Global Digital Remittance Market to Grow at 13.8% During 2024-2032, Bolstered by the Expanding BFSI Industry

December 09, 2021 | Technology & Media

The latest report by IMARC Group, titled “Digital Remittance Market Report by Type (Inward Digital Remittance, Outward Digital Remittance), Channel (Bank Transfer, Money Transfer Operators, Online Platforms, and Others), End Use (Migrant Labor Workforce, Individual, Small Businesses, and Others), and Region 2024-2032,” finds that the global digital remittance market is expected to grow at a CAGR of 13.8% during 2024-2032. 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.

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.

Market Summary: 

  • 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 business, 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.

Report Scope:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Billion
Segment Coverage Type, Channel, End Use, Region
Region Covered  Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered 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 Payments Limited (Earlier TransferWise Limited) and WorldRemit Ltd.
Customization Scope 10% Free Customization
Report Price and Purchase Option Single User License: US$ 3899
Five User License: US$ 4899
Corporate License: US$ 5899
Post-Sale Analyst Support 10-12 Weeks
Delivery Format PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

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Global Digital Remittance Market to Grow at 13.8% During 2024-2032, Bolstered by the Expanding BFSI Industry
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