The latest report by IMARC Group, titled “Digital Remittance Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026,” finds that the global digital remittance market exhibited strong growth during 2015-2020. Digital remittance refers to the electronic transfer of funds from foreign workers to their home countries. It is the cross-border money transfer that is made over the internet by the migrant population. Digital remittance includes fund transfers between residents, non-residents and earning transfers from short-term workers from other countries to their home countries. It is facilitated by cash-based operators through a retail network. However, it can also be undertaken by digital transfer networks like e-wallets and smartphone applications. As a result, digital remittance has gained traction due to the improving capabilities of the money transfer channels and their development as a significant business opportunity.
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.
Global Digital Remittance Market Trends:
The market is primarily driven by the rapid growth in the banking, financial services and insurance (BFSI) industry. Moreover, the increasing adoption of digital and automated payment and money transfer solutions across the globe is further propelling the demand for digital remittance solutions. Nowadays, tech-savvy customers are also opting for digital remittance as it offers reduced transfer time, low cost, and transparent and convenient-to-use properties. Besides this, various financial institutions are utilizing digital remittances to expand their business network and provide a data-driven ecosystem to their customers. Furthermore, factors such as rapid urbanization and industrialization have resulted in the migration of people from rural and semi-rural areas to urban areas in search of employment and education, which, in turn, is creating a favorable market outlook. Looking forward, the market is expected to grow at a CAGR of around 12% during the forecast period (2021-2026).
- Based on the type, the market has been segmented into inward and outward digital remittance.
- On the basis of the channel, the market has been classified into bank transfer, money transfer operators, online platforms, and others.
- The market has been categorized based on the end use into migrant labor workforce, individual, small businesses, and others.
- Region-wise, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
- The competitive landscape of the market has been examined, with some of the key players being Azimo Limited, Digital Wallet Corporation, Moneygram International Inc., NIUM Pte. Limited, PayPal Holdings Inc., Remitly Inc., Ria Financial Services Limited, Ripple Labs Inc., TransferGo Limited, Western Union Holdings Inc., Wise Payments Limited (Earlier TransferWise Limited) and WorldRemit Limited.
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