According to the latest report by IMARC Group, titled “Digital Remittance Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026”, the global digital remittance market exhibited strong growth during 2015-2020. Looking forward, IMARC Group expects the global digital remittance market to grow at a CAGR of around 12% during the 2021-2026. Digital remittance is the cross-border transfer of money or payments of a bill or invoice between two or more parties through the internet. It includes fund transfers between residents, non-residents and earnings transfer from short-time workers from other countries to their native country. Digital remittance involves inward and outward remittance, which is commonly conducted through digital transfer networks, such as e-wallets and smartphones. The transactions are controlled through banks, money transfer operators and other financial entities for personal consumption, savings, and investments of individuals. They are highly cost-effective, transparent, secured, and convenient to use.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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A significant growth in the banking, financial services, and insurance (BFSI) sector across the globe is primarily driving the market growth. Moreover, the increasing adoption of digital and automated payment solutions, along with the introduction of real-time banking technology to leverage Immediate Payment Service (IMPS), is also providing a thrust to the market growth. Besides this, due to the continuous spread of coronavirus disease, there has been a rise in the demand for digital remittance solutions to move funds across different regions without involving any human interaction. Various other factors, including increasing expenditure capacities of the consumers coupled with rapid urbanization and industrialization, are projected to further catalyze the market growth in the coming years.
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Key Market Segmentation:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
Some of these key players include:
- Azimo Limited
- Digital Wallet Corporation
- Moneygram International Inc.
- NIUM Pte. Ltd.
- PayPal Holdings Inc.
- Remitly Inc.
- Ria Financial Services Ltd.
- Ripple Labs Inc.
- TransferGo Ltd.
- Western Union Holdings Inc.
- Wise (Earlier TransferWise Limited)
- WorldRemit Ltd
Breakup by Type:
- Inward Digital Remittance
- Outward Digital Remittance
Breakup by Channel:
- Bank Transfer
- Money Transfer Operators
- Online Platforms
Breakup by End Use:
- Migrant Labor Workforce
- Small Businesses
Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key highlights of the Report:
- Market Performance (2015-2020)
- Market Outlook (2021-2026)
- COVID-19 Impact on the Market
- Porter’s Five Forces Analysis
- Historical, Current and Future Market Trends
- Market Drivers and Success Factors
- SWOT Analysis
- Structure of the Market
- Value Chain Analysis
- Comprehensive Mapping of the Competitive Landscape
Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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