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PUBLISHER: Fairfield Market Research | PRODUCT CODE: 1504131

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PUBLISHER: Fairfield Market Research | PRODUCT CODE: 1504131

Digital Remittance Market - Global Digital Remittance Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 - (By Type Coverage, By Channel Coverage, By End Use Coverage, By Geographic Coverage and By Company)

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Description

Table of Contents

The global digital remittance market is poised for remarkable growth, projected to expand from US$20.2 billion in 2023 to US$51.2 billion by 2030, reflecting a robust CAGR of 14.2% during the forecast period. This surge is fueled by increased international migration, globalization, and the growing demand for efficient cross-border transactions facilitated by digital platforms.

Key Market Drivers

1. Increased International Migration and Globalization: The market benefits from the rising global migration trends, where individuals seek better employment opportunities abroad, driving the need for secure and efficient money transfer solutions.

2. Technological Advancements and Digitization: Advancements in digital payment technologies, including lower remittance fees, faster transfer times, and enhanced security, are driving widespread adoption. The accessibility of smartphones and internet services further accelerates market growth.

Market Challenges

1. Cybersecurity Risks: Significant cybersecurity threats pose challenges to market expansion, as digital remittance services handle sensitive financial data vulnerable to breaches and fraudulent activities.

2. Regulatory Compliance: Compliance with stringent regulations aimed at combating money laundering and terrorism financing adds complexity and costs for remittance service providers, potentially hindering market growth.

Emerging Trends and Opportunities

1. Blockchain and Cryptocurrency Integration: The adoption of blockchain technology and cryptocurrencies offers secure, transparent, and efficient cross-border transaction solutions, addressing traditional remittance challenges and expanding market opportunities.

2. Expansion in Developing Markets: Increasing smartphone penetration and internet connectivity in developing regions present untapped opportunities for digital remittance services to reach underserved populations, fostering financial inclusion and market expansion.

Regional Market Leaders

1. Asia Pacific: Leading the global market, Asia Pacific benefits from rising income levels, improved financial infrastructure, and extensive smartphone penetration, particularly in countries like India and China.

2. North America: With robust financial infrastructure and high smartphone adoption rates, North America remains a significant market driven by a large migrant population sending money back to their home countries.

The global digital remittance market is characterized by key players prioritizing technological innovation and customer-centric solutions. Leaders include Western Union, MoneyGram International, TransferWise, and others, focusing on enhancing user interfaces, strengthening security protocols, and exploring blockchain technologies to maintain competitive advantage.

The digital remittance market continues to evolve rapidly, driven by technological advancements, regulatory reforms, and shifting consumer preferences towards digital financial services. As market leaders innovate and expand their service offerings, the industry is expected to witness consolidation and further growth opportunities in the coming years.

Market Key Players:

  • Western Union
  • MoneyGram International
  • TransferWise
  • Remitly
  • WorldRemit
  • Ria Financial Services
  • PayPal/Xoom
  • OFX
  • Skrill
  • Revolut

Market Segmentation:

By Type:

  • Inward Digital Remittance
  • Outward Digital Remittance

By Channel:

  • Banks
  • Money Transfer Operators
  • Online Platforms
  • Misc

By End Use:

  • Migrant Labour Workforce
  • Personal
  • Small Businesses
  • Misc

By Geographic Coverage:

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • U.K.
    • France
    • Italy
    • Turkey
    • Russia
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • South Korea
    • India
    • Southeast Asia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Argentina
    • Rest of Latin America
  • Middle East & Africa
    • GCC
    • South Africa
    • Egypt
    • Nigeria
    • Rest of the Middle East & Africa
Show more

Table of Contents

1. Executive Summary

  • 1.1. Global Digital Remittance Market Snapshot
  • 1.2. Future Projections
  • 1.3. Key Market Trends
  • 1.4. Regional Snapshot, by Value, 2022
  • 1.5. Analyst Recommendations

2. Market Overview

  • 2.1. Market Definitions and Segmentations
  • 2.2. Market Dynamics
    • 2.2.1. Drivers
    • 2.2.2. Restraints
    • 2.2.3. Market Opportunities
  • 2.3. Value Chain Analysis
  • 2.4. Porter's Five Forces Analysis
  • 2.5. Covid-19 Impact Analysis
    • 2.5.1. Supply
    • 2.5.2. Demand
  • 2.6. Impact of Ukraine-Russia Conflict
  • 2.7. Economic Overview
    • 2.7.1. World Economic Projections
  • 2.8. PESTLE Analysis

3. Global Digital Remittance Market Outlook, 2018 - 2030

  • 3.1. Global Digital Remittance Market Outlook, by Type, Value (US$ Mn), 2018 - 2030
    • 3.1.1. Key Highlights
      • 3.1.1.1. Inward Digital Remittance
      • 3.1.1.2. Outward Digital Remittance
  • 3.2. Global Digital Remittance Market Outlook, by Channel, Value (US$ Mn), 2018 - 2030
    • 3.2.1. Key Highlights
      • 3.2.1.1. Banks
      • 3.2.1.2. Money Transfer Operators
      • 3.2.1.3. Online Platforms
      • 3.2.1.4. Misc
  • 3.3. Global Digital Remittance Market Outlook, by End Use, Value (US$ Mn), 2018 - 2030
    • 3.3.1. Key Highlights
      • 3.3.1.1. Migrant Labor Workforce
      • 3.3.1.2. Personal
      • 3.3.1.3. Small Businesses
      • 3.3.1.4. Misc
  • 3.4. Global Digital Remittance Market Outlook, by Region, Value (US$ Mn), 2018 - 2030
    • 3.4.1. Key Highlights
      • 3.4.1.1. North America
      • 3.4.1.2. Europe
      • 3.4.1.3. Asia Pacific
      • 3.4.1.4. Latin America
      • 3.4.1.5. Middle East & Africa

4. North America Digital Remittance Market Outlook, 2018 - 2030

  • 4.1. North America Digital Remittance Market Outlook, by Type, Value (US$ Mn), 2018 - 2030
    • 4.1.1. Key Highlights
      • 4.1.1.1. Inward Digital Remittance
      • 4.1.1.2. Outward Digital Remittance
  • 4.2. North America Digital Remittance Market Outlook, by Channel, Value (US$ Mn), 2018 - 2030
    • 4.2.1. Key Highlights
      • 4.2.1.1. Banks
      • 4.2.1.2. Money Transfer Operators
      • 4.2.1.3. Online Platforms
      • 4.2.1.4. Misc
  • 4.3. North America Digital Remittance Market Outlook, by End Use, Value (US$ Mn), 2018 - 2030
    • 4.3.1. Key Highlights
      • 4.3.1.1. Migrant Labor Workforce
      • 4.3.1.2. Personal
      • 4.3.1.3. Small Businesses
      • 4.3.1.4. Misc
    • 4.3.2. BPS Analysis/Market Attractiveness Analysis
  • 4.4. North America Digital Remittance Market Outlook, by Country, Value (US$ Mn), 2018 - 2030
    • 4.4.1. Key Highlights
      • 4.4.1.1. U.S. Digital Remittance Market by Type, Value (US$ Mn), 2018 - 2030
      • 4.4.1.2. U.S. Digital Remittance Market Channel, Value (US$ Mn), 2018 - 2030
      • 4.4.1.3. U.S. Digital Remittance Market End Use, Value (US$ Mn), 2018 - 2030
      • 4.4.1.4. Canada Digital Remittance Market by Type, Value (US$ Mn), 2018 - 2030
      • 4.4.1.5. Canada Digital Remittance Market Channel, Value (US$ Mn), 2018 - 2030
      • 4.4.1.6. Canada Digital Remittance Market End Use, Value (US$ Mn), 2018 - 2030
    • 4.4.2. BPS Analysis/Market Attractiveness Analysis

5. Europe Digital Remittance Market Outlook, 2018 - 2030

  • 5.1. Europe Digital Remittance Market Outlook, by Type, Value (US$ Mn), 2018 - 2030
    • 5.1.1. Key Highlights
      • 5.1.1.1. Inward Digital Remittance
      • 5.1.1.2. Outward Digital Remittance
  • 5.2. Europe Digital Remittance Market Outlook, by Channel, Value (US$ Mn), 2018 - 2030
    • 5.2.1. Key Highlights
      • 5.2.1.1. Banks
      • 5.2.1.2. Money Transfer Operators
      • 5.2.1.3. Online Platforms
      • 5.2.1.4. Misc
  • 5.3. Europe Digital Remittance Market Outlook, by End Use, Value (US$ Mn), 2018 - 2030
    • 5.3.1. Key Highlights
      • 5.3.1.1. Migrant Labor Workforce
      • 5.3.1.2. Personal
      • 5.3.1.3. Small Businesses
      • 5.3.1.4. Misc
    • 5.3.2. BPS Analysis/Market Attractiveness Analysis
  • 5.4. Europe Digital Remittance Market Outlook, by Country, Value (US$ Mn), 2018 - 2030
    • 5.4.1. Key Highlights
      • 5.4.1.1. Germany Digital Remittance Market by Type, Value (US$ Mn), 2018 - 2030
      • 5.4.1.2. Germany Digital Remittance Market Channel, Value (US$ Mn), 2018 - 2030
      • 5.4.1.3. Germany Digital Remittance Market End Use, Value (US$ Mn), 2018 - 2030
      • 5.4.1.4. U.K. Digital Remittance Market by Type, Value (US$ Mn), 2018 - 2030
      • 5.4.1.5. U.K. Digital Remittance Market Channel, Value (US$ Mn), 2018 - 2030
      • 5.4.1.6. U.K. Digital Remittance Market End Use, Value (US$ Mn), 2018 - 2030
      • 5.4.1.7. France Digital Remittance Market by Type, Value (US$ Mn), 2018 - 2030
      • 5.4.1.8. France Digital Remittance Market Channel, Value (US$ Mn), 2018 - 2030
      • 5.4.1.9. France Digital Remittance Market End Use, Value (US$ Mn), 2018 - 2030
      • 5.4.1.10. Italy Digital Remittance Market by Type, Value (US$ Mn), 2018 - 2030
      • 5.4.1.11. Italy Digital Remittance Market Channel, Value (US$ Mn), 2018 - 2030
      • 5.4.1.12. Italy Digital Remittance Market End Use, Value (US$ Mn), 2018 - 2030
      • 5.4.1.13. Turkey Digital Remittance Market by Type, Value (US$ Mn), 2018 - 2030
      • 5.4.1.14. Turkey Digital Remittance Market Channel, Value (US$ Mn), 2018 - 2030
      • 5.4.1.15. Turkey Digital Remittance Market End Use, Value (US$ Mn), 2018 - 2030
      • 5.4.1.16. Russia Digital Remittance Market by Type, Value (US$ Mn), 2018 - 2030
      • 5.4.1.17. Russia Digital Remittance Market Channel, Value (US$ Mn), 2018 - 2030
      • 5.4.1.18. Russia Digital Remittance Market End Use, Value (US$ Mn), 2018 - 2030
      • 5.4.1.19. Rest of Europe Digital Remittance Market by Type, Value (US$ Mn), 2018 - 2030
      • 5.4.1.20. Rest of Europe Digital Remittance Market Channel, Value (US$ Mn), 2018 - 2030
      • 5.4.1.21. Rest of Europe Digital Remittance Market End Use, Value (US$ Mn), 2018 - 2030
    • 5.4.2. BPS Analysis/Market Attractiveness Analysis

6. Asia Pacific Digital Remittance Market Outlook, 2018 - 2030

  • 6.1. Asia Pacific Digital Remittance Market Outlook, by Type, Value (US$ Mn), 2018 - 2030
    • 6.1.1. Key Highlights
      • 6.1.1.1. Inward Digital Remittance
      • 6.1.1.2. Outward Digital Remittance
  • 6.2. Asia Pacific Digital Remittance Market Outlook, by Channel, Value (US$ Mn), 2018 - 2030
    • 6.2.1. Key Highlights
      • 6.2.1.1. Banks
      • 6.2.1.2. Money Transfer Operators
      • 6.2.1.3. Online Platforms
      • 6.2.1.4. Misc
  • 6.3. Asia Pacific Digital Remittance Market Outlook, by End Use, Value (US$ Mn), 2018 - 2030
    • 6.3.1. Key Highlights
      • 6.3.1.1. Migrant Labor Workforce
      • 6.3.1.2. Personal
      • 6.3.1.3. Small Businesses
      • 6.3.1.4. Misc
    • 6.3.2. BPS Analysis/Market Attractiveness Analysis
  • 6.4. Asia Pacific Digital Remittance Market Outlook, by Country, Value (US$ Mn), 2018 - 2030
    • 6.4.1. Key Highlights
      • 6.4.1.1. China Digital Remittance Market by Type, Value (US$ Mn), 2018 - 2030
      • 6.4.1.2. China Digital Remittance Market Channel, Value (US$ Mn), 2018 - 2030
      • 6.4.1.3. China Digital Remittance Market End Use, Value (US$ Mn), 2018 - 2030
      • 6.4.1.4. Japan Digital Remittance Market by Type, Value (US$ Mn), 2018 - 2030
      • 6.4.1.5. Japan Digital Remittance Market Channel, Value (US$ Mn), 2018 - 2030
      • 6.4.1.6. Japan Digital Remittance Market End Use, Value (US$ Mn), 2018 - 2030
      • 6.4.1.7. South Korea Digital Remittance Market by Type, Value (US$ Mn), 2018 - 2030
      • 6.4.1.8. South Korea Digital Remittance Market Channel, Value (US$ Mn), 2018 - 2030
      • 6.4.1.9. South Korea Digital Remittance Market End Use, Value (US$ Mn), 2018 - 2030
      • 6.4.1.10. India Digital Remittance Market by Type, Value (US$ Mn), 2018 - 2030
      • 6.4.1.11. India Digital Remittance Market Channel, Value (US$ Mn), 2018 - 2030
      • 6.4.1.12. India Digital Remittance Market End Use, Value (US$ Mn), 2018 - 2030
      • 6.4.1.13. Southeast Asia Digital Remittance Market by Type, Value (US$ Mn), 2018 - 2030
      • 6.4.1.14. Southeast Asia Digital Remittance Market Channel, Value (US$ Mn), 2018 - 2030
      • 6.4.1.15. Southeast Asia Digital Remittance Market End Use, Value (US$ Mn), 2018 - 2030
      • 6.4.1.16. Rest of Asia Pacific Digital Remittance Market by Type, Value (US$ Mn), 2018 - 2030
      • 6.4.1.17. Rest of Asia Pacific Digital Remittance Market Channel, Value (US$ Mn), 2018 - 2030
      • 6.4.1.18. Rest of Asia Pacific Digital Remittance Market End Use, Value (US$ Mn), 2018 - 2030
    • 6.4.2. BPS Analysis/Market Attractiveness Analysis

7. Latin America Digital Remittance Market Outlook, 2018 - 2030

  • 7.1. Latin America Digital Remittance Market Outlook, by Type, Value (US$ Mn), 2018 - 2030
    • 7.1.1. Key Highlights
      • 7.1.1.1. Inward Digital Remittance
      • 7.1.1.2. Outward Digital Remittance
  • 7.2. Latin America Digital Remittance Market Outlook, by Channel, Value (US$ Mn), 2018 - 2030
    • 7.2.1. Key Highlights
      • 7.2.1.1. Banks
      • 7.2.1.2. Money Transfer Operators
      • 7.2.1.3. Online Platforms
      • 7.2.1.4. Misc
  • 7.3. Latin America Digital Remittance Market Outlook, by End Use, Value (US$ Mn), 2018 - 2030
    • 7.3.1. Key Highlights
      • 7.3.1.1. Migrant Labor Workforce
      • 7.3.1.2. Personal
      • 7.3.1.3. Small Businesses
      • 7.3.1.4. Misc
    • 7.3.2. BPS Analysis/Market Attractiveness Analysis
  • 7.4. Latin America Digital Remittance Market Outlook, by Country, Value (US$ Mn), 2018 - 2030
    • 7.4.1. Key Highlights
      • 7.4.1.1. Brazil Digital Remittance Market by Type, Value (US$ Mn), 2018 - 2030
      • 7.4.1.2. Brazil Digital Remittance Market Channel, Value (US$ Mn), 2018 - 2030
      • 7.4.1.3. Brazil Digital Remittance Market End Use, Value (US$ Mn), 2018 - 2030
      • 7.4.1.4. Mexico Digital Remittance Market by Type, Value (US$ Mn), 2018 - 2030
      • 7.4.1.5. Mexico Digital Remittance Market Channel, Value (US$ Mn), 2018 - 2030
      • 7.4.1.6. Mexico Digital Remittance Market End Use, Value (US$ Mn), 2018 - 2030
      • 7.4.1.7. Argentina Digital Remittance Market by Type, Value (US$ Mn), 2018 - 2030
      • 7.4.1.8. Argentina Digital Remittance Market Channel, Value (US$ Mn), 2018 - 2030
      • 7.4.1.9. Argentina Digital Remittance Market End Use, Value (US$ Mn), 2018 - 2030
      • 7.4.1.10. Rest of Latin America Digital Remittance Market by Type, Value (US$ Mn), 2018 - 2030
      • 7.4.1.11. Rest of Latin America Digital Remittance Market Channel, Value (US$ Mn), 2018 - 2030
      • 7.4.1.12. Rest of Latin America Digital Remittance Market End Use, Value (US$ Mn), 2018 - 2030
    • 7.4.2. BPS Analysis/Market Attractiveness Analysis

8. Middle East & Africa Digital Remittance Market Outlook, 2018 - 2030

  • 8.1. Middle East & Africa Digital Remittance Market Outlook, by Type, Value (US$ Mn), 2018 - 2030
    • 8.1.1. Key Highlights
      • 8.1.1.1. Inward Digital Remittance
      • 8.1.1.2. Outward Digital Remittance
  • 8.2. Middle East & Africa Digital Remittance Market Outlook, by Channel, Value (US$ Mn), 2018 - 2030
    • 8.2.1. Key Highlights
      • 8.2.1.1. Banks
      • 8.2.1.2. Money Transfer Operators
      • 8.2.1.3. Online Platforms
      • 8.2.1.4. Misc
  • 8.3. Middle East & Africa Digital Remittance Market Outlook, by End Use, Value (US$ Mn), 2018 - 2030
    • 8.3.1. Key Highlights
      • 8.3.1.1. Migrant Labor Workforce
      • 8.3.1.2. Personal
      • 8.3.1.3. Small Businesses
      • 8.3.1.4. Misc
    • 8.3.2. BPS Analysis/Market Attractiveness Analysis
  • 8.4. Middle East & Africa Digital Remittance Market Outlook, by Country, Value (US$ Mn), 2018 - 2030
    • 8.4.1. Key Highlights
      • 8.4.1.1. GCC Digital Remittance Market by Type, Value (US$ Mn), 2018 - 2030
      • 8.4.1.2. GCC Digital Remittance Market Channel, Value (US$ Mn), 2018 - 2030
      • 8.4.1.3. GCC Digital Remittance Market End Use, Value (US$ Mn), 2018 - 2030
      • 8.4.1.4. South Africa Digital Remittance Market by Type, Value (US$ Mn), 2018 - 2030
      • 8.4.1.5. South Africa Digital Remittance Market Channel, Value (US$ Mn), 2018 - 2030
      • 8.4.1.6. South Africa Digital Remittance Market End Use, Value (US$ Mn), 2018 - 2030
      • 8.4.1.7. Egypt Digital Remittance Market by Type, Value (US$ Mn), 2018 - 2030
      • 8.4.1.8. Egypt Digital Remittance Market Channel, Value (US$ Mn), 2018 - 2030
      • 8.4.1.9. Egypt Digital Remittance Market End Use, Value (US$ Mn), 2018 - 2030
      • 8.4.1.10. Nigeria Digital Remittance Market by Type, Value (US$ Mn), 2018 - 2030
      • 8.4.1.11. Nigeria Digital Remittance Market Channel, Value (US$ Mn), 2018 - 2030
      • 8.4.1.12. Nigeria Digital Remittance Market End Use, Value (US$ Mn), 2018 - 2030
      • 8.4.1.13. Rest of Middle East & Africa Digital Remittance Market by Type, Value (US$ Mn), 2018 - 2030
      • 8.4.1.14. Rest of Middle East & Africa Digital Remittance Market Channel, Value (US$ Mn), 2018 - 2030
      • 8.4.1.15. Rest of Middle East & Africa Digital Remittance Market End Use, Value (US$ Mn), 2018 - 2030
    • 8.4.2. BPS Analysis/Market Attractiveness Analysis

9. Competitive Landscape

  • 9.1. End Use vs Channel Heatmap
  • 9.2. Manufacturer vs Channel Heatmap
  • 9.3. Company Market Share Analysis, 2022
  • 9.4. Competitive Dashboard
  • 9.5. Company Profiles
    • 9.5.1. Western Union
      • 9.5.1.1. Company Overview
      • 9.5.1.2. Product Portfolio
      • 9.5.1.3. Financial Overview
      • 9.5.1.4. Business Strategies and Development
    • 9.5.2. MoneyGram International
      • 9.5.2.1. Company Overview
      • 9.5.2.2. Product Portfolio
      • 9.5.2.3. Financial Overview
      • 9.5.2.4. Business Strategies and Development
    • 9.5.3. TransferWise
      • 9.5.3.1. Company Overview
      • 9.5.3.2. Product Portfolio
      • 9.5.3.3. Financial Overview
      • 9.5.3.4. Business Strategies and Development
    • 9.5.4. Remitly
      • 9.5.4.1. Company Overview
      • 9.5.4.2. Product Portfolio
      • 9.5.4.3. Financial Overview
      • 9.5.4.4. Business Strategies and Development
    • 9.5.5. WorldRemit
      • 9.5.5.1. Company Overview
      • 9.5.5.2. Product Portfolio
      • 9.5.5.3. Financial Overview
      • 9.5.5.4. Business Strategies and Development
    • 9.5.6. Ria Financial Services
      • 9.5.6.1. Company Overview
      • 9.5.6.2. Product Portfolio
      • 9.5.6.3. Financial Overview
      • 9.5.6.4. Business Strategies and Development
    • 9.5.7. PayPal/Xoom
      • 9.5.7.1. Company Overview
      • 9.5.7.2. Product Portfolio
      • 9.5.7.3. Financial Overview
      • 9.5.7.4. Business Strategies and Development
    • 9.5.8. OFX
      • 9.5.8.1. Company Overview
      • 9.5.8.2. Product Portfolio
      • 9.5.8.3. Financial Overview
      • 9.5.8.4. Business Strategies and Development
    • 9.5.9. Skrill
      • 9.5.9.1. Company Overview
      • 9.5.9.2. Product Portfolio
      • 9.5.9.3. Business Strategies and Development
    • 9.5.10. Revolut
      • 9.5.10.1. Company Overview
      • 9.5.10.2. Product Portfolio
      • 9.5.10.3. Financial Overview
      • 9.5.10.4. Business Strategies and Development

10. Appendix

  • 10.1. Research Methodology
  • 10.2. Report Assumptions
  • 10.3. Acronyms and Abbreviations
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