Comprehensive research report based on facts and factors

Facts &  Factors

facts and factors

The global digital remittance market size and share is expected to grow to approximately $36.54 billion by 2028 at a compound annual growth rate (CAGR) of approximately 14.6% between 2022 and 2028. Sales, revenue, and strategies is InstaReM Pvt. and Ria Financial Services Ltd. and Western Union Holdings, Inc. and PayPal Holdings, Inc. and WorldRemit Ltd. and Digital Wallet Corporation and TransferWise Ltd. and Azimo Limited and TransferGo Ltd. and MoneyGram.

NEW YORK, US, August 5, 2022 (GLOBE NEWSWIRE) – Facts and Factors has published a new research report titled “Digital Remittances Market by Channel (Banks, Money Transfer Operators, Online Platforms, etc.), Type (Incoming Digital Remittances and Outbound Digital Remittances), by End Use (Personal, Migrant Workforce, Small Business, etc.) and by Region – Overview Global and Regional Industry, Market Intelligence, Comprehensive Analysis, Historical Data and Forecast 2022 – 2028″ in its research database.

According to the latest research study, the global demand Digital remittance market size It is valued at approximately US$15.27 billion in 2021. The market is expected to grow above a compound annual growth rate of 14.6% and is expected to reach over US$36.54 billion by 2028.”

The report analyzes the drivers and restraints in the digital remittance market, as well as their on-demand impact throughout the supply period. In addition, the report examines global opportunities in the global digital remittances market.

Industry overview:

Digital remittances are all cross-border financial transactions made over the Internet by an immigrant community. Transfers of money between residents and non-residents, as well as wages transferred from short-term workers in other countries to their home countries, are examples of transfers. It now plays an important role in the financial ecosystem. Even as total conversions declined in 2020, digital remittances have grown rapidly and continue to provide significant benefits to those who can benefit from them.

Since there seems to be no need for a personal visit to a store or office to initiate the conversion, digital transfers are like the person-to-person e-commerce version.

Grab a free sample PDF of this research report for more ideas with table of content, research methodology and infographics – https://www.fnfresearch.com/sample/digital-remittance-market

Key insights from primary research

  • According to the analysis, the digital remittance market is likely to grow above a Compound annual growth rate of about 14.6% between 2022 and 2028.

  • The size of the digital remittance market has been valuable US$ 15.27 billion in 2021 It is estimated to reach approximately US$ 36.54 billion by 2028. Due to a variety of driving factors, the market is expected to rise at a significant rate.

  • The money transfer operators segment dominates the market, accounting for more than 45 percent of global sales.

  • The rise and adoption of digitization is likely to pave the way for the growth of the global market.

  • Due to the high number of immigrants, North America dominates the global digital remittance market and accounts for more than 25% of global revenue.

Competing players

The report contains qualitative and quantitative research on the global Digital Remittances market, as well as detailed insights and development strategies used by the leading competitors. The report also provides an in-depth analysis of the major competitors in the market, as well as information on their competitiveness. The research also identifies and analyzes important business strategies used by these major market players, such as mergers and acquisitions (M&A), affiliations, collaborations, and contracts.

Some of the key players in the global digital remittance market include:

  • PayPal Holdings Inc.

  • WorldRemit Ltd.

  • digital wallet company

  • TransferWise Ltd.

  • Azimo Ltd.

  • TransferGo Ltd.

  • moneygram

  • InstaReM Pvt. Ltd.

  • Ria Financial Services Ltd.

  • Western Union Holdings Inc.

Purchase a copy of the report directly with @TOC https://www.fnfresearch.com/buynow/su/digital-remittance-market

market dynamics

Digital transformation and payment automation are likely to drive corporate growth. Many tech-savvy consumers around the world are adopting digital remittances, which are driving the market forward. These customers prefer digital conversions due to the short conversion time. Industrialization and urbanization are drawing people from a myriad of rural and semi-rural areas to urban areas. Many people move to different areas in search of jobs or education.

As a result, the number of cross-border transactions increases. However, financial crimes, such as terrorist financing, and money laundering pose security challenges to the global remittance market, and all of these actions have serious consequences. The realization of these operations damages the reputation of companies and causes them to lag behind their competitors. As a result, these facts may restrict the expansion of the digital remittance market.

Digital Remittance Market: Impact of COVID-19 Analytics

The COVID-19 outbreak is known to be beneficial for businesses. The COVID-19 pandemic has prompted people to rethink how they work, live and interact. As a result of global movement constraints, the global digital remittance market is likely to develop significantly during the forecast period. Customers are also turning to digital wallets as the most efficient, fast and simple option to transfer funds abroad since the lockdown began.

full browsing”Digital Remittances Market – Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data and Forecast 2022 – 2028″ report in https://www.fnfresearch.com/digital-remittance-market

cleavage analysis

The global digital remittance market is segmented on the basis of channel, type, end use, and region.

By analyzing the channel segment

  • Based on the channel, the market is divided into banks, money transfer operators, online platforms, and others.

  • Among these, the money transfer operators segment dominates the market, accounting for more than 45% of global sales.

By type of sectoral analysis

  • Based on the type, the market is categorized into incoming digital remittances and outgoing digital remittances.

  • During the forecast period, the incoming digital remittance market is expected to develop at the fastest rate.

By analyzing the end use sector

  • Based on the end use, the market is categorized into personal workforce, migrant labor, small business, and others.

  • The personal segment dominates the market, accounting for more than 40% of global revenue.

Regional Analysis:

North America dominates the global digital remittance market

North America dominates the global digital remittance market and accounts for more than 25% of global revenue. Many people come to North America in search of higher education and employment opportunities, as well as employment opportunities. The growing migrant population in the region is likely to create new opportunities for digital remittance service providers. Moreover, with the emergence of multiple payment applications in the North American region, the trend of faster money transfer is gaining momentum.

During the forecast period, the Asia Pacific regional market is expected to be the fastest growing regional market. Every year, thousands of trillions of dollars in remittances are sent by citizens of the Asia Pacific region to colleagues, business partners and families in other countries. The growth in the region’s adoption of banking and financial services is likely to drive the growth of the regional market over the forecast period. China and India are highly focused on implementing cashless payments, mobile banking and mobile payment solutions, which contribute to the growth of the regional market.

Do you have any questions? Ask our experts: https://www.fnfresearch.com/inquiry/digital-remittance-market

Recent Industrial Developments:

  • May 2021 – Western Union, the global leader in cross-currency money transfer and cross-border payments, has teamed up with Google to give US consumers access to the best-acclaimed Western Union digital money transfer experience with the Google Pay app.

  • August 2021 – Sable, a major shipping fintech platform that enables a one-stop shop for checking and credit for global citizens without a credit history or SSN, has launched a new integration with Wise that allows customers to transfer money worldwide directly through Sable, which is faster and cheaper than alternatives.

Scope of the report:

Report feature

details

Market size in 2021

15.27 billion US dollars

Expected market size in 2028

36.54 billion US dollars

CAGR growth rate

14.6% compound annual growth rate

base year

2021

prediction years

2022-2028

The main market players

InstaReM Pvt. and Ria Financial Services Ltd. and Western Union Holdings, Inc. and PayPal Holdings, Inc. and WorldRemit Ltd. and Digital Wallet Corporation and TransferWise Ltd. and Azimo Limited and TransferGo Ltd. and MoneyGram.

The main part

By channel, type, end use and region

Major areas covered

North America, Europe, Asia Pacific, Latin America, Middle East and Africa

Purchase options

Order custom purchasing options to meet your research needs.

Customization request in this report according to your requirements – https://www.fnfresearch.com/customization/digital-remittance-market

(We tailor your report to meet your specific research requirements. Ask our sales team about customizing your report.)

The global digital remittance market is segmented into the following segments:

by channel

  • Banks

  • Money Transfer Operators

  • Online platforms

  • Aharon

by type

By end use

  • Personal

  • immigrant workforce

  • small business

  • Aharon

by region

  • North Amarica

  • Europe

    • France

    • United kingdom

    • Spain

    • Germany

    • Italia

    • Rest of Europe

  • Asia Pacific

    • China

    • Japan

    • India

    • Southeast Asia

    • Rest of Southeast Asia

  • Middle East and Africa

  • Latin america

    • Brazil

    • Argentina

    • Rest of Latin America

Request a Free Sample Report on the Global Digital Remittances Market @ https://www.fnfresearch.com/sample/digital-remittance-market

Main offers:

  • Market Size, Trends And Revenue Forecast | 2022-2028

  • Market dynamics – leading trends, growth drivers, constraints and investment opportunities

  • Market Segmentation – Detailed analysis by channel, type, end use, and region

  • Competitive Landscape – Top Sellers and Other Notable Suppliers

Browse other related research reports of facts and factors

About facts and factors:

facts and factors It is a leading market research organization that provides industry expertise and meticulous advisory services to clients to develop their businesses. The reports and services provided by Facts and Factors are used by prestigious academic institutions, startups and corporations globally to measure and understand the changing international and regional business backgrounds.

The client/client’s conviction in our solutions and services has always motivated us to provide the best. Our advanced research solutions have helped them in making the right decision and guidance for their business expansion strategies.

Follow us on LinkedIn: https://www.linkedin.com/company/fnfresearch

Follow us on Twitter: https://twitter.com/fnfresearch

Follow us on Facebook: https://www.facebook.com/factsandfactors/

call us:

Rushikesh Dorg

USA: +1 347690-0211

United Kingdom: +44 2032 894158

Japan: +81 50 5806 9039

India: +91 73877 19999

E-mail: sales@fnfresearch.com

Web: https://www.fnfresearch.com

Articles: http://fnfnewsblog.com

Leave a Comment