Digital Remittance Market market is expected to grow at a CAGR of 18.1% during the forecasted period | Evolve Business Intelligence

As per the study initiated by Evolve Business Intelligence, the global Digital Remittance Market size accounted for USD 25.1 Billion in 2023, growing at a CAGR of 18.1% from 2023 to 2033. Digital remittance refers to the transfer of money from one location to another using electronic channels, such as online platforms, mobile apps, or digital wallets. This process enables individuals or businesses to send and receive funds across borders in a faster, more convenient, and often more cost-effective way compared to traditional methods like bank transfers or physical cash transactions.
Request/Download PDF Sample: https://report.evolvebi.com/index.php/sample/request?referer=OpenPR&reportCode=0214253
The rapid development of technology, particularly in the fields of mobile communication and internet infrastructure, has played a significant role in the growth of digital remittance. The widespread availability of smartphones and internet connectivity has made it easier for people to access and use digital remittance services. Digital remittance services often have lower fees compared to traditional methods. Many people find these services more cost-effective, especially for cross-border transactions, where traditional banking fees can be relatively high. Digital remittance offers faster transaction times compared to traditional methods, which may involve manual processing and longer clearing times. The convenience of being able to send and receive money using a mobile device or computer has contributed to the popularity of digital remittance platforms. As the world becomes more interconnected, there is an increase in international migration for work, education, and other reasons. Migrants often use digital remittance services to send money back to their home countries, driving the demand for cross-border money transfers.
Key Players
Some of the major Digital Remittance Market players holding high market shares include Western Union Holdings, Inc., TransferWise Ltd, TransferGo Ltd., Ria Financial Services Ltd., and PayPal Holdings, Inc. These players use partnership and collaboration as a key strategy to gain significant market share to compete with market leaders. Some of the other major market players include MoneyGram, InstaReM Pvt. Ltd., Digital Wallet Corporation, Azimo Limited, and WorldRemit Ltd.
Report Description: https://evolvebi.com/report/digital-remittance-market-analysis-and-global-forecast-2021-2028-with-covid-impact-analysis/
Segmental Analysis
Based on type, the Digital Remittance market is segmented into Inward Digital Remittance, Outward Digital Remittance. The largest segment in the type category is Outward Digital Remittance. This is because outward remittances are more common than inward remittances. Outward remittances are typically sent by people who are working abroad to their families back home.
Based on the channel, the Digital Remittance market is Banks, Money Transfer Operators, Online Platforms, and Others. The largest segment in the channel category is Online Platforms. This is because online platforms are becoming increasingly popular for sending and receiving remittances. Online platforms offer a convenient and affordable way to send money, and they often have lower fees than traditional money transfer operators.
Based on End Use, the Digital Remittance market is Migrant Labor Workforce, Personal, Small Businesses, and Others. The largest segment in the end-use category is the Migrant Labor Workforce. This is because migrant workers are a major source of remittances. Migrant workers typically send money home to support their families, and they often use digital remittance services to do so.
Key Region/ Countries Covered
• North America (US, Canada, Mexico)
• Europe (Germany, U.K., France, Italy, Spain, Russia, Nordic Countries, BeNeLux, Rest of Europe)
• Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Rest of Asia Pacific)
• Middle East and Africa (Saudi Arabia, UAE, Egypt, South Africa, Rest of MEA)
• Latin America (Mexico, Brazil, Argentina, Rest of Latin America)

Address
Evolve Business Intelligence
C-218, 2nd floor, M-Cube
Gujarat 396191
India
Email: sales@evolvebi.com
Website: https://evolvebi.com/

About EvolveBI
Evolve Business Intelligence is a market research, business intelligence, and advisory firm providing innovative solutions to challenging pain points of a business. Our market research reports include data useful to micro, small, medium, and large-scale enterprises. We provide solutions ranging from mere data collection to business advisory.
Evolve Business Intelligence is built on account of technology advancement providing highly accurate data through our in-house AI-modelled data analysis and forecast tool - EvolveBI. This tool tracks real-time data including, quarter performance, annual performance, and recent developments from Fortune's global 2000 companies.

This release was published on openPR.