inward Digital Remittance
• Outward Digital Remittance

By Channel:

• Digital Remittance through Banks
• Digital Remittance through Money Transfer Operators
• Digital Remittance through Online Platforms
• Digital Remittance through Other Channels

By End Use:

• Digital Remittance for Migrant Labor Workforce
• Personal Digital Remittance
• Digital Remittance for Small Businesses
• Digital Remittance for Other End Uses

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Competitive Landscape

The competitive landscape of the digital remittance market is characterized by product innovation and strategic mergers & acquisitions. Leading companies are focusing on capacity enhancements and expanding their global footprint to capitalize on opportunities in developing economies.

In August 2021, WorldRemit Ltd. launched money transfer services in Malaysia, enabling users to send money from Malaysia and 50 other countries, including the U.S. and the U.K., to over 130 destinations. Depending on their location, users can choose from various payout methods for the recipient, such as mobile wallets, bank deposits, mobile airtime top-up, and cash pick-up.

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 the Digital Remittance Market Study

• North America holds 27% of the market share.
• The Asia-Pacific region is expected to witness a CAGR of 13% between 2022 and 2032.
• The global digital remittance market was valued at US$ 16 billion in 2021.
• The market is projected to reach US$ 64.43 billion by 2032.