Digital Remittance Market Grow at 23.3% CAGR to 2025 | Western Union, Ria Financial Services, PayPal/Xoom, TransferWise, WorldRemit,MoneyGram
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
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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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