Asia-Pacific Digital Remittance Market Worth USD 269.78 Billion by the end 2026

The Asia-Pacific Digital Remittance Market size was valued at USD 49.85 billion in 2018 and is estimated to reach USD 269.78 billion by 2026, registering a CAGR of 23.5% from 2019 to 2026.

Digital remittance is referred to as the transfer of money by foreign migrants to their native countries by using digital transfer networks such as easy-to-use mobile applications, digital wallets, and others.

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The market witness's entry of digital remittance operators, which poses a serious challenge to traditional cash-in-hand providers due to reduced user fees and ease of usability. Numerous benefits of using digital remittance such as convenience, speed, lower cost, elimination of the need for tedious form-filling processes, agents, and codes and others, have shifted the focus of consumers toward digital transactions for money remittance.

Digital remittance is referred as the transfer of money by foreign migrants in their native countries by using digital transfer network such as easy-to-use mobile application, digital wallet, and others. The market witnesses entry of digital remittance operators, which poses a serious challenge to traditional cash-in-hand providers due to reduced user fees and ease of usability. Numerous benefits of using digital remittance such as convenience, speed, lower cost, elimination of the need for tedious form-filling processes, agents, and codes and others have shifted the focus of consumers toward digital transactions for money remittance.

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Rise in cross-border transactions and mobile-based payment channels, reduced remittance cost & transfer time, and growth in adoption of banking & financial services drive the growth of the market. However, lack of awareness and slowdown of the remittance industry in Asia-Pacific is expected to impede the market growth. Conversely, continuous technological innovations in digital remittance industry as well as rise in internet and mobile penetration in this region are expected to present major opportunities for market expansion in the near future.

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

The report provides the profiles of key players, namely InstaReM, Remitly, Inc., Flywire, SingX Pte Ltd., Azimo Limited, WorldRemit Ltd., TransferWise Ltd, Ripple, MoneyGram, and TNG Wallet.

KEY MARKET SEGMENTS

By Remittance Type

o Inward Digital Remittance
o Outward Digital Remittance

By Remittance Channel

o Banks
o Money Transfer Operators (MTOs)
o Others

By Country

o China
o India
o Hong Kong
o Japan
o Singapore
o Indonesia
o Taiwan
o Rest of Asia-Pacific


BY END USER

o Business
o Personal

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