Digital Remittance Market Future Prospects and Forecast To 2028
The global digital remittance market size was valued at USD 16,953.5 Million in 2021 and is poised to grow at a significant CAGR of 13.7% during the forecast period 2022-2028. Customers across the world are switching to digital remittance services because they assist minimize money transfer time and expenses. Furthermore, digital remittance services provide high levels of anonymity and security for users' funds, driving global business. The growing popularity of digital remittance services among low-wage migrant workers who use them to send money to their families has prompted numerous regulatory agencies to pay attention to and regulate the industry. However, a lack of understanding and assistance is a key barrier to consumers choosing digital remittance transfer.
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The global digital remittance market segmentation:
1) By Type: Inward Digital Remittance, Outward Digital Remittance.
2) By Channel: Banks, Money Transfer Operators, Online Platforms, Others.
3) By End-use (Migrant Labor Workforce, Personal, Small Businesses, Others.
Inward digital remittance Dominates the Digital Remittance Market
The inbound digital remittance segment is anticipated to develop at the fastest rate. Over the projection period, the category is expected to rise due to the increasing acceptance of mobile payment technologies for money transfer among migrants. Furthermore, banks can use this technology to provide services to both non-resident and resident consumers. For inward remittances, migrant workers are focused on wire transfer services, which are regarded as the safest, fastest, and most popular ways of financial transfer.
Asia-Pacific Leads Digital Remittance Market
Asia-Pacific dominated the remittance market in 2021, and it is expected to grow at the fastest rate due to an increase in the number of immigrants and increased adoption of digital remittance due to rapidly advancing technologies, evolving customer expectations, and a changing regulatory landscape, all of which are driving the automation of cross-border and remittance services. Over the forecast period, development in the usage of banking and financial services in the region is expected to boost the regional market growth. North America is predicted to account for the second larger share of the global revenue owing to an increased number of immigrants in this region.
Global digital remittance market further reveals that the key players increasingly adopting strategies such as launch of newer products, product launches, and long-term alliance to improve market revenue share and gaining significant geographic presence across the region. For instance, In Feb 2022, Japan-based Global IT and fintech company Digital Wallet Group (DWG) has officially launched Smiles Mobile Remittance, the group's international money transfer app, in the Canadian market. DWG's subsidiary, Digital Wallet Corporation (DWC), is the developer and owner of Japan's most popular international mobile remittance application, Smiles Mobile Remittance (Smiles). This launch will allow DWG to expand its Smiles service from the Asia Pacific region to the Western Hemisphere. In April 2022, Papaya Global, a New York-based payroll and payments solutions provider, has acquired digital money transfer firm Azimo.
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Key players in the digital remit tance market report are Digital Wallet Corporation, InstaReM Pvt. Ltd, MoneyGram, PayPal Holdings, Inc, Ria Financial Services Ltd, TransferGo Ltd, TransferWise Ltd, Western Union Holdings, Inc, WorldRemit Ltd,
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