Global and United States Digital Remittance Market Report & Forecast 2022-2028

Due to the COVID-19 pandemic, the global Digital Remittance market size is estimated to be worth USD 7528.6 Million in 2022 and is forecast to a readjusted size of USD 19710 Million by 2028 with a CAGR of 17.4% during the review period. This report studies the Digital Remittance market. Rising smartphone prevalence, the increasing number of digital-savvy clients choosing for digital remittances, increased internet penetration, and a rise in payment automation and digitalization are all major factors driving the growth of the digital remittance market.

 

 

Digital Remittance is an online service that allows users to send money to friends and relatives who live in other countries using a computer, smartphone, or tablet. 

Payment automation and digitalization are projected to drive Digital Remittance Market expansion. Many digitally knowledgeable clients throughout the world are opting for digital remittances, which is propelling the sector forward.

Residents of diverse rural and semi-rural areas are being drawn to urban areas by rapid urbanization and industrialization. Many people are relocating to new countries and areas in pursuit of work or education. As a result, the number of cross-border transactions rises thereby increasing the digital remittance market growth.

Trends Influencing Digital Remittance Market Size

Consumers benefit from the high level of security and privacy provided by digital remittance services. As a result of this capability, the digital remittance market is likely to expand.

Digital remittances are likely to become the primary means of remittance as financial institutions opt for a transparent and data-driven environment. As a result, the size of the digital remittance market is likely to expand. The need for digital remittances will continue to rise as service providers focus on expanding their networks so that everyone has access to their banking and financial services. Consumers are quickly adopting digital remittance services due to low remittance prices and faster money transfer times.

The rising acceptance of banking and financial services, combined with an increase in the number of digitization campaigns, is propelling the digital remittance market to new heights. Due to their simplicity of use and lower usage costs, digital remittance operators are challenging cash-in-hand suppliers. Furthermore, these operators have a digital network that necessitates user-friendly mobile apps and eliminates the need for time-consuming form-filling procedures. Banking and financial services are being embraced by consumers all around the world because they provide a faster and more convenient way to pay.

Digital Remittance Market Share Analysis

Global key players of digital money transfer and remittance include Western Union, Ria Financial Services, etc. Global top 3 companies hold a share over 40%. North America is the largest market, with a share about 33%, followed by Asia Pacific and Europe with the share about 32% and 15%.

In terms of product, digital money transfer operator is the largest segment, with a share over 80%. And in terms of application, the largest end user is personal customers, with a share about 80%.

Major Players in the Digital Remittance Market

The digital remittance market share is moderately fragmented with the major market players dominating the market. The top three companies, Western Union (WU), Ria Financial Services, and PayPal/Xoom, have 48% of the market share.

Other top companies analyzed in the digital remittance market report include:

• TransferWise
• WorldRemit
• MoneyGram
• Remitly
• Azimo
• TransferGo
• InstaReM
• TNG Wallet
• Toast Me
• OrbitRemit
• Smiles Mobile Remittance
• Avenues India Pvt Ltd

Digital Remittance Market Segments

Digital Remittance Market by Type

• Banks Digital Remittance
• Digital Money Transfer Operators

Digital Remittance Market by Application

• Personal Customers
• Micro and Small Businesses

Digital Remittance Market by Region

• North America
• U.S.
• Canada
• Europe
• Germany
• France
• U.K.
• Italy
• Russia
• Nordic
• Rest of Europe
• Asia-Pacific
• China
• Japan
• South Korea
• Southeast Asia
• India
• Australia
• Rest of Asia
• Latin America
• Mexico
• Brazil
• Rest of Latin America
• Middle East & Africa
• Turkey
• Saudi Arabia
• UAE
• Rest of MEA

Major Players in the Digital Remittance Market

• PayPal/Xoom
• Wise
• Zepz (WorldRemit, Sendwave)
• MoneyGram
• Remitly
• Azimo
• TransferGo
• NIUM, Inc (Instarem)
• TNG FinTech
• ph
• OrbitRemit
• Smiles/Digital Wallet Corporation
• FlyRemit
• SingX
• Flywire
• Intermex
• Small World