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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.
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.
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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.
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