Global Digital Money Transfer Market Overview:
The rising digitilized across the globe is one of the strongest reasons that the digital money transfer market is growing. As it is very difficult to physically go to a bank and then follow the procedure, hence becoming the inclusion of the digital medium and thus the process is gaining high momentum. The process uses a gateway and digital accounts of both the sender and receiver. The gateway makes the process secure. The digital remittance, on the other hand, can transform the local and global economy. For example, it is studied by Statista that Transaction value in the Digital Remittances segment amounts to approximately USD 95,959 Million in 2020, thus increasing the market for digital money transfer.
- Growing Acceptance of Online Banking
- Increasing Number of Digital Devices like Smart-Phones, Mobiles Etc
- Growing E-Commerce Application In P2P Technology
- Rising Trend of application Like Google Pay in this Industry
- Concern Related to Data Privacy
- Digital Money Transfers has many growth opportunities precisely in the developing countries which include China and India. The Indian government is focusing to develop positive policy framework which includes Goods & service taxes, improving digital infrastructure, financial inclusion and launching payment systems such as Aadhar enabled payments, UPI & other fueling the digital payment sector.
- Increase in Cyber-Attacks
- Concern Related to Hacks in these Transactions
Some of the key players profiled in the report are Amdocs (United States), eServGlobal (Australia), Huawei (China), Mastercard (United States), Axis Bank (India), PayPal (United States), Visa (United States) and Interac (Canada). Additionally, following companies can also be profiled that are part of our coverage like OBOPAY (United States), Telepin Software (Canada) and Comviva (India). Analyst at AdvanceMarketAnalytics see United States Vendors to retain maximum share of Global Digital Money Transfer market by 2025. Considering Market by Medium , the sub-segment i.e. Mobile-to-Mobile transfer (M2M) will boost the Digital Money Transfer market. Considering Market by Service, the sub-segment i.e. Domestic Money Transfer will boost the Digital Money Transfer market. Considering Market by Transactions Type, the sub-segment i.e. Direct Deposits will boost the Digital Money Transfer market. Considering Market by End User, the sub-segment i.e. Banking will boost the Digital Money Transfer market.
In August 2019, Libra announced that they are planning to use Facebook as a platform where people would be able to transfer money, and this will give both Libra, Facebook, and their associates leverage of magnified scale. This can also use Facebook cryptocurrency as a method.
Data related to EXIM [Export- Import], production & consumption by country or regional level break-up can be provided based on client request**
** Confirmation on availability of data would be provided prior to purchase
The top-down and bottom-up approaches are used to estimate and validate the size of the Global Digital Money Transfer market.
In order to reach an exhaustive list of functional and relevant players various industry classification standards are closely followed such as NAICS, ICB, SIC to penetrate deep in important geographies by players and a thorough validation test is conducted to reach most relevant players for survey in Digital Money Transfer market.
In order to make priority list sorting is done based on revenue generated based on latest reporting with the help of paid databases such as Factiva, Bloomberg etc.
Finally the questionnaire is set and specifically designed to address all the necessities for primary data collection after getting prior appointment by targeting key target audience that includes Potential Investors, End-Users, Banks and Others.
This helps us to gather the data related to players revenue, operating cycle and expense, profit along with product or service growth etc.
Almost 70-80% of data is collected through primary medium and further validation is done through various secondary sources that includes Regulators, World Bank, Association, Company Website, SEC filings, OTC BB, USPTO, EPO, Annual reports, press releases etc.