Digital Remittance Market (Remittance Channel - Banks, Money Transfer Operators, and Others; End-user - Migrant Labor Workforce, Low-income Households, Small Businesses, and Others): Global Industry Analysis, Trends, Size, Share and Forecasts to 2026

A recent report published by Infinium Global Research on digital remittance market provides in-depth analysis of segments and sub-segments in the global as well as regional digital remittance market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional digital remittance market over the short term as well as long term. The report is a comprehensive presentation of trends, forecasts, and dollar values of the global digital remittance market. According to the report, the global digital remittance market is projected to grow at a healthy CAGR over the forecast period of 2020-2026.

Market Insight

The global digital remittance market has witnessed a stable growth over the years, due to the upsurge in automation and digitization. Digital remittance is definite as one of the most influential monitory solutions that can have the prospective to cause positive development on the local and global economy. The current concern over the spread of novel coronavirus is also expected to have a positive impact on the digital remittance market. Contactless payments are projected to escalate and become a more preferred method of payment during the spread of COVID-19 pandemic as contactless payment methods requires not as much physical interaction. Observations that cash could spread pathogens are foreseen to change the payment processes by firms and users regardless of whether concerns are acceptable or not. Digital wallets or other smartphone-based payment interfaces have established as potential solutions for payments to avert novel coronavirus spread.

The global digital remittance market growth is primarily driven by reduced transfer time and remittance costs. Moreover, the rapid adoption of financial and banking services and an increasing number of campaigns about digitalization are also providing impulse to the growth of the global digital remittance market. In the past few decades, numerous markets have witnessed the rapid entry of several digital remittance operators. Such operators are stimulating conventional cash-in-hand providers owing to the ease of usability and reduced user fees. Furthermore, they provide a digital transfer network that comprises an easy-to-handle mobile application to eradicate the need for hectic form-filling procedures, codes, and agents. All such USPs are also predominantly propelling the expansion in the global digital remittance market. A number of economic circumstances can be handled through banking offering connectivity, identity, and it also includes literacy solutions. In addition, growing regulatory initiatives that inspire all financial authorizations to become more transparent and governments’ initiatives in the development of richer ecosystems of data and partners are also boosting the growth of the global digital remittance market. However, deficiency of awareness & guidance is a major factor restraining the people from adopting digital remittance transfer mode. 

Among the geographies, North America region is expected to hold the largest share in the global digital remittance market as the region has witnessed rapid advancements in technology. Along with this, increasing online transactions, growing awareness about digitization and increasing disposable incomes are also promising factors responsible for the rapid growth in the digital remittance market in this region. A massive majority of remittances go to developing countries, several of which have lacking infrastructure that would allow digital remittances to unlock cost savings for citizens due to which Asia Pacific region is expected to witness high growth in the digital remittance market during the forecast period. Factors such as increasing adoption of digital transfer networks, for example, digital currencies, mobile money, mobile phone technology, and electronic identification, to remit money, has made cross-border payments easy in the Asia Pacific region. This, in turn, drives the growth of digital remittance market in the region.

Segment Covered

The report on the global digital remittance market covers segments such as remittance channel, and end-user. On the basis of the remittance channel, the sub-markets include banks, money transfer operators, and others. On the basis of end-user, the sub-markets include migrant labor workforce, low-income households, small businesses, and others.

Companies Profiled:

The report provides profiles of the companies in the market such as Mobetize Corp., Remitly, Regalii, peerTransfer, Currency Cloud, Azimo, WorldRemit, TransferWise, Ripple, and MoneyGram.

Report Highlights:

The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of digital remittance market. Moreover, the study highlights current market trends and provides forecast from 2020-2026. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.