DUBLIN--(BUSINESS WIRE)--The "Global Digital Remittance Market Size, Share & Trends Analysis Report by Type (Inward, Outward), by Channel (Banks, Money Transfer Platforms, Online Platforms), by End-use, by Region, and Segment Forecasts, 2021-2028" report has been added to ResearchAndMarkets.com's offering.
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%.
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.
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.
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.
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
- 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
- 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
- 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
- Lack of awareness
- Azimo Limited
- Digital Wallet Corporation
- InstaReM Pvt. Ltd.
- PayPal Holdings, Inc.
- Ria Financial Services Ltd.
- TransferGo Ltd.
- TransferWise Ltd.
- Western Union Holdings, Inc.
- WorldRemit Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/h0q810