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Digital Remittance Market Size, Share & Growth Report | 2031

Digital Remittance Market

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Segments - by Types (Inward Remittance and Outward Remittance), Channels (Online Inward Remittance, Money Transfer Operators, Banks, and Others), End-users (Migrant Labor Workforce, Individual/Personal, and Businesses), and Regions (Asia Pacific, North America, Europe, Latin America, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2023 – 2031

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Swarup Sahu

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Ranjit Pankhade

Report Description

The Global Digital Remittance Market size was valued at USD 20.11 Billion in 2022 and is expected to surpass USD 62.86 Billion by 2031, expanding at a CAGR of 13.5% during the forecast period, 2023–2031. Payment automation and digitalization are projected to drive market in the coming years. Digital remittance is cross-border money transfer made by migrants using the Internet.

Fund transfers between residents and non-residents, and wage transfers from short-term workers in other nations to their home country, are examples of remittances. Clients pick digital remittances, as they are require less time. Remittance is frequently made and most user groups are not prone to altering their fund transfer provider on a regular basis. Digital remittance services provide consumers with high protection and anonymity, thus propelling the digital remittance market.

Market Trends, Drivers, Restraints, and Opportunities

Many digitally savvy customers choose digital remittances and wide applications of the technology among various industries are key factors fueling the market.
Growing number of economic migrants migrating from developing to developed nations in pursuit of jobs and better life is expected to fuel the market growth in the coming years.
Rising demand for digital remittances due to expanding their networks to increase access to their banking and financial services presents a key driving factor of the market.
Lack of awareness among end-users and growing concerns related to issues of privacy violation of users are key restraining factors impeding the market.
Digitization of the easy cross-border money transfer process and reducing transaction fees are likely to create opportunities for incumbent operators of the market.

Scope of Digital Remittance Market Report

The report on the global digital remittance market includes an assessment of the market, size, share, trends, segments, and regional markets. Overview and dynamics have been included in the report.
report.

Attributes	Details
Report Title	Digital Remittance Market- Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
Base Year	2022
Historic Data	2016–2021
Forecast Period	2023–2031
Segmentation	Types (Inward Remittance and Outward Remittance), Channels (Online Inward Remittance, Money Transfer Operators, Banks, and Others), End-users (Migrant Labor Workforce, Individual/Personal, and Businesses)
Regional Scope	Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
Report Coverage	Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
Key Players Covered in the Report	Azimo Limited; Digital Wallet Corporation; InstaReM Pvt. Ltd.; MoneyGram; PayPal Holdings, Inc.; Ria Financial Services Ltd.; TransferGo Ltd.; TransferWise Ltd.; Western Union Holdings, Inc.; and WorldRemit Ltd.

Digital Remittance Market Segment Insights

In the terms of product types, the global digital remittance market is bifurcated into inward remittance and outward remittance. The outward digital remittance segment is expected to hold dominant market share during the forecast period owing to easy process of sending money among people living in different nations.

Moreover, wide support from big financial organizations and banks to assist customers to experience hassle-free money transfer in secure manner proves to be a major driver of the segment. Multinational network of banks and financial institutions are concentrating on charging cheap costs and expanding their customer base.

Based on channels, the market is fragmented into online inward remittance, money transfer operators, banks, and others. The money transfer operator segment is projected to continue to constitute key share of the market in the coming years due to increasing usage of mobile-based apps and mobile banking, offered by financial institutions and money transfer operators.

Money transfer companies often offer lower transfer fees than banks, while retaining the same level of trust and security as the banks. One of the key advantages provided by money transfer providers is the quick money transfer, which is within a day or two.

On the basis of end-users, the global digital remittance market is segregated into migrant labor workforce, individual/personal, and businesses. The individual/personal segment is anticipated to account for large market share during the projected period as easy financial transaction process is available for several individual customers. The individuals can use digital remittance services to deposit checks drawn in foreign currencies and payable at foreign centers for crediting to their accounts.

New services are being introduced and adopted to make financial transitions convenient to use. Furthermore, rising migration worldwide is projected to drive the use of digital remittance services to transfer money back home. Adoption smartphone and internet around the globe are expected to drive the segment during the forecast period.

In terms of regions, the market is classified as North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The market of North America is likely to grow rapidly in the coming years due to the use of advanced technology among several end-users and large companies in the region.

Many people come to North America in quest of higher education, work, and business opportunities, which has resulted in rising immigrant population. This is likely to create opportunities for digital remittance service providers in the region.

Segments

Types

Inward Remittance
Outward Remittance

Remittance Channels

Online Inward Remittance
Money Transfer Operators
Banks
Others

End-users

Migrant Labor Workforce
Individual/Personal
Businesses

Regions

North America
Latin America
Europe
Asia Pacific
Middle East & Africa

Key Players

Azimo Limited
Digital Wallet Corporation
InstaReM Pvt. Ltd.
MoneyGram
PayPal Holdings, Inc.
Ria Financial Services Ltd.
TransferGo Ltd.
TransferWise Ltd.
Western Union Holdings, Inc.
WorldRemit Ltd

Competitive Landscape

Key players in the global digital remittance market are Azimo Limited; Digital Wallet Corporation; InstaReM Pvt. Ltd.; MoneyGram; PayPal Holdings, Inc.; Ria Financial Services Ltd.; TransferGo Ltd.; TransferWise Ltd.; Western Union Holdings, Inc.; and WorldRemit Ltd. These players have consistently engaged in various business expansion activities such as mergers & acquisitions, collaborations, agreements, and partnerships to strengthen their geographical presence.

Table Of Content

1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. Digital Remittance Market Overview
  4.1. Introduction
     4.1.1. Market Taxonomy
     4.1.2. Market Definition
  4.2. Macro-Economic Factors
     4.2.1. Industry Outlook
  4.3. Digital Remittance Market Dynamics
     4.3.1. Market Drivers
     4.3.2. Market Restraints
     4.3.3. Opportunity
     4.3.4. Market Trends
  4.4. Digital Remittance Market - Supply Chain
  4.5. Global Digital Remittance Market Forecast
     4.5.1. Digital Remittance Market Size (US$ Mn) and Y-o-Y Growth
     4.5.2. Digital Remittance Market Size (000â€™ Units) and Y-o-Y Growth
     4.5.3. Digital Remittance Market Absolute $ Opportunity
5. Global Digital Remittance Market Analysis and Forecast by Types
  5.1. Market Trends
  5.2. Introduction
     5.2.1. Basis Point Share (BPS) Analysis by Types
     5.2.2. Y-o-Y Growth Projections by Types
  5.3. Digital Remittance Market Size and Volume Forecast by Types
     5.3.1. Inward Remittance
     5.3.2. Outward Remittance
  5.4. Absolute $ Opportunity Assessment by Types
  5.5. Market Attractiveness/Growth Potential Analysis by Types
6. Global Digital Remittance Market Analysis and Forecast by End Users
  6.1. Market Trends
  6.2. Introduction
     6.2.1. Basis Point Share (BPS) Analysis by End Users
     6.2.2. Y-o-Y Growth Projections by End Users
  6.3. Digital Remittance Market Size and Volume Forecast by End Users
     6.3.1. Migrant Labor Workforce
     6.3.2. Individual/Personal
     6.3.3. Businesses
  6.4. Absolute $ Opportunity Assessment by End Users
  6.5. Market Attractiveness/Growth Potential Analysis by End Users
7. Global Digital Remittance Market Analysis and Forecast by Region
  7.1. Market Trends
  7.2. Introduction
     7.2.1. Basis Point Share (BPS) Analysis by Region
     7.2.2. Y-o-Y Growth Projections by Region
  7.3. Digital Remittance Market Size and Volume Forecast by Region
     7.3.1. North America
     7.3.2. Latin America
     7.3.3. Europe
     7.3.4. Asia Pacific
     7.3.5. Middle East and Africa (MEA)
  7.4. Absolute $ Opportunity Assessment by Region
  7.5. Market Attractiveness/Growth Potential Analysis by Region
  7.6. Global Digital Remittance Demand Share Forecast, 2019-2026
8. North America Digital Remittance Market Analysis and Forecast
  8.1. Introduction
     8.1.1. Basis Point Share (BPS) Analysis by Country
     8.1.2. Y-o-Y Growth Projections by Country
  8.2. North America Digital Remittance Market Size and Volume Forecast by Country
     8.2.1. U.S.
     8.2.2. Canada
  8.3. Absolute $ Opportunity Assessment by Country
  8.4. North America Digital Remittance Market Size and Volume Forecast by Types
     8.4.1. Inward Remittance
     8.4.2. Outward Remittance
  8.5. Basis Point Share (BPS) Analysis by Types
  8.6. Y-o-Y Growth Projections by Types
  8.7. North America Digital Remittance Market Size and Volume Forecast by End Users
     8.7.1. Migrant Labor Workforce
     8.7.2. Individual/Personal
     8.7.3. Businesses
  8.8. Basis Point Share (BPS) Analysis by End Users
  8.9. Y-o-Y Growth Projections by End Users
  8.10. Market Attractiveness/Growth Potential Analysis
     8.10.1. By Country
     8.10.2. By Product Type
     8.10.3. By Application
  8.11. North America Digital Remittance Demand Share Forecast, 2019-2026
9. Latin America Digital Remittance Market Analysis and Forecast
  9.1. Introduction
     9.1.1. Basis Point Share (BPS) Analysis by Country
     9.1.2. Y-o-Y Growth Projections by Country
     9.1.3. Latin America Average Pricing Analysis
  9.2. Latin America Digital Remittance Market Size and Volume Forecast by Country
      9.2.1. Brazil
      9.2.2. Mexico
      9.2.3. Rest of Latin America
   9.3. Absolute $ Opportunity Assessment by Country
  9.4. Latin America Digital Remittance Market Size and Volume Forecast by Types
     9.4.1. Inward Remittance
     9.4.2. Outward Remittance
  9.5. Basis Point Share (BPS) Analysis by Types
  9.6. Y-o-Y Growth Projections by Types
  9.7. Latin America Digital Remittance Market Size and Volume Forecast by End Users
     9.7.1. Migrant Labor Workforce
     9.7.2. Individual/Personal
     9.7.3. Businesses
  9.8. Basis Point Share (BPS) Analysis by End Users
  9.9. Y-o-Y Growth Projections by End Users
  9.10. Market Attractiveness/Growth Potential Analysis
     9.10.1. By Country
     9.10.2. By Product Type
     9.10.3. By Application
  9.11. Latin America Digital Remittance Demand Share Forecast, 2019-2026
10. Europe Digital Remittance Market Analysis and Forecast
  10.1. Introduction
     10.1.1. Basis Point Share (BPS) Analysis by Country
     10.1.2. Y-o-Y Growth Projections by Country
     10.1.3. Europe Average Pricing Analysis
  10.2. Europe Digital Remittance Market Size and Volume Forecast by Country
     10.2.1. Germany
     10.2.2. France
     10.2.3. Italy
     10.2.4. U.K.
     10.2.5. Spain
     10.2.6. Russia
     10.2.7. Rest of Europe
  10.3. Absolute $ Opportunity Assessment by Country
  10.4. Europe Digital Remittance Market Size and Volume Forecast by Types
     10.4.1. Inward Remittance
     10.4.2. Outward Remittance
  10.5. Basis Point Share (BPS) Analysis by Types
  10.6. Y-o-Y Growth Projections by Types
  10.7. Europe Digital Remittance Market Size and Volume Forecast by End Users
     10.7.1. Migrant Labor Workforce
     10.7.2. Individual/Personal
     10.7.3. Businesses
  10.8. Basis Point Share (BPS) Analysis by End Users
  10.9. Y-o-Y Growth Projections by End Users
  10.10. Market Attractiveness/Growth Potential Analysis
     10.10.1. By Country
     10.10.2. By Product Type
     10.10.3. By Application
  10.11. Europe Digital Remittance Demand Share Forecast, 2019-2026
11. Asia Pacific Digital Remittance Market Analysis and Forecast
  11.1. Introduction
     11.1.1. Basis Point Share (BPS) Analysis by Country
     11.1.2. Y-o-Y Growth Projections by Country
     11.1.3. Asia Pacific Average Pricing Analysis
  11.2. Asia Pacific Digital Remittance Market Size and Volume Forecast by Country
     11.2.1. China
     11.2.2. Japan
     11.2.3. South Korea
     11.2.4. India
     11.2.5. Australia
     11.2.6. Rest of Asia Pacific (APAC)
  11.3. Absolute $ Opportunity Assessment by Country
  11.4. Asia Pacific Digital Remittance Market Size and Volume Forecast by Types
     11.4.1. Inward Remittance
     11.4.2. Outward Remittance
  11.5. Basis Point Share (BPS) Analysis by Types
  11.6. Y-o-Y Growth Projections by Types
  11.7. Asia Pacific Digital Remittance Market Size and Volume Forecast by End Users
     11.7.1. Migrant Labor Workforce
     11.7.2. Individual/Personal
     11.7.3. Businesses
  11.8. Basis Point Share (BPS) Analysis by End Users
  11.9. Y-o-Y Growth Projections by End Users
  11.10. Market Attractiveness/Growth Potential Analysis
     11.10.1. By Country
     11.10.2. By Product Type
     11.10.3. By Application
  11.11. Asia Pacific Digital Remittance Demand Share Forecast, 2019-2026
12. Middle East & Africa Digital Remittance Market Analysis and Forecast
  12.1. Introduction
     12.1.1. Basis Point Share (BPS) Analysis by Country
     12.1.2. Y-o-Y Growth Projections by Country
     12.1.3. Middle East & Africa Average Pricing Analysis
  12.2. Middle East & Africa Digital Remittance Market Size and Volume Forecast by Country
     12.2.1. Saudi Arabia
     12.2.2. South Africa
     12.2.3. UAE
     12.2.4. Rest of Middle East & Africa (MEA)
  12.3. Absolute $ Opportunity Assessment by Country
  12.4. Middle East & Africa Digital Remittance Market Size and Volume Forecast by Types
     12.4.1. Inward Remittance
     12.4.2. Outward Remittance
  12.5. Basis Point Share (BPS) Analysis by Types
  12.6. Y-o-Y Growth Projections by Types
  12.7. Middle East & Africa Digital Remittance Market Size and Volume Forecast by End Users
     12.7.1. Migrant Labor Workforce
     12.7.2. Individual/Personal
     12.7.3. Businesses
  12.8. Basis Point Share (BPS) Analysis by End Users
  12.9. Y-o-Y Growth Projections by End Users
  12.10. Market Attractiveness/Growth Potential Analysis
     12.10.1. By Country
     12.10.2. By Product Type
     12.10.3. By Application
  12.11. Middle East & Africa Digital Remittance Demand Share Forecast, 2019-2026
13. Competition Landscape
  13.1. Global Digital Remittance Market: Market Share Analysis
  13.2. Digital Remittance Distributors and Customers
  13.3. Digital Remittance Market: Competitive Dashboard
  13.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
     13.4.1. Azimo Limited
     13.4.2. Digital Wallet Corporation
     13.4.3. InstaReM Pvt. Ltd.
     13.4.4. MoneyGram
     13.4.5. PayPal Holdings, Inc.
     13.4.6. Ria Financial Services Ltd.
     13.4.7. TransferGo Ltd.

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