Global Digital Remittance Market Trends 2024, Forecast To 2033
8 Mar, 2024
The digital remittance market (32) increased from $21.85 billion in 2023 to $25.02 billion in 2024, with a CAGR of 14.5%, attributed to digital connectivity. Expectations foresee growth to $43.26 billion by 2028, with a CAGR of 14.7%, propelled by regulatory changes and fintech innovations.
Global Digital Remittance Market Key Driver
The digital remittance market is poised for growth due to an increasing number of international transactions, facilitating money transfers to overseas bank accounts. This growth is fueled by new money movement networks and advancements in money transfer operators, enabling quicker and more effective transfers while bypassing traditional banking channels. In 2022, officially registered money transfers to low- and middle-income countries are projected to increase by 4.2% to $630 billion, as reported by the World Bank. This trend underscores the significant role of digital remittances in facilitating global financial transactions.
Get A Free Sample Of The Global Digital Remittance Market ReportGlobal Digital Remittance Market Segments
The digital remittance market covered in this report is segmented –
1) Type:Inward Digital Remittance, Outward Digital Remittance
2) Channel:Banks, Money Transfer Operators, Online Platforms, Other Channels
3) End Use:Migrant Labor Workforce, Individual, Small Businesses, Other End Uses
By Geography: The countries covered in the digital remittance market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.
North America was the largest region in the digital remittance market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the digital remittance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Major Digital Remittance Industry Players
Remitly Inc.; Citigroup Inc.; American Express Company; PayPal Holdings Inc.; Mastercard Inc.; Western Union Holdings Inc.; MoneyGram International Inc.; Ria Money Transfer; Wise Payments Limited; WorldRemit Corp.; Flywire Payments Corporation; OzForex Limited.; Xoom Corporation; GoCardless Ltd.; Nium Pte. Ltd.; Touch 'n Go Sdn Bhd; PaySend; OrbitRemit Limited; Taptap Send; TransferGo Ltd.; CurrencyFair; Currencycloud; Pangea Money Transfer; Azimo Ltd.; Remitbee; InstaReM Pvt. Ltd.; Digital Wallet Corporation; SingX Pte Ltd.
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Digital Remittance Market Overview
Digital remittances refer to the digital exchange of money beyond international borders from a single individual or establishment to others. Digital remittances are done in several ways, including online or mobile apps that do not require transmitting currency.