Global Digital Remittance Market Size Study & Forecast, by Type (Inward Digital Remittance, Outward Digital Remittance), By End User (Business, Personal), By Channel (Banks, Money Transfer Operators, Others), and Regional Analysis, 2023-2030

Description

List of Tables

Global Digital Remittance Market is valued approximately at USD 19 billion in 2022 and is anticipated to grow with a healthy growth rate of more than 16.3% over the forecast period 2023-2030. Digital remittance refers to the electronic transfer of money from one individual or entity to another, typically across different countries or regions. It involves using digital platforms, online banking systems, or mobile applications to send funds securely and conveniently. Digital remittance has gained popularity due to its speed, cost-effectiveness, and accessibility compared to traditional methods such as bank drafts or wire transfers. This technology-driven approach has revolutionized the way people send money internationally, making cross-border transactions faster, more efficient, and more convenient for individuals and businesses alike. The soaring penetration of smartphones, rising use of internet connection, increasing globalization and international migrants, and the growing requirement for international money transfers are the key factors that are primarily contributing to the growth of the Digital Remittance Market.

In addition, the surge in the digital payment preferences is driving market growth significantly. This shift towards digital transactions has created new prospects for digital remittance. People are looking for easy and affordable alternatives to send money abroad as they get increasingly used to conducting financial transactions through digital platforms. The COVID-19 pandemic, migration, globalization, technology improvements, and migration themselves have all contributed to greater awareness of digital remittance options, which is contributing to this upsurge. According to Statista, the transaction value in the digital payments industry is expected to reach USD 8.49 trillion in 2022 and is projected to grow to USD 15.17 trillion by 2027, with a compound annual growth rate (CAGR) of 12.31% during 2022-2027. As a result, the market for digital remittances is expanding as more people and companies become aware of the convenience and effectiveness of digital cross-border money transfers. Consequently, the rising inclination towards digital payments is positively impacting market demand on a global scale. Moreover, the surge in proliferation of the digital platform for remittance, as well as increasing advancements in fintech and digital payment technologies present various lucrative opportunities over the forecast years. However, the security concerns and risks associated with online transactions, along with the regulatory challenges and compliance requirements are hampering the market growth throughout the forecast period of 2023-2030.

The key regions considered for the Global Digital Remittance Market study include Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. North America dominated the market in 2022 with largest market share owing to the development in mobile technology, fintech innovations, blockchain incorporation, and regulatory frameworks, along with the presence of the leading companies like Continental Exchange Solutions, Inc., Western Union Holdings, Inc., and MoneyGram. Many individuals migrate their seeking improved education, employment prospects, and business opportunities. This influx of immigrants is anticipated to fuel growth for digital remittance service providers in the region. Additionally, the North American market is witnessing a surge in demand for faster money transfers, spurred by the emergence of various payment applications. Whereas, Asia Pacific is expected to grow at the highest CAGR over the forecast years. The stipulating demand for streamlined transfers, increased adoption of banking and financial services across the region, especially in economies like China and India are significantly propelling the market demand because of rising mobile banking, cashless payments, and mobile-based payment solutions across the region. Also, competition is intensifying, presenting growth opportunities for the regional market in the forecast period with new entrants entering the market and an expanding customer base.

Major market players included in this report are:

Nium Pte. Ltd
Wise Payments Limited
Azimo Ltd
Ria Financial Services
MoneyGram International Inc.
WorldRemit Ltd
TransferGo Ltd
Digital Wallet Inc
Western Union Holdings, Inc
PayPal Holdings Inc.

Recent Developments in the Market:

In August 2021, WorldRemit Ltd. expanded its money transfer services to Malaysia, enabling users in Malaysia and over 50 other countries, such as the U.S. and the U.K., to send money to over 130 destinations worldwide. Users can select from a variety of payout options for the recipient based on their location, including mobile wallet transfers, bank deposits, mobile airtime top-ups, and cash pick-up.
In February 2023, Fintiv, a leading mobile commerce platform, partnered with Geoswift, a payment technology company specializing in Asian cross-border payments. This collaboration enables digital remittance payments into Asia through Fintiv's mobile wallets, offering customers the ability to make person-to-person or business-to-business payments directly to China, India, and other Asian countries. Geoswift's "GeoRemit" product line expands Fintiv's geographical reach, connecting to numerous domestic banks and mobile wallets across Asia.

Global Digital Remittance Market Report Scope:

Historical Data - 2020 - 2021
Base Year for Estimation - 2022
Forecast period - 2023-2030
Report Coverage - Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
Segments Covered - Type, End User, Channel, Region
Regional Scope - North America; Europe; Asia Pacific; Latin America; Middle East & Africa
Customization Scope - Free report customization (equivalent up to 8 analyst's working hours) with purchase. Addition or alteration to country, regional & segment scope*

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.

The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:

By Type:

Inward Digital Remittance
Outward Digital Remittance

By End User:

Business
Personal

By Channel:

Banks
Money Transfer Operators
Others

By Region:

North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE
Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
Middle East & Africa
Saudi Arabia
South Africa
Rest of Middle East & Africa

Chapter 1.Executive Summary

1.1.Market Snapshot
1.2.Global & Segmental Market Estimates & Forecasts, 2020-2030 (USD Billion)
- 1.2.1.Digital Remittance Market, by region, 2020-2030 (USD Billion)
- 1.2.2.Digital Remittance Market, by Type, 2020-2030 (USD Billion)
- 1.2.3.Digital Remittance Market, by End User, 2020-2030 (USD Billion)
- 1.2.4.Digital Remittance Market, by Channel, 2020-2030 (USD Billion)
1.3.Key Trends
1.4.Estimation Methodology
1.5.Research Assumption

Chapter 2.Global Digital Remittance Market Definition and Scope

2.1.Objective of the Study
2.2.Market Definition & Scope
- 2.2.1.Industry Evolution
- 2.2.2.Scope of the Study
2.3.Years Considered for the Study
2.4.Currency Conversion Rates

Chapter 3.Global Digital Remittance Market Dynamics

3.1.Digital Remittance Market Impact Analysis (2020-2030)
- 3.1.1.Market Drivers
  - 3.1.1.1.Increasing globalization and international migrants
  - 3.1.1.2.Rising shift towards digital payment preferences
- 3.1.2.Market Challenges
  - 3.1.2.1.Security concerns and risks associated with online transactions
  - 3.1.2.2.Regulatory challenges and compliance requirements
- 3.1.3.Market Opportunities
  - 3.1.3.1.Surge in proliferation of the digital platform for remittance
  - 3.1.3.2.Increasing advancements in fintech and digital payment technologies

Chapter 4.Global Digital Remittance Market: Industry Analysis

4.1.Porter's 5 Force Model
- 4.1.1.Bargaining Power of Suppliers
- 4.1.2.Bargaining Power of Buyers
- 4.1.3.Threat of New Entrants
- 4.1.4.Threat of Substitutes
- 4.1.5.Competitive Rivalry
4.2.Porter's 5 Force Impact Analysis
4.3.PEST Analysis
- 4.3.1.Political
- 4.3.2.Economic
- 4.3.3.Social
- 4.3.4.Technological
- 4.3.5.Environmental
- 4.3.6.Legal
4.4.Top investment opportunity
4.5.Top winning strategies
4.6.COVID-19 Impact Analysis
4.7.Disruptive Trends
4.8.Industry Expert Perspective
4.9.Analyst Recommendation & Conclusion

Chapter 5.Global Digital Remittance Market, by Type

5.1.Market Snapshot
5.2.Global Digital Remittance Market by Type, Performance - Potential Analysis
5.3.Global Digital Remittance Market Estimates & Forecasts by Type 2020-2030 (USD Billion)
5.4.Digital Remittance Market, Sub Segment Analysis
- 5.4.1.Inward Digital Remittance
- 5.4.2.Outward Digital Remittance

Chapter 6.Global Digital Remittance Market, by End User

6.1.Market Snapshot
6.2.Global Digital Remittance Market by End User, Performance - Potential Analysis
6.3.Global Digital Remittance Market Estimates & Forecasts by End User 2020-2030 (USD Billion)
6.4.Digital Remittance Market, Sub Segment Analysis
- 6.4.1.Business
- 6.4.2.Personal

Chapter 7.Global Digital Remittance Market, by Channel

7.1.Market Snapshot
7.2.Global Digital Remittance Market by Channel, Performance - Potential Analysis
7.3.Global Digital Remittance Market Estimates & Forecasts by Channel 2020-2030 (USD Billion)
7.4.Digital Remittance Market, Sub Segment Analysis
- 7.4.1.Banks
- 7.4.2.Money Transfer Operators
- 7.4.3.Others

Chapter 8.Global Digital Remittance Market, Regional Analysis

8.1.Top Leading Countries
8.2.Top Emerging Countries
8.3.Digital Remittance Market, Regional Market Snapshot
8.4.North America Digital Remittance Market
- 8.4.1.U.S. Digital Remittance Market
  - 8.4.1.1.Type breakdown estimates & forecasts, 2020-2030
  - 8.4.1.2.End User breakdown estimates & forecasts, 2020-2030
  - 8.4.1.3.Channel breakdown estimates & forecasts, 2020-2030
- 8.4.2.Canada Digital Remittance Market
8.5.Europe Digital Remittance Market Snapshot
- 8.5.1.U.K. Digital Remittance Market
- 8.5.2.Germany Digital Remittance Market
- 8.5.3.France Digital Remittance Market
- 8.5.4.Spain Digital Remittance Market
- 8.5.5.Italy Digital Remittance Market
- 8.5.6.Rest of Europe Digital Remittance Market
8.6.Asia-Pacific Digital Remittance Market Snapshot
- 8.6.1.China Digital Remittance Market
- 8.6.2.India Digital Remittance Market
- 8.6.3.Japan Digital Remittance Market
- 8.6.4.Australia Digital Remittance Market
- 8.6.5.South Korea Digital Remittance Market
- 8.6.6.Rest of Asia Pacific Digital Remittance Market
8.7.Latin America Digital Remittance Market Snapshot
- 8.7.1.Brazil Digital Remittance Market
- 8.7.2.Mexico Digital Remittance Market
8.8.Middle East & Africa Digital Remittance Market
- 8.8.1.Saudi Arabia Digital Remittance Market
- 8.8.2.South Africa Digital Remittance Market
- 8.8.3.Rest of Middle East & Africa Digital Remittance Market

Chapter 9.Competitive Intelligence

9.1.Key Company SWOT Analysis
9.2.Top Market Strategies
9.3.Company Profiles
- 9.3.1. Nium Pte. Ltd
  - 9.3.1.1.Key Information
  - 9.3.1.2.Overview
  - 9.3.1.3.Financial (Subject to Data Availability)
  - 9.3.1.4.Product Summary
  - 9.3.1.5.Recent Developments
- 9.3.2.Wise Payments Limited
- 9.3.3.Azimo Ltd
- 9.3.4.Ria Financial Services
- 9.3.5.MoneyGram International Inc.
- 9.3.6.WorldRemit Ltd.
- 9.3.7.TransferGo Ltd
- 9.3.8.Digital Wallet Inc
- 9.3.9.Western Union Holdings, Inc
- 9.3.10.PayPal Holdings Inc.

Chapter 10.Research Process

10.1.Research Process
- 10.1.1.Data Mining
- 10.1.2.Analysis
- 10.1.3.Market Estimation
- 10.1.4.Validation
- 10.1.5.Publishing
10.2.Research Attributes
10.3.Research Assumption

LIST OF TABLES

TABLE 1.Global Digital Remittance Market, report scope
TABLE 2.Global Digital Remittance Market estimates & forecasts by region 2020-2030 (USD Billion)
TABLE 3.Global Digital Remittance Market estimates & forecasts by Type 2020-2030 (USD Billion)
TABLE 4.Global Digital Remittance Market estimates & forecasts by End User 2020-2030 (USD Billion)
TABLE 5.Global Digital Remittance Market estimates & forecasts by Channel 2020-2030 (USD Billion)
TABLE 6.Global Digital Remittance Market by segment, estimates & forecasts, 2020-2030 (USD Billion)
TABLE 7.Global Digital Remittance Market by region, estimates & forecasts, 2020-2030 (USD Billion)
TABLE 8.Global Digital Remittance Market by segment, estimates & forecasts, 2020-2030 (USD Billion)
TABLE 9.Global Digital Remittance Market by region, estimates & forecasts, 2020-2030 (USD Billion)
TABLE 10.Global Digital Remittance Market by segment, estimates & forecasts, 2020-2030 (USD Billion)
TABLE 11.Global Digital Remittance Market by region, estimates & forecasts, 2020-2030 (USD Billion)
TABLE 12.Global Digital Remittance Market by segment, estimates & forecasts, 2020-2030 (USD Billion)
TABLE 13.Global Digital Remittance Market by region, estimates & forecasts, 2020-2030 (USD Billion)
TABLE 14.Global Digital Remittance Market by segment, estimates & forecasts, 2020-2030 (USD Billion)
TABLE 15.Global Digital Remittance Market by region, estimates & forecasts, 2020-2030 (USD Billion)
TABLE 16.U.S. Digital Remittance Market estimates & forecasts, 2020-2030 (USD Billion)
TABLE 17.U.S. Digital Remittance Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 18.U.S. Digital Remittance Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 19.Canada Digital Remittance Market estimates & forecasts, 2020-2030 (USD Billion)
TABLE 20.Canada Digital Remittance Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 21.Canada Digital Remittance Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 22.UK Digital Remittance Market estimates & forecasts, 2020-2030 (USD Billion)
TABLE 23.UK Digital Remittance Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 24.UK Digital Remittance Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 25.Germany Digital Remittance Market estimates & forecasts, 2020-2030 (USD Billion)
TABLE 26.Germany Digital Remittance Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 27.Germany Digital Remittance Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 28.France Digital Remittance Market estimates & forecasts, 2020-2030 (USD Billion)
TABLE 29.France Digital Remittance Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 30.France Digital Remittance Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 31.Italy Digital Remittance Market estimates & forecasts, 2020-2030 (USD Billion)
TABLE 32.Italy Digital Remittance Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 33.Italy Digital Remittance Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 34.Spain Digital Remittance Market estimates & forecasts, 2020-2030 (USD Billion)
TABLE 35.Spain Digital Remittance Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 36.Spain Digital Remittance Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 37.RoE Digital Remittance Market estimates & forecasts, 2020-2030 (USD Billion)
TABLE 38.RoE Digital Remittance Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 39.RoE Digital Remittance Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 40.China Digital Remittance Market estimates & forecasts, 2020-2030 (USD Billion)
TABLE 41.China Digital Remittance Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 42.China Digital Remittance Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 43.India Digital Remittance Market estimates & forecasts, 2020-2030 (USD Billion)
TABLE 44.India Digital Remittance Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 45.India Digital Remittance Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 46.Japan Digital Remittance Market estimates & forecasts, 2020-2030 (USD Billion)
TABLE 47.Japan Digital Remittance Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 48.Japan Digital Remittance Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 49.South Korea Digital Remittance Market estimates & forecasts, 2020-2030 (USD Billion)
TABLE 50.South Korea Digital Remittance Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 51.South Korea Digital Remittance Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 52.Australia Digital Remittance Market estimates & forecasts, 2020-2030 (USD Billion)
TABLE 53.Australia Digital Remittance Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 54.Australia Digital Remittance Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 55.RoAPAC Digital Remittance Market estimates & forecasts, 2020-2030 (USD Billion)
TABLE 56.RoAPAC Digital Remittance Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 57.RoAPAC Digital Remittance Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 58.Brazil Digital Remittance Market estimates & forecasts, 2020-2030 (USD Billion)
TABLE 59.Brazil Digital Remittance Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 60.Brazil Digital Remittance Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 61.Mexico Digital Remittance Market estimates & forecasts, 2020-2030 (USD Billion)
TABLE 62.Mexico Digital Remittance Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 63.Mexico Digital Remittance Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 64.RoLA Digital Remittance Market estimates & forecasts, 2020-2030 (USD Billion)
TABLE 65.RoLA Digital Remittance Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 66.RoLA Digital Remittance Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 67.Saudi Arabia Digital Remittance Market estimates & forecasts, 2020-2030 (USD Billion)
TABLE 68.South Africa Digital Remittance Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 69.RoMEA Digital Remittance Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 70.List of secondary sources, used in the study of global Digital Remittance Market
TABLE 71.List of primary sources, used in the study of global Digital Remittance Market
TABLE 72.Years considered for the study
TABLE 73.Exchange rates considered

List of tables and figures and dummy in nature, final lists may vary in the final deliverable

LIST OF FIGURES

FIG 1.Global Digital Remittance Market, research methodology
FIG 2.Global Digital Remittance Market, Market estimation techniques
FIG 3.Global Market size estimates & forecast methods
FIG 4.Global Digital Remittance Market, key trends 2022
FIG 5.Global Digital Remittance Market, growth prospects 2023-2030
FIG 6.Global Digital Remittance Market, porters 5 force model
FIG 7.Global Digital Remittance Market, pest analysis
FIG 8.Global Digital Remittance Market, value chain analysis
FIG 9.Global Digital Remittance Market by segment, 2020 & 2030 (USD Billion)
FIG 10.Global Digital Remittance Market by segment, 2020 & 2030 (USD Billion)
FIG 11.Global Digital Remittance Market by segment, 2020 & 2030 (USD Billion)
FIG 12.Global Digital Remittance Market by segment, 2020 & 2030 (USD Billion)
FIG 13.Global Digital Remittance Market by segment, 2020 & 2030 (USD Billion)
FIG 14.Global Digital Remittance Market, regional snapshot 2020 & 2030
FIG 15.North America Digital Remittance Market 2020 & 2030 (USD Billion)
FIG 16.Europe Digital Remittance Market 2020 & 2030 (USD Billion)
FIG 17.Asia pacific Digital Remittance Market 2020 & 2030 (USD Billion)
FIG 18.Latin America Digital Remittance Market 2020 & 2030 (USD Billion)
FIG 19.Middle East & Africa Digital Remittance Market 2020 & 2030 (USD Billion)