The market growth can be attributed to the growing need for safer, secure, and quicker cross-border monetary transactions. Various businesses serve customers from other countries and rely on procuring goods from suppliers abroad.
Jersey City, New Jersey, Dec. 09, 2021 (GLOBE NEWSWIRE) -- Verified Market Research recently published a report, “Digital Remittance Market” By Type (Inward Digital Remittance And Outward Digital Remittance), By Channel (Banks, Money Transfer Operators, Online Platforms), By End User (Migrant Labor Workforce, Personal, Small Businesses), and By Geography. According to Verified Market Research, the Global Digital Remittance Market size was valued at USD 15,941.58 Million in 2020 and is projected to reach USD 40,258.88 Million by 2028, growing at a CAGR of 13.28% from 2021 to 2028.
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Browse in-depth TOC on “Digital Remittance Market”
202 - Pages
126 – Tables
37 – Figures
Global Digital Remittance Market Overview
Digital transformation plays an important role here since it allows providing new and better products and services while controlling and reducing operational costs. Professionals with expertise in developing technologies are supporting the future dynamics of the BFSI sector. Digital remittance is one of the key factors promoting the growth of this industry as remittances are considered as one of the important assets for this sector. This relates to the fact that with the growth of the BFSI industry, the Digital Remittance Market is also boosted. As of January 2021, there were around 4.80 billion existing internet users globally, which was roughly around 59.5 percent of the global population.
Presently, a world without the internet is unbelievable. Connecting billions of people extensively, the internet is a central pillar of the advanced information society. The global internet penetration proportion is around 59.5 percent, with Northern Europe holding the first position with a 96 percent internet penetration rate amongst the population. Owing to such a rise in internet usage, there are immense growth opportunities for the digital remittance market. This is because; all-digital remittance transfers payments online, using any device with reliable internet access. It needs an internet web browser or app coupled with smartphones, tablets, or computers. And hence with rising global internet penetration, there are various opportunities created for the market.
However, financial crimes such as money laundering and terrorist financing are security obstacles for the remittance sector, and all these activities hold very negative effects. The realization of these activities reduces the reputation of the businesses and induces them to stay behind the competitors. Thus, these facts can limit the growth of the digital remittance market.
Western Union had Launched Cross-Border Payments on Google Pay.
Wise Platform has partnered with US neobank Sable, to give their customers faster, cheaper, international money payments, available directly in the Sable app.
The major players in the market are InstaReM, Flywire, Western Union (WU), Ria Financial Outward Remittance, SingX Pte Ltd., WorldRemit Ltd., Remitly, Inc., Azimo Limited, TransferWise Ltd., Ripple and MoneyGram.
Verified Market Research has segmented the Global Digital Remittance Market On the basis of Type, Channel, End User, and Geography.
Digital Remittance Market, By Type
Inward Digital Remittance
Outward Digital Remittance
Digital Remittance Market, By Channel
Money Transfer Operators
Digital Remittance Market, By End User
Migrant Labor Workforce
Digital Remittance Market by Geography
Rest of Europe
Rest of Asia Pacific
Middle East & Africa
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