What is Digital Remittance Market?
Digital Remittance is refer as the online service which allows the people to send money for friends and family who are living abroad, through the use of smartphone, computer or tablet. For funding of the many families around the world, remittances market is considered as one of the valuable external source. While the reduction in the remittance costs has become one of the strategic focus for organisations of multilateral development.
The market study is being classified by Type (Inward Digital Remittance and Outward Digital Remittance), by Application (Migrant Labor Workforce, Study Abroad and Travel and Small Businesses) and major geographies with country level break-up. According to AMA, the Global Digital Remittance market is expected to see growth rate of 22.0% and may see market size of USD9590.0 Million by 2025.
Western Union (WU) (United States), Ria Financial Services (United States), PayPal/Xoom (United States), TransferWise (United Kingdom), WorldRemit (United Kingdom), MoneyGram (United States), Remitly (United States), Azimo (United Kingdom), TransferGo (United Kingdom), InstaReM (Singapore), TNG Wallet (China), Coins.ph (Philippines), Toast (Singapore) and OrbitRemit (New Zealand) are some of the key players profiled in the study. Additionally, the Players which are also part of the research are Mobetize Corp.(Canada), Smiles/Digital Wallet Corporation (Japan), FlyRemit (India) and Ant Financial/Alipay (China).
India is the largest country of Migrant remittance inflows, with 68968 million USD and percentage of 11.2% in the world. China, Philippines, Mexico, France, Nigeria, Pakistan, Germany, Vietnam and Bangladesh, also are top players which receive significant amounts of remittance volume Research Analyst at AMA predicts that United States and United Kingdom Players will contribute to the maximum growth of Global Digital Remittance market throughout the predicted period.
Analyst at AMA have segmented the market study of Global Digital Remittance market by Type, Application and Region.
On the basis of geography, the market of Digital Remittance has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
- Rise in automation and digitization
- Reduction in the remittance cost & transfer time
- Increased adoption of banking & financial services
- Migration of the labor workforce
- Blockchain technology is exerting far-reaching influence on the remittance market
- Lacking in the proper awareness
- Improper guidance is restraining people from opting for digital remittance transfer mode
- Growing access of financial services such as basic bank accounts among remittance recipients and rise in internet usage offer growth opportunities for the market
- Lack of skilled professional for using this service
Market Leaders and some development strategies
The Western Union Company announced that it has signed an agreement with Travelex Holdings Limited to acquire the Travelex Global Business Payments division, a leading specialist provider of international business payments, for £606 million in cash
The Western Union Company, a leader in cross-border, cross-currency money movement, has launched the Western Union mobile app in Singapore, connecting customers to their families and loved ones around the world, 24/7
Key Target AudienceMigrant Labor Workforce, Low-income Households, Small Businesses and Others
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