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Digital Remittance Market Size, Share, Growth & Trends Analysis Report By Key Companies: Western Union (WU), Ria Financial Services, TransferWise, Toast, MoneyGram | Valuates Reports
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Trends Influencing Digital Remittance Market Size
Consumers benefit from the high level of security and privacy provided by digital remittance services. As a result of this capability, the digital remittance market is likely to expand.
Digital remittances are likely to become the primary means of remittance as financial institutions opt for a transparent and data-driven environment. As a result, the size of the digital remittance market is likely to expand. The need for digital remittances will continue to rise as service providers focus on expanding their networks so that everyone has access to their banking and financial services. Consumers are quickly adopting digital remittance services due to low remittance prices and faster money transfer times.
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Digital Remittance Market Share Analysis
Based on region, North America is expected to have the greatest digital remittance market share. The existence of big financial service and communication firms is credited with North America's dominance. Furthermore, as the number of immigrants from undeveloped countries in North America grows, so does the size of the remittance industry.
Based on type, the digital money transfer segment holds a comparatively larger share in the global digital remittance market, which accounts for about 86%. This is attributed to the wider acceptance among customers in low- and medium-income economies.
Based on application, the migrant labor workforce holds a comparatively larger share in terms of applications and accounts for 67% of the market share. The migrant labor workforce can use the digital remittance service to compare cash transfer charges and find support organizations quickly. Furthermore, this service has made sending money home easier and more economical for foreign employees. Fintech advancements and cross-border payment innovation are also likely to drive segment expansion.
Digital Remittance Market by Type
• Banks Digital Remittance
• Digital Money Transfer Operators
Digital Remittance Market by Application
• Migrant Labor Workforce
• Study Abroad and Travel
• Small Businesses
• Others
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