Digital Remittance Market Share, Size, Growth, Opportunity and Forecast 2021-2026

*As the coronavirus disease (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.

Digital Remittance Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026

Market Overview:

The global digital remittance market exhibited strong growth during 2015-2020. Digital remittance refers to the cross-border transfer of money or payments of a bill or invoice between two or more parties through the internet. It usually includes fund transfers between residents, non-residents and earnings transfer from short-time workers from other countries to their country of origin. Digital remittance, including inward and outward remittance, is usually conducted through digital transfer networks, such as e-wallets and smartphone applications. It is controlled through banks, money transfer operators and other financial entities for personal consumption, savings and investments of individuals. In comparison to the traditionally used alternatives, digital remittance is highly cost-effective, transparent, convenient to use and secured.02.

Significant growth in the banking, financial services and insurance (BFSI) industry across the globe is one of the key factors creating a positive outlook for the market. Moreover, the widespread adoption of digital and automated payment and money transfer solutions is providing a thrust to the market growth. Financial institutions are using transparent and data-driven ecosystems for remitting money to expand their business networks and provide their consumers with low remittance costs. As the coronavirus disease (COVID-19) continues to spread across the globe, there has been a significant increase in the demand for digital remittance solutions to transfer funds across regions effectively and quickly. Additionally, various technological solutions, such as the introduction of real-time banking technology to leverage Immediate Payment Service (IMPS), are contributing to the market growth. Other factors, including increasing expenditure capacities of the consumers, along with rapid urbanization and industrialization, especially in the developing economies, are anticipated to drive the market further. Looking forward, IMARC Group expects the global digital remittance market to grow at a CAGR of around 12% during the next five years.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global digital remittance market report, along with forecasts for growth at the global, regional and country level from 2021-2026. Our report has categorized the market based on region, type, channel and end use.

Breakup by Type:

Inward Digital Remittance
Outward Digital Remittance

Breakup by Channel:

Bank Transfer
Money Transfer Operators
Online Platforms
Others

Breakup by End Use:

Migrant Labor Workforce
Individual
Small Businesses
Others

Breakup by Region:

North America
- United States
- Canada
Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
Latin America
- Brazil
- Mexico
- Others
Middle East and Africa

Competitive Landscape:

The competitive landscape of the industry has also been examined along with the profiles of the key players being 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) and WorldRemit Ltd.

Key Questions Answered in This Report:

How has the global digital remittance market performed so far and how will it perform in the coming years?
What has been the impact of COVID-19 on the global digital remittance market?
What are the key regional markets?
What is the breakup of the market based on the type?
What is the breakup of the market based on the channel?
What is the breakup of the market based on the end use?
What are the various stages in the value chain of the industry?
What are the key driving factors and challenges in the industry?
What is the structure of the global digital remittance market and who are the key players?
What is the degree of competition in the industry?