Press release
Digital Remittance Market to Reach USD 5819 million by 2026 at 25.1% CAGR: BlueWeave Consulting
Digital Remittance is termed as one of the most powerful monitory solutions that have the potential to provide positive development on the global economy. A number of economic solutions can be effectively handled through banking offering identity, connectivity, and literacy solutions. A Vast majority of remittances go to developing economies most of which have lacking infrastructure that would enable digital remittances to support cost savings for citizens. The global digital remittance market is expected to grow over the forecasted period owing to the rising need for safer, secure and faster cross-border monetary transactions.
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Global Digital Remittance Market: Key Market Players
MoneyGram, Arcus Financial Intelligence Inc., Ripple, Transfer Wise Limited, Mobetize, Currency Cloud, Western Union Holdings Inc., Avenues India Private Limited, Western Union Holdings Inc., PayPal Holdings Inc., InstaRem PTE Limited and Coins PH Pte Limited are few of the key market players in the Global Digital Remittance Market.
Money transfer segment expected to hold the largest market share in the Global Digital Remittance Market
On the basis of Type, the Global Digital Remittance Market can be segregated as Outward Digital Remittance and Inward Digital Remittance. On the basis of Channel, the market can be bifurcated as Money Transfer Operators, Banks, Online Inward Remittances and Others and on the basis of End User, the market can be classified as Low Income Households, Small Businesses, Migrant Labor Workforce and Others. Money transfer operator is expected to hold the largest market share due to rising adoption of mobile-based applications and mobile banking functions introduced by money transfer operators, banks and financial institutions. Additionally, banking sector is expected to witness a significant growth owning to increasing strategic collaborations between banks and digital payment service providers.
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North America contributed the largest share in the Global Digital Remittance Market in 2019
North America, Europe, Asia-Pacific, Latin America and Middle East and Africa are few of the key regions where the presence of Global Digital Remittance Market can be witnessed. The North American regional market contributed the largest share in the Global Digital Remittance Market in 2019. The growth of the region can be attributed to factors such as rising online transactions, increasing disposable income, increasing awareness about digitization and rapid growth in the digital remittance market in the region. The European regional digital remittance market is also expected to grow at a steady rate due to rising adoption of digital remittance solutions across various industries including automobile, banking and healthcare.
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About BlueWeave Consulting & Research Pvt Ltd. (BWC)
BlueWeave Consulting provides a full scope of business intelligence solution for solving your toughest challenges. BWC is an emerging global expert & pioneer in the market research and provision of exclusive market INTEL. We optimize your decision making by equipping your industry with an accurate & better market research according to your industry demands through our professionally designed qualitative & quantitative research methods. Our trendy & efficient sample collection methods, integrated data solutions as well as methodologies certainly make us a better partner that you can rely on. With collective experience in the varied fields of retail, market research and reporting, we provide the business insight and business practices that would give the required impetus for your company's growth.
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