Press release
Global Market For Digital Remittance Market To Generate Lucrative Revenue Prospects For Manufacturers : Fact.MR
A recently published Fact.MR report forecasts the demand for digital remittance to expand at a CAGR of 13.5% from 2022 to 2032, reaching US$ 64.43 Bn by end of the said assessment period. Increased digitization of payments has led to improved efficiency, convenience, transparency, access, and reduced transfer prices, which has boded well for the industry in recent years.From 2015 to 2021, the market for digital remittance inclined at a CAGR of 11%, reaching US$ 16 Bn in value. Digital money transfer services are witnessing increased acceptance among customers in low- and medium-income economies. Furthermore, extensive reliance on contactless payments in the wake of the COVID-19 pandemic has widened popularity of digital remittance platforms and services.
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Key Market Segments in Digital Remittance Industry Research
By Type
Inward Digital Remittance
Outward Digital Remittance
By Channel
Digital Remittance through Banks
Digital Remittance through Money Transfer Operators
Digital Remittance through Online Platforms
Digital Remittance through Other Channels
By End Use
Digital Remittance for Migrant Labor Workforce
Personal Digital Remittance
Digital Remittance for Small Businesses
Digital Remittance for Other End Uses
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Key Takeaways from the Market Study
Global digital remittance market to be valued at over US$ 18 Bn by 2022-end
By end use, digital remittance for personal use to accumulate 42% of total revenue
Money transfer operators to conduct 2 out of 5 digital remittance transactions through 2022
Outward digital remittance to account for 57% of total market revenue across the forecast period
North America to account for 27% of global digital remittance transactions
Asia Pacific to flourish at a CAGR of 13% with respect to digital remittance services
Competitive Landscape
The competitive landscape of the digital remittance market is shaped by product innovation and strategic mergers & acquisitions. Frontrunners are emphasizing capacity enhancements and global footprint expansion to leverage lucrative prospects in developing economies. Some notable developments are as follows:
In August 2021, WorldRemit Ltd. launched its money transfer services in Malaysia, allowingWorldRemit users to send money from Malaysia, in addition to 50 other countries, including the U.S. and the U.K., to more than 130 destinations. Based on their location, users can choose from numerous payout methods for the recipient, including payments to mobile wallets, bank deposits, mobile airtime top-up, and cash pick-up.
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Digital Remittance Market- Scope of Report
A recent study by Fact.MR on the digital remittance market offers a 10-year forecast for 2022 to 2032. The study analyzes crucial trends that are currently determining the growth of the market. This report explicates on vital dynamics, such as the drivers, restraints, and opportunities for key market players along with key stakeholders as well as emerging players associated with offering digital remittance services.
The study also provides the dynamics responsible for influencing the future status of the Digital remittance market over the forecast period. A detailed assessment of value chain analysis, business execution, and supply chain analysis across regional markets has been covered in the report.
A list of prominent companies operating in the digital remittance market, along with their product portfolios, enhances the reliability of this comprehensive research study.
Source - https://www.factmr.com/report/digital-remittance-market
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