Digital Remittance Market Set to Register 23.3% CAGR During 2018-2025 Western Union (WU), Ria Financial Services, PayPal/Xoom, TransferWise, WorldRemit

Global Digital Remittance Market Size Status and Forecast 2025

This report studies the Digital Remittance market status and outlook of global and major regions, from angles of players, regions, product and end Application/industries; this report analyzes the top players in global and major regions, and splits the Digital Remittance market by product and Application/end industries.

Digital remittances have the potential to engender positive development outcomes. The pure feebased cost savings that result from digital remittances could have a significant impact on immigrant workers, as well as families back home.

Beyond the pure fee costs, important time, reach, and security benefits accrue from digital remittances. The cost savings from digital remittances could be a meaningful boost to global GDP and have a noteworthy impact on poverty. In order for all of these positive developments to be realized, and enabling environment for digital remittances must be created.

Identity, connectivity, banking, and literacy solutions for all must be developed by the public and private sectors in collaboration. With the current refugee crisis, the time is ripe for digital remittances to provide enhanced economic opportunity for those that need it most.

In 2017, the global Digital Remittance Market Size was valued at 1536 million USD, and it will reach 8590 million USD in 2025, with a CAGR of 23.3% between 2018 and 2025.

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Companies Profiled in this report includes: Western Union (WU), Ria Financial Services, PayPal/Xoom, TransferWise, WorldRemit,MoneyGram, Remitly, Azimo, TransferGo, InstaReM, TNG Wallet, Coins.ph, Toast, OrbitRemit,Smiles/Digital Wallet Corporation. Avenues India Pvt Ltd, FlyRemit,m WeChat Payment, Ant Financial/Alipay

According to the data from WorldBank, India is the largest country of Migrant remittance inflows, with 68968 million USD and percentage of 11.2% in the world. China, Philippines, Mexico, France, Nigeria, Pakistan, Germany, Vietnam and Bangladesh, also are top players which receive significant amounts of remittance volume.

Migrant labor workforce is the most important drivers to promote the global development. In future, the blockchain technology will exert far-reaching influence on the remittance market. Most of traditional bank, fintech and other financial firms have researched and tested the blockchain technology used in remittance volume. In the same time, some companies like Ant Financial/Alipay, Coins.ph, Auxesis, Bitspark, Rebit and Cashaa, have introduced their products in remittance.

Currently, the global Digital Remittance market is dominated by several traditional global money transfer operators (MTOs) like Western Union (WU), Ria Financial Services and MoneyGram. But the fintech like start-ups Xoom, TransferWise, WorldRemit, Remitly and Azimo, have significant impact on the global Digital Remittance market.

Market segment by Type, the product can be split into

Banks Digital Remittance

Digital Money Transfer Operators

Market segment by Application, split into

Migrant Labor Workforce

Study Abroad and Travel

Small Businesses

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Table of Content:

1 Industry Overview   1

2 Global Digital Remittance Competition Analysis by Players          14

3 Company (Top Players) Profiles and Key Data       20

3.1 Western Union (WU)        20

3.1.1 Company Profile            20

3.1.2 Main Business/Business Overview        20

3.1.3 Products, Services and Solutions           21

3.1.4 Western Union (WU) Digital Remittance Revenue (Million USD) (2013-2018)         22

3.2 Ria Financial Services       23

3.2.1 Company Profile            23

3.2.2 Main Business/Business Overview        24

3.2.3 Products, Services and Solutions           24

3.2.4 Ria Financial Services Digital Remittance Revenue (Million USD) (2013-2018)         26

3.3 PayPal/Xoom        27

3.3.1 Company Profile            27

3.3.2 Main Business/Business Overview        28

3.3.3 Products, Services and Solutions           28

3.3.4 PayPal/Xoom Digital Remittance Revenue (Million USD) (2013-2018)          29

3.4 TransferWise         31

4 Global Digital Remittance Market Size by Product and Application (2013-2018) 84

5 United States Digital Remittance Development Status and Outlook         88

6 Europe Digital Remittance Development Status and Outlook        91

7 Middle East & Africa Digital Remittance Development Status and Outlook        94

8 China Digital Remittance Development Status and Outlook          96

9 India Digital Remittance Development Status and Outlook           98

10 Southeast Asia Digital Remittance Development Status and Outlook     101

11 Market Forecast by Regions, Product and Application (2018-2025)        104

12 Digital Remittance Market Dynamics       114

13 Market Effect Factors Analysis     124

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