openPR Logo
Press release

Digital Remittance Market Booming Worldwide with Latest Trend and Future Scope by 2029

09-28-2023 10:59 AM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Orion Market Research

Digital Remittance Market Booming Worldwide with Latest Trend

The global digital remittance market is anticipated to grow at a CAGR of 15.9% during the forecast period. Increasing use of digital remittance by various end user industries, especially in emerging d economic countries such as India, and China, is expected to drive the market growth in the forthcoming year. For instance, according to an Asian Development Bank report, Asia was the largest remittance-receiving region across the globe in 2019. The region received $325 billion in formal remittances or 45% of global flows in 2019.  Further, as per the same source, by country, India is the largest receiver, totaling close to $80 billion, followed by the PRC, Pakistan, the Philippines, and VietNam. Moreover, for many Asian countries, remittances accounted for a significant proportion of gross domestic product (GDP), including Tonga 40%, Tajikistan at 26%, the Kyrgyz Republic 25%, Nepal 23%, and Samoa 17%.

Moreover, new product development and launch by major players will further boost the market growth.  For instance, in April 2021, Travelex, partnered with Nium to extend digital remittance services to their users. With this collaboration, Travelex users remit money to more than 50 markets globally, and the service will be further expanded to over 40 countries.  Furthermore, in September 2021, Innovative Payment Solutions, Inc., and IPSIPay, announced that its filed company in London, IPSIPay (UK) Ltd., entered into a non-binding Letter of Intent (LOI) with BC Remittance Ltd., in a strategic partnership to provide electronic money transfers to the Philippines. BC Remit is an Authorized Payment Institution (API) and has the ability to rapidly and securely send money directly to the Philippines. In addition, BC Remit is a low-cost provider of remittances; money transfer fees are low at around 1%. Moreover, BC Remit will allow utilizing rail in sending remittances to the Philippines and provides with the ability to file for EMI (Electronic Money Institution) designation in other locations such as the UK and the EU.

To Request a Sample of our Report on Digital Remittance Market:  https://www.omrglobal.com/request-sample/digital-remittance-market

Market Coverage

The market number available for - 2022-2030
Base year- 2022
Forecast period- 2023-2030

Segment Covered- 

By Type
By Distribution Channel
By End User

Regions Covered-

North America
Europe
Asia-Pacific
Rest of the World
Competitive LandscapeMoneyGram International, Inc., PayPal, Remitly Inc., Western Union Holding Inc., Digital Wallet Corp., Flywire, and others.

Digital Remittance Market Report Segment

By Type 

Inward Digital Remittance
Outward Digital Remittance
By Distribution Channel
Oil and gas Banks
Money Transfer Operators
Online Platform
Other Channels

By End User  

Business
Personal

A full Report of Digital Remittance Market is Available @  https://www.omrglobal.com/industry-reports/digital-remittance-market

Digital Remittance Market Report by Region

North America                                                                                                           

United States
Canada

Europe

UK
Germany
Spain
France
Italy
Rest of Europe

Asia-Pacific

India
China
Japan
South Korea
Rest of APAC

Rest of the World

Latin America
Middle East and Africa

Company Profiles 

Arcus
Azimo Ltd.
ph Pte. Ltd.
Digital Wallet Corp.
Flywire
InstaReM PTE Ltd.
OrbitRemit Global Money Transfer Ltd.
Pontual Money Transfer
Ria Financial Services Ltd.
Ripple
The Currency Cloud Ltd.
TNG Ltd.
Toastme Pte Ltd.
TransferGo Ltd.
TransferWise Ltd.
WorldRemit Ltd.

Reasons to buy from us -

We cover more than 15 major industries, further segmented into more than 90 sectors.
More than 120 countries are for analysis.
Over 100+ paid data sources mined for investigation.
Our expert research analysts answer all your questions before and after purchasing your report.

For More Customized Data, Request for Report Customization @ https://www.omrglobal.com/report-customization/digital-remittance-market

Media Contact:

Company Name: Orion Market Research

Contact Person: Mr. Anurag Tiwari

Email: info@omrglobal.com

Contact no:  +91 7803040404

About Orion Market Research 
Orion Market Research (OMR) is a market research and consulting company known for its crisp and concise reports. The company is equipped with an experienced team of analysts and consultants. OMR offers quality syndicated research reports, customized research reports, consulting and other research-based services. The company also offer Digital Marketing services through its subsidiary OMR Digital and Software development and Consulting Services through another subsidiary Encanto Technologies.

This release was published on openPR.

Permanent link to this press release:

Copy
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.

You can edit or delete your press release Digital Remittance Market Booming Worldwide with Latest Trend and Future Scope by 2029 here

News-ID: 3228912 • Views:

More Releases from Orion Market Research

Environment Conservation and Wildlife Organization Market Rising Demand and Growth Forecast Through 2033
Environment Conservation and Wildlife Organization Market Rising Demand and Grow …
In 2023, the global market for environment, conservation, and wildlife organizations was approximately USD 26.2 billion, and by 2033, it is projected to reach around USD 41.5 billion, reflecting a compound annual growth rate (CAGR) of approximately 5.0% from 2024 to 2033. Environment Conservation and Wildlife Organization Market Overview The environment, conservation, and wildlife organizations market is experiencing steady growth, driven by increasing public awareness of environmental issues and the need for
Wooden Furniture Market Size Analysis, Competitive Insights, Leading Players and Growth Opportunities by 2033
Wooden Furniture Market Size Analysis, Competitive Insights, Leading Players and …
In 2023, the global wooden furniture market was valued at approximately USD 235.3 billion, and by 2033, it is projected to reach around USD 327.7 billion, reflecting a compound annual growth rate (CAGR) of approximately 3.4% from 2024 to 2033. Wooden Furniture Market Overview The global wooden furniture market is experiencing steady growth, driven by increasing consumer demand for sustainable and aesthetically pleasing home furnishings. Factors such as rising disposable incomes, urbanization,
Warehouse Management Systems Market Size Analysis, Competitive Insights, Leading Players and Growth Opportunities by 2033
Warehouse Management Systems Market Size Analysis, Competitive Insights, Leading …
In 2023, the global Warehouse Management Systems (WMS) market was approximately USD 3.2 billion, and by 2033, it is expected to reach around USD 9.4 billion, reflecting a compound annual growth rate (CAGR) of approximately 11.4% from 2024 to 2033. Warehouse Management Systems Market Overview The Warehouse Management Systems (WMS) market is rapidly growing as businesses increasingly seek to optimize their supply chain and inventory management processes. WMS solutions help improve operational
Space Technology Market Rising Demand and Growth Forecast Through 2033
Space Technology Market Rising Demand and Growth Forecast Through 2033
The global space technology market was valued at approximately USD 443.20 billion in 2023, and is projected to grow to about USD 916.85 billion by 2033, representing a compound annual growth rate (CAGR) of roughly 7.54% during the period from 2024 to 2033. Space Technology Market Overview The space technology market is experiencing strong expansion, driven by a surge in satellite innovation, advances in launch systems, and a growing wave of commercial

All 5 Releases


More Releases for Remit

Europe Remittance Software Market In-depth Analysis by Statistics & Outlook 2028 …
Business Market Insights Latest update on “Europe Remittance Software Market” Analysis, Europe Remittance Software market growth analysis and Projection by – 2028. This report is highly predictive as it holds the overall market analysis of topmost companies into the Europe Remittance Software industry. With the classified Europe Remittance Software market research based on various growing regions this report provide leading players portfolio along with sales, growth, market share and so
Europe Remittance Software Market Increasing Demand Due to COVID-19 Including To …
Businessmarketinsights Latest update on “Europe Remittance Software Market” Analysis, Europe Remittance Software market growth analysis and Projection by – 2027. This report is highly predictive as it holds the overall market analysis of topmost companies into the Europe Remittance Software industry. With the classified Europe Remittance Software market research based on various growing regions this report provide leading players portfolio along with sales, growth, market share and so on. Remittance software
North America Remittance Software Market Growth Analysis Till 2027 | Expert Rese …
The latest research documentation titled “North America Remittance Software Market” is a recently Published on business market insights that covers every aspect of North America Remittance Software 2020 along with an in-detailed analysis of growth elements, trends, Forecast, size, Share, demand, and distribution. This report also evaluates the past and current North America Remittance Software Market values to predict future market directions between the forecast period 2020 to 2027. Remittance
Remittance Software Market with highest growth in the near future Leading Player …
Global remittance software market is expected to grow from US$ 1279.64 Mn in 2017 to US$ 3323.41 Mn by 2025 at a CAGR of 12.7% during the forecast period. The scope of study involves B2B, B2C and money transaction between families living abroad by using smartphone, tablet and computer. Also, provides the estimate and forecast of the revenue and market share analysis and also spots the significant remittance software market
Remittance Software Market Analysis 2019-2025 by Key Companies – Remit One, Re …
Worldwide Remittance Software Market Analysis to 2025 is a specialized and in-depth study of the Remittance Software industry with a focus on the global market trend. The report aims to provide an overview of global Remittance Software Market with detailed market segmentation by product/application and geography. The global Remittance Software Market is expected to witness high Growth during the forecast period. The report provides key statistics on the market status
Remittance Software Market Outlook to 2025 - Remit One, Remit Anywhere, FinCode, …
Global remittance software market is expected to grow from US$ 1279.64 Mn in 2017 to US$ 3323.41 Mn by 2025 at a CAGR of 12.7% during the forecast period. An off-the-shelf report on Remittance Software Market which has been compiled after an in-depth analysis of the market trends prevailing across five geographies (North America, Europe, Asia-Pacific, Middle-East and Africa, and South America). Various segments of the market such as type/components/ application/industry