What is Digital Remittance?
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 Global Digital Remittance market is expected to see growth rate of 22.0% and may see market size of USD9590.0 Million by 2027.
|Unit||Value (USD Million)|
|Key Companies Profiled||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)|
The study covers a detailed analysis segmented by key business segments i.e. by type (Inward Digital Remittance and Outward Digital Remittance) , by application (Migrant Labor Workforce, Study Abroad and Travel and Small Businesses) and major geographies. 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.
The competition is expected to become even more intense in the years to come due to the entry of several new players in the market. To help clients improve their revenue shares in the market, this research study provides an in-depth analysis of the markets competitive landscape and offers information on the products offered by various leading companies. Additionally, this Digital Remittance market report suggests strategies that Players can follow and highlights key areas they should focus on, in order to take maximum benefits of growth opportunities.
The report offers several leading Players, some of them are 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).
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
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
Digital Remittance Market Dynamics:
- 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
|Road Blocks / Challenges|
- Lack of skilled professional for using this service
|Gaps & Opportunities|
- Growing access of financial services such as basic bank accounts among remittance recipients and rise in internet usage offer growth opportunities for the market
Key highlights of the Global Digital Remittance market Study:
CAGR of the market during the forecast period 2021-2027
In-depth information on growth factors that will accelerate the Digital Remittance market in next few years.
Detailed Insights on futuristic trends and changing consumer behavior
Forecast of the Global Digital Remittance market size and its contribution to the parent market by type, application and by country.
A broad view of customer demand
Uncover markets competitive landscape and in-depth information on various Players
Comprehensive information about factors that will challenge the growth of Digital Remittance Players
Transformation and Important Triggers:
Business transformation has taken hold across the broad corporate landscape due to the confluence of several important triggers, including:
A tipping point in globalization
A major slowdown in Western economies
Significant shifts in technology and cost structure
The challenges of regulatory compliance
New forms of competition developing
The top-down and bottom-up approaches are used to estimate and validate the size of the Global Digital Remittance market.
In order to reach an exhaustive list of functional and relevant players, various industry classification standards are closely followed such as NAICS, ICB, and SIC to penetrate deep into important geographies by players, and a thorough validation test is conducted to reach the most relevant players for survey in Digital Remittance market.
In order to make a priority list sorting is done based on revenue generated based on the latest reporting, using 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 Migrant Labor Workforce, Low-income Households, Small Businesses and Others.
This helps us to gather the data for the 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 include Regulators, World Bank, Association, Company Website, SEC filings, OTC BB, Annual reports, press releases, etc.