Digital Remittance Market is projected to expand at a steady CAGR over the forecast by 2031 | MoneyGram, PayPal Holdings, Inc., Ria Financial Services Ltd., TransferGo

Global Digital Remittance Market report from Global Insight Services is the single authoritative source of intelligence on Digital Remittance Market. The report will provide you with analysis of impact of latest market disruptions such as Russia-Ukraine war and Covid-19 on the market. Report provides qualitative analysis of the market using various frameworks such as Porters' and PESTLE analysis. Report includes in-depth segmentation and market size data by categories, product types, applications, and geographies. Report also includes comprehensive analysis of key issues, trends and drivers, restraints and challenges, competitive landscape, as well as recent events such as M&A activities in the market.

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Digital Remittance is a term used to describe the electronic transfer of money from one person to another. This can be done through a number of different platforms, such as email, text message, or online banking. The sender typically initiates the transfer by entering the recipient's information, such as their name and bank account number. The funds are then transferred from the sender's account to the recipient's account, and the recipient can access the funds immediately.

Key Trends

There are a few key trends in Digital Remittance technology:

1. The use of blockchain technology is becoming more widespread in the remittance industry. This is because blockchain provides a secure and efficient way to send and receive money.

2. More remittance providers are offering mobile apps that allow users to send and receive money on their smartphones. This is convenient for users and helps to reduce costs.

3. Some remittance providers are beginning to offer services that allow users to send money to people in other countries without having to go through a bank. This can be done using a mobile app or a website.

4. Some remittance providers are beginning to offer cryptocurrency as a way to send and receive money. This is because cryptocurrency is fast, secure, and has low fees.

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Key Drivers

There are a few key drivers of digital remittance market. Firstly, the global digital remittance market is driven by the increasing number of migrant workers. Migrant workers are increasingly using digital remittance services to send money back to their home countries. This is because digital remittance services are often cheaper and faster than traditional money transfer methods.

Secondly, the digital remittance market is also driven by the increasing number of refugees and asylum seekers. Refugees and asylum seekers often rely on digital remittance services to send money to their families and loved ones. This is because digital remittance services are often the only way to send money to countries that are in conflict or have unstable governments.

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Market Segments

The digital remittance market report is bifurcated on the basis of type, channel, end-user, and region. On the basis of type, it is segmented into inward digital remittance and outward digital remittance. Based on channel, it is analyzed across banks, money transfer operator, online platforms, and others. By end-user, it is categorized into business, personal, and others. Region-wise, it is studied across North America, Europe, Asia-Pacific, and rest of the World.

Key Players

The digital remittance market report includes players such as Azimo Limited, Digital Wallet Corp., InstaReM Pvt. Ltd., MoneyGram, PayPal Holdings, Inc., Ria Financial Services Ltd., TransferGo Ltd., TransferWise Ltd., Western Union Holdings, Inc., and WorldRemit Ltd.

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