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Digital Remittance Market Size, Share, Trends, and Outlook Report 2024-2033
Digital Remittance Market Size
As per the report, the digital remittance market size has grown rapidly in recent years. It will grow from $21.85 billion in 2023 to $25.02 billion in 2024 at a compound annual growth rate (CAGR) of 14.5%. The digital remittance market size is expected to see rapid growth in the next few years. It will grow to $43.26 billion in 2028 at a compound annual growth rate (CAGR) of 14.7%.
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Surge In International Transactions Fuels Growth In Digital Remittance Market
A rising number of international transactions is expected to propel the growth of the digital remittance market going forward. International money transactions refer to the process by which money is paid directly to a person's or company's overseas bank account. One can make international money transfers with the aid of a bank, an international money transfer service, online platforms, or specific agents. Digital remittances can provide quicker and more effective transfers with other money transfer operator developments since they use new money movement networks and, in many cases, avoid correspondent banking movements. For instance, in May 2022, according to the World Bank, a US-based international financial institution, the amount of officially registered money transfers sent to low- and middle-income countries (LMICs) is anticipated to rise by 4.2% in 2022 to $630 billion. Therefore, the rising number of international transactions is driving the growth of the digital remittance market.
Product Innovation Drives Evolution In The Digital Remittance Market
Product innovation is a key trend gaining popularity in the digital remittance market. Major players operating in the digital remittance market are focused on innovating new products and solutions to sustain their position in the market. For instance, in June 2023, Velmie, a US-based financial technology provider, launched its white-label international remittance software, an international money transfer platform. It will make international transactions faster and more affordable than conventional cross-border payment methods and international money transfers. Its cost-effective, flexible, and scalable cloud-native software enables clients to launch their products in an average of three months. With an innovative currency translation engine powered by real-time market data and revenue optimization algorithms, the system now supports more than 38 currencies around the globe.
The digital remittance market covered in this report is segmented -
1) By Type: Inward Digital Remittance, Outward Digital Remittance
2) By Channel: Banks, Money Transfer Operators, Online Platforms, Other Channels
3) By End Use: Migrant Labor Workforce, Individual, Small Businesses, Other End Uses
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Major companies operating in the digital remittance market report are Remitly Inc., Citigroup Inc., American Express Company, PayPal Holdings Inc., Mastercard Inc., Western Union Holdings Inc., MoneyGram International Inc., Ria Money Transfer, Wise Payments Limited, WorldRemit Corp., Flywire Payments Corporation, OzForex Limited., Xoom Corporation, GoCardless Ltd., Nium Pte. Ltd., Touch 'n Go Sdn Bhd, PaySend, OrbitRemit Limited, Taptap Send, TransferGo Ltd., CurrencyFair, Currencycloud, Pangea Money Transfer, Azimo Ltd., Remitbee, InstaReM Pvt. Ltd., Digital Wallet Corporation, SingX Pte Ltd.
Contents of the report:
1. Executive Summary
2. Digital Remittance Market Report Structure
3. Digital Remittance Market Trends And Strategies
4. Digital Remittance Market - Macro Economic Scenario
5. Digital Remittance Market Size And Growth
…..
27. Digital Remittance Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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