Asia-Pacific Digital Remittance Market by Remittance Type (Inward Digital Remittance, Outward Digital Remittance), Remittance Channel (Banks, Money Transfer Operators (MTOs), and Others), and End User (Business and Personal)

Digital remittance involves the transfer of money by foreign migrants cross-border to another person via digital platforms. It serves as a latest service, which makes transferring funds easier, quicker, and enables remote sends. The remittance industry is shifting its focus on being digitally remastered. Factors such as growth in base of customers comfortable with using mobile devices in Asia-Pacific, rise in competition from new entrants, and margin pressures due to a growing global consensus on lowering remittance transaction fees drive the penetration of digital channels. The Asia-Pacific digital remittance market size was valued at $31,234 million in 2016, and is projected to reach at $215,817 million by 2025, growing at a CAGR of 24.2% from 2018 to 2025.

The money transfer operator segment dominated the overall market in 2016, and is expected to continue this trend in the near future, as a number of traditional money transfer operators are expanding their digital footprint in the Asia-Pacific region.

Download PDF Report Sample @ https://www.alliedmarketresearch.com/request-sample/4726?utm_source=OPR

The personal segment dominated the overall market in 2016, and is expected to continue this trend in the near future, owing to the introduction of bitcoin and other cryptocurrencies to introduce new mobile applications for migrant labor workforce as well as entry of start-ups and well-established companies in Asia-Pacific due to rise in number of migrant workers.

China dominated the overall market in 2016, due to the factors such as major shift towards digital or mobile payments from traditional banking and card infrastructure at an accelerating rate, rise in focus on the launch of electronic cross-boundary remittance services, ramp-up on wallets, and others. However, Singapore is expected to witness the highest growth rate during the forecasted period.

The report focuses on the growth prospects and restraints of the market based on the analysis of Asia-Pacific digital remittance market trends. The study provides Porters Five Forces analysis of the industry to understand the impact of various factors such as bargaining power of suppliers, competitive intensity of competitors, threat of new entrants, threat of substitutes, and bargaining power of buyers on the growth of the market.

The Asia-Pacific digital remittance market is segmented into remittance type, remittance channel, end user, and country. Based on remittance type, the market is bifurcated into inward and outward digital remittance. On the basis of remittance channel, it is categorized into banks, money transfer operator, and others. By end user, it is divided into personal and business. Country wise, it is analyzed across China, Japan, India, Hong Kong, Singapore, Taiwan, Indonesia, and rest of Asia-Pacific.

Get Customized Report @ https://www.alliedmarketresearch.com/request-for-customization/4726?utm_source=OPR

The key players operating in the Asia-Pacific digital remittance market include InstaReM, Remitly, Inc., Flywire, SingX Pte Ltd., Azimo Limited, WorldRemit Ltd., TransferWise Ltd., Ripple, MoneyGram, and TNG Wallet.

Rise in cross-border transactions & mobile-based payment channels, reduced remittance cost & transfer time, and surge in adoption of banking & financial services act as the major drivers of the market. However, slowdown of the remittance industry in Asia-Pacific and lack of awareness towards the use of digital channels to remit money are expected to hamper the market growth during the forecast period.

Rise in cross-border transactions and increase in preference for mobile banking & mobile-based payment solutions dominate payment trends in Asia-Pacific, which are expected to drive the growth of the market. For instance, Malaysia is undergoing major shift from paper to electronic methods of payment to support initiatives taken by the Bank Negara Malaysia to accelerate migration to electronic payment. In addition, in December 2016, Malayan Banking Berhad (Maybank) and Western Union launched the first digital remittance service in Malaysia through its Maybank2u mobile banking app. The service allows Maybank customers to transfer money to more than 500,000 Western Union agent locations in over 200 countries.

LIST OF TABLES

TABLE 01. ASIA-PACIFIC DIGITAL REMITTANCE MARKET REVENUE, BY REMITTANCE TYPE, 2017-2025 ($MILLION)
TABLE 02. ASIA-PACIFIC DIGITAL REMITTANCE MARKET REVENUE FOR INWARD DIGITAL REMITTANCE, BY COUNTRY, 2017-2025 ($MILLION)
TABLE 03. ASIA-PACIFIC DIGITAL REMITTANCE MARKET REVENUE FOR OUTWARD DIGITAL REMITTANCE, BY COUNTRY, 2017-2025 ($MILLION)
TABLE 04. ASIA-PACIFIC DIGITAL REMITTANCE MARKET REVENUE, BY REMITTANCE CHANNEL, 2017-2025 ($MILLION)
TABLE 05. ASIA-PACIFIC DIGITAL REMITTANCE MARKET REVENUE FOR BANKS, BY COUNTRY, 2017-2025 ($MILLION)
TABLE 06. ASIA-PACIFIC DIGITAL REMITTANCE MARKET REVENUE FOR MONEY TRANSFER OPERATOR, BY COUNTRY, 2017-2025 ($MILLION)
TABLE 07. ASIA-PACIFIC DIGITAL REMITTANCE MARKET REVENUE FOR OTHERS, BY COUNTRY, 2017-2025 ($MILLION)
TABLE 08. ASIA-PACIFIC DIGITAL REMITTANCE MARKET REVENUE, BY END USER, 2017-2025 ($MILLION)
TABLE 09. ASIA-PACIFIC DIGITAL REMITTANCE MARKET REVENUE FOR BUSINESS, BY COUNTRY, 2017-2025 ($MILLION)
TABLE 10. ASIA-PACIFIC DIGITAL REMITTANCE MARKET REVENUE FOR PERSONAL, BY COUNTRY, 2017-2025 ($MILLION)
TABLE 11. ASIA-PACIFIC DIGITAL REMITTANCE MARKET REVENUE FOR PERSONAL, BY TYPE, 2017-2025 ($MILLION)
TABLE 12. WHITE COLLAR WORKFORCE MARKET REVENUE, BY TYPE, 2017-2025 ($MILLION)
TABLE 13. BLUE COLLAR WORKFORCE MARKET REVENUE, BY TYPE, 2017-2025 ($MILLION)
TABLE 14. ASIA-PACIFIC DIGITAL REMITTANCE MARKET REVENUE, BY COUNTRY, 2017-2025 ($MILLION)
TABLE 15. CHINA DIGITAL REMITTANCE MARKET, BY REMITTANCE CHANNEL, 2017-2025 ($MILLION)
TABLE 16. CHINA DIGITAL REMITTANCE MARKET, BY END USER, 2017-2025 ($MILLION)
TABLE 17. CHINA OUTWARD DIGITAL REMITTANCE MARKET SIZE
TABLE 18. JAPAN DIGITAL REMITTANCE MARKET, BY REMITTANCE CHANNEL, 2017-2025 ($MILLION)
TABLE 19. JAPAN DIGITAL REMITTANCE MARKET, BY END USER, 2017-2025 ($MILLION)
TABLE 20. JAPAN OUTWARD DIGITAL REMITTANCE MARKET SIZE
TABLE 21. INDIA DIGITAL REMITTANCE MARKET, BY REMITTANCE CHANNEL, 2017-2025 ($MILLION)
TABLE 22. INDIA DIGITAL REMITTANCE MARKET, BY END USER, 2017-2025 ($MILLION)
TABLE 23. INDIA OUTWARD DIGITAL REMITTANCE MARKET SIZE
TABLE 24. HONG KONG DIGITAL REMITTANCE MARKET, BY REMITTANCE CHANNEL, 2017-2025 ($MILLION)
TABLE 25. HONG KONG DIGITAL REMITTANCE MARKET, BY END USER, 2017-2025 ($MILLION)
TABLE 26. HONG KONG OUTWARD DIGITAL REMITTANCE MARKET SIZE
TABLE 27. SINGAPORE DIGITAL REMITTANCE MARKET, BY REMITTANCE CHANNEL, 2017-2025 ($MILLION)
TABLE 28. SINGAPORE DIGITAL REMITTANCE MARKET, BY END USER, 2017-2025 ($MILLION)
TABLE 29. SINGAPORE OUTWARD DIGITAL REMITTANCE MARKET SIZE
TABLE 30. TAIWAN DIGITAL REMITTANCE MARKET, BY REMITTANCE CHANNEL, 2017-2025 ($MILLION)
TABLE 31. TAIWAN DIGITAL REMITTANCE MARKET, BY END USER, 2017-2025 ($MILLION)
TABLE 32. TAIWAN OUTWARD DIGITAL REMITTANCE MARKET SIZE
TABLE 33. INDONESIA DIGITAL REMITTANCE MARKET, BY REMITTANCE CHANNEL, 2017-2025 ($MILLION)
TABLE 34. INDONESIA DIGITAL REMITTANCE MARKET, BY END USER, 2017-2025 ($MILLION)
TABLE 35. INDONESIA OUTWARD DIGITAL REMITTANCE MARKET SIZE
TABLE 36. REST OF ASIA-PACIFIC DIGITAL REMITTANCE MARKET, BY REMITTANCE CHANNEL, 2017-2025 ($MILLION)
TABLE 37. REST OF ASIA-PACIFIC DIGITAL REMITTANCE MARKET, BY END USER, 2017-2025 ($MILLION)
TABLE 38. AZIMO LTD.: COMPANY SNAPSHOT
TABLE 39. AZIMO LTD.: PRODUCT PORTFOLIO
TABLE 40. FLYWIRE CORPORATION: COMPANY SNAPSHOT
TABLE 41. FLYWIRE CORPORATION: PRODUCT PORTFOLIO
TABLE 42. INSTAREM: COMPANY SNAPSHOT
TABLE 43. INSTAREM: PRODUCT PORTFOLIO
TABLE 44. MONEYGRAM INTERNATIONAL, INC: COMPANY SNAPSHOT
TABLE 45. MONEYGRAM INTERNATIONAL, INC: OPERATING SEGMENTS
TABLE 46. MONEYGRAM INTERNATIONAL, INC: PRODUCT PORTFOLIO
TABLE 47. REMITLY, INC: COMPANY SNAPSHOT
TABLE 48. RIPPLE: COMPANY SNAPSHOT
TABLE 49. RIPPLE: PRODUCT PORTFOLIO
TABLE 50. SINGX PTE LTD: COMPANY SNAPSHOT
TABLE 51. SINGX PTE LTD: PRODUCT PORTFOLIO
TABLE 52. TNG FINTECH GROUP INC: COMPANY SNAPSHOT
TABLE 53. TNG FINTECH GROUP INC: PRODUCT PORTFOLIO
TABLE 54. TRANSFERWISE LTD: COMPANY SNAPSHOT
TABLE 55. TRANSFERWISE LTD: PRODUCT PORTFOLIO
TABLE 56. WORLDREMIT LTD: COMPANY SNAPSHOT
TABLE 57. WORLDREMIT LTD: PRODUCT PORTFOLIO

Access Full Summery @ https://www.alliedmarketresearch.com/asia-pacific-digital-remittance-market?utm_source=OPR

About Us

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

Contact:
David Correa
5933 NE Win Sivers Drive
#205, Portland, OR 97220
United States
Toll Free (USA/Canada):
+1-800-792-5285, +1-503-894-6022, +1-503-446-1141
UK: +44-845-528-1300
Hong Kong: +852-301-84916
India (Pune): +91-20-66346060
Fax: +1?855?550-5975
help@alliedmarketresearch.com
Web: https://www.alliedmarketresearch.com

This release was published on openPR.