Wednesday, October 20, 2021

Analysis of the global digital remittance market 2021-2028 by type (input, output) and channel (banks, money transfer platforms, online platforms) –

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The market growth can be attributed to the increasing transfer of money by overseas migrants to their native countries. These money transfers can be done by using digital transfer networks, such as digital wallets and easy-to-use mobile applications.

The global digital remittance market size is expected to reach USD 42.46 billion by 2028 and is anticipated to expand at a CAGR of 13.3%.

An increase in cross-border transactions and rapid growth in the adoption of mobile banking are expected to propel market growth over the forecast period. Numerous banks and online platforms are focusing on lowering transaction fees, thereby creating growth opportunities for market growth.

Various factors, such as ease of usability and reduced user fees related to digital remittance services, are expected to contribute to market growth. Numerous benefits are offered by these services, such as lower cost of the transaction, high payment speed, and convenience, among others. Customers have shifted their focus toward digital transactions for money remittance as these services eliminate the need for tedious form-filling processes.

Furthermore, the increasing adoption of digital transfer networks, such as electronic identification, distributed ledgers, digital currencies, and mobile money to remit money, has made cross-border payments easier.

The outbreak of the COVID-19 pandemic is expected to favorably impact the market. Nowadays, numerous consumers across the globe are using digital wallets and online platforms to remit money to their family and friends. The need for global remittances is expected to increase owing to worldwide restrictions on movement.

Digital Remittance Market Report Highlights

The inward digital remittance segment is anticipated to witness significant growth over the forecast period owing to the increasing usage of mobile payment applications for money transfers in developed countries

The personal end-use segment is expected to continue its dominance over the forecast period since a large number of fund transactions is made by immigrants studying or working in various countries

Numerous banks across the globe are focusing on integrating technologies into their remittance platforms to provide faster transfer time. Moreover, banks are increasingly adopting digital innovation to achieve a competitive advantage over other competitors. Also, the growing shift toward digitization in the cross-border money transfer industry is expected to drive the segment growth over the forecast period

In the Asia Pacific region, businesses are increasingly engaging with their overseas counterparts for leisure, business, medical, entertainment, and education-related activities, which include the transfer of money overseas. This, as a result, is expected to drive the regional market growth over the forecast period

Digital Remittance Industry Outlook

Market driver analysis

Growth in cross-border transactions and mobile-based payment channels

Reduced transfer time and remittance cost

Market restraint analysis

Azimo Limited

Companies Mentioned

InstaReM Pvt. Ltd.

Digital Wallet Corporation

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