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Mobile Remittance Service Market Report 2024 - Mobile Remittance Market Trends And Growth
Mobile Remittance Service Market
According to The Business Research Company's, The mobile remittance service market size has grown rapidly in recent years. It will grow from $24.83 billion in 2023 to $24.83 billion in 2024 at a compound annual growth rate (CAGR) of 29.83%. The growth in the historic period can be attributed to rise in adoption of cloud-based technology, increase in mobile penetration, minimum administration & operational cost, rise in transparency among cloud providers, horizontal and vertical scalability.
The mobile remittance service market size is expected to see rapid growth in the next few years. It will grow to $55.89 billion in 2028 at a compound annual growth rate (CAGR) of 17.7%. The growth in the forecast period can be attributed to rise of contactless payments, focus on user experience, continued growth of mobile wallets, emergence of decentralized finance, focus on data security. Major trends in the forecast period include AI and machine learning integration, blockchain technology, enhanced regulatory support, expansion of financial inclusion initiatives, growth of P2P payments.
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Market Drivers and Trends:
Smartphone penetration is expected to propel the growth of the mobile remittance service market going forward. Smartphone penetration refers to the percentage of individuals within a specific population who own and use smartphones, indicating the level of smartphone adoption within that group or region. The increasing smartphone penetration is due to their growing affordability, which is being driven by economies of scale, manufacturer rivalry, and the availability of cost-effective smartphones. Mobile remittance services harness the capabilities of smartphones to offer convenience, accessibility, speed, security, and cost-effectiveness in transferring funds domestically and internationally. These services often provide real-time tracking and notifications, allowing senders and recipients to monitor the status of their transactions. For instance, in April 2022, according to the Department of Telecommunications under the Ministry of Information and Communications (MIC), a Vietnam-based regulatory agency, Vietnam recorded 91.3 million smartphone subscribers in 2021, which increased by over 2 million at the end of March 2022, resulting in a total of 93.5 million subscribers. Therefore, smartphone penetration is driving the growth of the mobile remittance service market.
Major companies operating in the mobile remittance service market are enhancing their current portfolio by adding advanced technological features such as international remittance to increase their profitability in this market. International remittance refers to the movement of funds between countries, conducted by individuals or businesses, and used for purposes such as supporting family members, education expenses, or cross-border business transactions. For instance, in July 2023, OMPay, an Oman-based financial technology service company, unveiled a new feature of international remittance to its mobile application, OMPay's Digital Wallet. The new feature is designed to serve the diverse population of the country by providing convenient payment services. It enables users to send and receive payments internationally in nine countries, offering options for cash pickup or direct transfer to recipients' digital wallets or bank accounts. This functionality is especially advantageous for students and families overseas, as it allows them to send money efficiently, bypassing travel and service fees, and accessing competitive exchange rates through OMPay.
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Major Key Players of the Market:
PayPal Holdings Inc., The Western Union Company, Zeepay Company Limited, Toast Inc., Ria Financial Services Inc., MoneyGram International Inc., Wise Group Limited, Remitly Global Inc., Payoneer Inc., Zepz Group Limited, Flywire Corporation, OFX Group Limited, CurrencyFair Ltd., TransferGo Ltd., Currencycloud Limited, InstaReM Pte. Limited, Azimo Limited, TNG Wallet, Mobetize Corp., Monty Global Payments S.A.U., Avenues India Pvt Ltd, Digital Wallet Corporation, OrbitRemit Global Money Limited, USSC Acquisition Corp. (USSC), Mobile Money Network Ltd
Mobile Remittance Service Market 2024 Key Insights:
• The mobile remittance service market size is expected to see rapid growth in the next few years. It will grow to $55.89 billion in 2028 at a compound annual growth rate (CAGR) of 17.7%.
• Influence Of Smartphone Penetration On The Mobile Remittance Service Market
• Enhancing Mobile Remittance Services With International Transfers
• Asia-Pacific was the largest region in the mobile remittance service market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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