Digital Remittance Market Sales are Calculated to Reach US$ 83.2 Billion by 2034

The global digital remittance market is forecast at US$ 23.4 billion in 2024. The market has been projected to rise swiftly at a CAGR of 13.5% and reach a value of US$ 83.2 billion by the end of 2034.

Digital remittance services gained more importance during the COVID-19 pandemic. Restrictions on travel and public movement led to a reduced frequency of customer visits to banks and other financial institutions for remitting money. People began to increasingly rely on digital payment methods to conduct various transactions.

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An increasing number of cross-border transactions and the growing adoption of mobile-based payment channels are expected to boost the digital remittance market growth over the forecast period. Migrant workers widely use digital remittance services to transfer funds to their families.

Traditional money transfer methods are often burdened with hidden charges, intermediaries, and extensive paperwork, making them costly and cumbersome. In contrast, digital remittance offers customers faster and more convenient money transfer services.

Factors Driving Digital Remittance Demand in Asia Pacific
The Asia Pacific market is projected to be the fastest-growing regional market over the forecast period. Many individuals in the Asia Pacific region send substantial amounts in remittances annually to colleagues, business partners, and families abroad. The growing adoption of banking and financial services in the region is expected to drive market growth. Countries such as China and India are focusing on mobile banking, cashless payments, and mobile-based payment solutions, thereby contributing to regional market expansion.

Increased competition from new entrants and a growing customer base are expected to create significant growth opportunities in the region. The digital remittance services market in the Asia Pacific is anticipated to achieve a CAGR of 13%.

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Key Companies Profiled
Azimo Limited; WorldRemit Ltd.; Remitly; InstaReM Pvt. Ltd.; MoneyGram; Paytm; OFX; Digital Wallet Corporation; PayPal Holdings, Inc.; Ria Financial Services Ltd.; Pangea Money Transfer; OrbitRemit; TransferGo Ltd.; Western Union Holdings Inc.; CurrencyFair; Remitbee; Transfast.

Key Segments Covered in the Digital Remittance Industry Survey
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

Regional Analysis
The United States is home to prominent financial service and communication companies, such as Continental Exchange Solutions, Inc., Western Union Holdings, Inc., and MoneyGram. Majority of people migrate to the United States in search of better education and job opportunities as well as for business purposes.

The rising number of immigrants in the country is expected to create high-growth opportunities for the digital remittance service providers. Furthermore, the notable digital remittance market trend of faster money transfer is driving the high demand for advanced payment applications.

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Competitive Landscape
The competitive landscape of the digital remittance market is characterized by product innovation and strategic mergers & acquisitions. Leading companies are focusing on capacity enhancements and expanding their global footprint to capitalize on opportunities in developing economies.

In August 2021, WorldRemit Ltd. launched money transfer services in Malaysia, enabling users to send money from Malaysia and 50 other countries, including the U.S. and the U.K., to over 130 destinations. Depending on their location, users can choose from various payout methods for the recipient, such as mobile wallets, bank deposits, mobile airtime top-up, and cash pick-up.

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This release was published on openPR.