United States Remittance Market 2026 | Growth Drivers, Key Players & Investment Opportunities

Market Size and Growth

Remittance Market growing with a High CAGR during the forecast period 2024-2031.

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Key Development:

United States: Recent Industry Developments

✅ In February 2026, Visa Direct announced expanded connection to UnionPay International, expected to launch in the first half of 2026, enhancing cross‐border remittance and payment experiences between the U.S. and Asian markets. The upgrade aims to support faster, more predictable inbound and outbound transfers for consumers and businesses.

✅ In January 2026, the U.S. government implemented a new 1% excise tax on certain international remittance transfers, effective Jan 1, 2026 under the One Big Beautiful Bill Act, impacting operational costs and compliance for money transfer providers. The tax applies to outbound electronic transfers to foreign countries and is designed to raise federal revenue.

✅ In January 2026, Paysend highlighted that its digital remittances remain exempt from the new federal remittance tax, preserving fast and transparent international money transfers for its users. The company emphasized that digital wallet and bank‐funded transfers are not subject to the 1% levy, positioning Paysend competitively amid regulatory shifts.

✅ In December 2025, OBOOK Holdings partnered with Visa to launch "OwlPay Cash", a mobile‐first remittance service offering up to 70% lower fees for U.S. users sending money abroad with transparent FX conversion and no monthly charges. This collaboration broadens affordable remittance options and leverages Visa Direct rails.

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Japan: Recent Industry Developments

✅ In February 2026, Japan expanded remittance access with a new feature allowing Filipinos to send money directly to GCash wallets, enabling faster, direct remittances to the Philippines via digital service PayForex. This development enhances convenience for migrant workers and their families.

✅ In January 2026, India's Economic Survey reported that the U.S. and other advanced economies now account for a larger share of remittances to India, with remittance inflows continuing to strengthen and support external sector stability. India retained the top global position for remittance receipts.

✅ In December 2025, Wise Payments Japan completed integration with the Zengin System, becoming the first money transfer operator in Japan to process near‐instant domestic yen transfers under the national settlement infrastructure. This milestone improves the speed and reliability of local and cross‐border remittances.

✅ In November 2025, Japan progressed on potential adoption of India's Unified Payments Interface (UPI), with NIPL and NTT DATA Japan signing an MoU to trial UPI acceptance starting April 2026, which could pave the way for new cross‐border remittance and payment interop capabilities between Japan and other countries.

Key Players:

=> Bank of America, Citigroup Inc., JP Morgan Chase & Co., Moneygram International Inc., WorldRemit Ltd., Ria Financial Outward Remittance, Banco Bradesco Sa, Euronet globally, Inc., Azimo Ltd. and TransferWise Ltd.

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Key Segments:

By Product

Bank Money Transfer Service leads with 40% share, driven by traditional banking networks and cross-border transfer reliability.

Money Transfer App holds 45%, emerging as the fastest-growing segment due to digital adoption, mobile penetration, and convenience.

Others account for 15%, including agent-assisted transfers, remittance kiosks, and hybrid platforms.

By Application

Consumption represents 50%, primarily for everyday payments, bill settlements, and retail purchases.

Savings account for 25%, driven by personal and household fund transfers to savings accounts.

Investment holds 25%, including fund transfers for stocks, mutual funds, and other investment instruments.

By End-User

Personal dominates with 55%, fueled by remittances, family support transfers, and individual transactions.

Business represents 30%, covering B2B payments, supplier settlements, and payroll disbursements.

Public contributes 15%, including government-to-person (G2P) payments, social benefits, and subsidies.

Regional Insights (2024-2031)

North America leads with 28% share, supported by developed digital banking infrastructure and high mobile app adoption.

Europe accounts for 25%, driven by cross-border trade, remittance flows, and digital payment initiatives.

Asia Pacific holds 30%, emerging as the fastest-growing region, fueled by growing smartphone penetration, e-wallet adoption, and high remittance volume.

South America represents 10%, growing with expansion of mobile banking and financial inclusion programs.

Middle East & Africa contribute 7%, supported by remittances and growing mobile financial service adoption.

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