The global digital remittance market is anticipated to grow at a CAGR of 15.9% during the forecast period. Increasing use of digital remittance by various end user industries, especially in emerging d economic countries such as India, and China, is expected to drive the market growth in the forthcoming year. For instance, according to an Asian Development Bank report, Asia was the largest remittance-receiving region across the globe in 2019. The region received $325 billion in formal remittances or 45% of global flows in 2019. Further, as per the same source, by country, India is the largest receiver, totaling close to $80 billion, followed by the PRC, Pakistan, the Philippines, and VietNam. Moreover, for many Asian countries, remittances accounted for a significant proportion of gross domestic product (GDP), including Tonga 40%, Tajikistan at 26%, the Kyrgyz Republic 25%, Nepal 23%, and Samoa 17%.
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Moreover, new product development and launch by major players will further boost the market growth. For instance, in April 2021, Travelex, partnered with Nium to extend digital remittance services to their users. With this collaboration, Travelex users remit money to more than 50 markets globally, and the service will be further expanded to over 40 countries. Furthermore, in September 2021, Innovative Payment Solutions, Inc., and IPSIPay, announced that its filed company in London, IPSIPay (UK) Ltd., entered into a non-binding Letter of Intent (LOI) with BC Remittance Ltd., in a strategic partnership to provide electronic money transfers to the Philippines. BC Remit is an Authorized Payment Institution (API) and has the ability to rapidly and securely send money directly to the Philippines. In addition, BC Remit is a low-cost provider of remittances; money transfer fees are low at around 1%. Moreover, BC Remit will allow utilizing rail in sending remittances to the Philippines and provides with the ability to file for EMI (Electronic Money Institution) designation in other locations such as the UK and the EU.
Market Coverage
- The market number available for – 2021-2028
- Base year- 2021
- Forecast period- 2022-2028
Segment Covered-
- By Type
- By Distribution Channel
- By End User
Regions Covered-
- North America
- Europe
- Asia-Pacific
- Rest of the World
- Competitive LandscapeMoneyGram International, Inc., PayPal, Remitly Inc., Western Union Holding Inc., Digital Wallet Corp., Flywire, and others.
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Digital Remittance Market Report Segment
By Type
- Inward Digital Remittance
- Outward Digital Remittance
- By Distribution Channel
- Oil and gas Banks
- Money Transfer Operators
- Online Platform
- Other Channels
By End User
- Business
- Personal
Digital Remittance Market Report by Region
North America
- United States
- Canada
Europe
- UK
- Germany
- Spain
- France
- Italy
- Rest of Europe
Asia-Pacific
- India
- China
- Japan
- South Korea
- Rest of APAC
Rest of the World
- Latin America
- Middle East and Africa
Company Profiles
- Arcus
- Azimo Ltd.
- ph Pte. Ltd.
- Digital Wallet Corp.
- Flywire
- InstaReM PTE Ltd.
- OrbitRemit Global Money Transfer Ltd.
- Pontual Money Transfer
- Ria Financial Services Ltd.
- Ripple
- The Currency Cloud Ltd.
- TNG Ltd.
- Toastme Pte Ltd.
- TransferGo Ltd.
- TransferWise Ltd.
- WorldRemit Ltd.
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- We cover more than 15 major industries, further segmented into more than 90 sectors.
- More than 120 countries are for analysis.
- Over 100+ paid data sources mined for investigation.
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