PUBLISHER: The Business Research Company | PRODUCT CODE: 1543819
PUBLISHER: The Business Research Company | PRODUCT CODE: 1543819
Digital Remittance Global Market Opportunities And Strategies To 2033
Digital remittance refers to the transfer of money across borders through digital platforms, enabling the movement of funds from one country to another using internet-based technologies.
The digital remittance market consists of sales, by entities (organizations, sole traders or partnerships), of digital remittance services that are primarily used by individuals and businesses who need to send money internationally for various reasons, such as supporting family members, paying for goods and services or conducting business transactions.
The global digital remittance market was valued at $11.342.1 million in 2018 which grew till 2023 at a compound annual growth rate (CAGR) of more than 13.0%.
Bilateral Agreements Between Countries To Ease Remittance Flows
Bilateral agreements between countries to ease remittance flows fueled the growth of the digital remittance market during the historic period. Bilateral agreements between countries streamline cross-border money transfers, by cutting transaction barriers, reducing costs and speeding up processing times for remittances. This enhanced accessibility and trust in digital platforms is driving the increased adoption of digital remittance services for international money transfers. For instance, in May 2022, the government of India signed the Comprehensive Economic Partnership Agreement with the government of the United Arab Emirates (UAE), to boost the remittance corridor between the two countries, as well as create a supportive environment to build interoperable digital solutions. Highlighting an ongoing endeavor to streamline the multi-billion-dollar trade corridor between the UAE and India, the agreement is poised to enhance the UAE-India remittance corridor, which accounts for 33% of the total inward remittances to India, from the perspective of the payments industry. Therefore, bilateral agreements between countries to ease remittance flows drove the growth of the digital remittance market.
Launch Of Embedded Remittances Services To Provide A Seamless And Convenient Experience
Companies in the digital remittance market are focusing on launching embedded remittance services to provide a seamless and convenient experience for users. Embedded remittance services refer to the integration of remittance functionalities directly into existing platforms or services, such as banking apps, e-commerce platforms or social media platforms. This integration allows users to initiate and complete remittance transactions without having to use separate remittance platforms or visit physical remittance outlets. For example, in May 2024, Leap Financial, a Canadian-based financial services company offering business loans, capital financing, funding activities and others, partnered with Mastercard Inc., a US-based multinational payment card services corporation, to launch an embedded remittance service. This all-encompassing white-label solution enables both financial and non-financial organizations to integrate a "request remittance" feature into their platforms, thereby accessing remittance streams from the US to Latin American and Caribbean nations. This partnership aims to revolutionize the remittance sector, by utilizing digital innovations to enhance the accessibility and affordability of remittance services, ultimately making a substantial impact on promoting financial inclusion.
The global digital remittance market is fairly fragmented, with a large number of players operating in the market. The top ten competitors in the market made up 21.4% of the total market in 2023.
Digital Remittance Global Market Opportunities And Strategies To 2033 from The Business Research Company provides the strategists; marketers and senior management with the critical information they need to assess the global digital remittance market as it emerges from the COVID-19 shut down.
Reasons to Purchase
- Gain a truly global perspective with the most comprehensive report available on this market covering 15 geographies.
- Understand how the market is being affected by the coronavirus and how it is likely to emerge and grow as the impact of the virus abates.
- Create regional and country strategies on the basis of local data and analysis.
- Identify growth segments for investment.
The report covers the following chapters
Markets Covered:
Table of Contents
1Executive Summary
- 1.1 Digital Remittance - Market Attractiveness And Macro economic Landscape
2 Table Of Contents
3 List Of Tables
4 List Of Figures
5 Report Structure
6 Market Characteristics
- 6.1 General Market Definition
- 6.2 Summary
- 6.3 Digital Remittance Market Definition And Segmentations
- 6.4 Market Segmentation By Type
7 Major Market Trends
8 Digital Remittance Market - Macro-Economic Scenario
9 Global Market Size And Growth
10 Global Digital Remittance Market Segmentation
11 Digital Remittance Market, Regional and Country Analysis
12 Asia-Pacific Market
13 Western Europe Market
14 Eastern Europe Market
15 North America Market
16 South America Market
17 Middle East Market
18 Africa Market
19 Competitive Landscape And Company Profiles
20 Other Major And Innovative Companies
21 Competitive Benchmarking
22 Competitive Dashboard
23 Key Mergers And Acquisitions
24 Opportunities And Strategies
25 Digital Remittance Market, Conclusions And Recommendations
26 Appendix
