BRICS Fintech Digital Remittances Market Size | 2019-2033

BRICS Fintech Digital Remittances Market Growth and Performance

• The fintech digital remittances market size in BRICS increased to US$ XX.88 Billion in 2023, with a year-on-year growth rate of 16.2%.
• By the end of 2033, the BRICS fintech digital remittances market is on track to achieve US$ XX4.76 Billion, with a forecasted Compound Annual Growth Rate (CAGR) of 18.0% throughout the forecast period.

BRICS Fintech Digital Remittances Market Outlook

The BRICS fintech digital remittances market is experiencing a dynamic transformation, driven by technological advancements, rising mobile penetration, and a collective push for financial inclusion. With traditional money transfer methods increasingly giving way to streamlined, secure, and real-time digital transactions, BRICS nations—Brazil, Russia, India, China, and South Africa—are emerging as pivotal players redefining cross-border money movement and domestic remittances.

Brazil’s Pix Instant Payment System is a striking example of how government-backed innovation can disrupt and modernize the financial system. Since its launch in 2020, Pix has radically improved digital payment infrastructure, making bank-to-bank transfers instant, accessible, and virtually cost-free. By 2023, Pix transactions surged by 74%, outpacing credit and debit card payments by 23%. With over 42 billion transactions recorded, mobile wallets and fintech platforms have become integral to daily life. Notably, financial inclusion has seen a significant boost, with more than 73% of Brazil’s population now integrated into the formal banking system—largely thanks to frictionless digital interfaces and aggressive fintech penetration into underserved areas.

India’s fintech evolution tells a similarly compelling story. The Unified Payments Interface (UPI) has emerged as the bedrock of India's digital remittance ecosystem. Accounting for nearly half (48.5%) of global real-time transactions, UPI processed 164 billion transactions worth ?428 lakh crore in the 2023-24 fiscal year alone. What distinguishes UPI’s success is not just its transaction volume but its wide adoption across tiers—from metropolitan consumers to rural vendors using QR codes and mobile apps. Strategic government initiatives, such as expanding 5G networks and advancing 6G research, along with chip manufacturing self-sufficiency, further underpin India’s long-term commitment to fintech infrastructure growth.

Meanwhile, South Africa is witnessing a cultural and technological shift toward digital-first remittance solutions. According to the SpendTrend 25 report by Discovery Bank and Visa, 67% of South Africans now use cash infrequently, and 84% prefer digital or card-based payments. The adoption of mobile money platforms and the exploration of blockchain-powered remittance corridors are significantly reducing high transfer costs and moving users away from risky informal channels. South Africa’s case illustrates the growing public trust in secure, tech-enabled financial services.

China, a long-standing fintech leader, has taken a leap into the future by launching the digital RMB cross-border settlement system in March 2025. This groundbreaking initiative by the People's Bank of China integrates digital currency with global trade, now linked with ten ASEAN countries and six Middle Eastern nations—collectively covering about 38% of international trade. With settlement times reduced from days to just seven seconds and transaction costs lowered by a staggering 98%, the digital RMB could recalibrate the global remittance architecture. Its implications extend beyond cost savings, positioning China as a frontrunner in creating a programmable, sovereign digital currency ecosystem with global interoperability.

While Russia’s digital remittance development is progressing more cautiously amid geopolitical constraints, the nation is steadily exploring blockchain applications and centralized digital currency (CBDC) development to reduce dependence on traditional SWIFT-based remittance models. Emphasis on fintech startups and innovation hubs is positioning Russia to strengthen its digital payment infrastructure in the long term.

The convergence of instant payment systems, mobile wallets, and central bank digital currencies across BRICS countries illustrates a broader fintech renaissance. These advancements are not only reducing the cost and complexity of remittance flows but also democratizing access to digital financial services across socioeconomic classes. The BRICS fintech digital remittances market is laying the groundwork for future-ready economies where inclusive finance is not just a policy objective but an everyday reality. As countries continue to invest in robust digital infrastructure and regulatory clarity, the trajectory points toward a hyper-connected global remittance ecosystem with BRICS at the helm of innovation.

BRICS Fintech Digital Remittances Market Scope

BRICS Fintech Digital Remittances Industry: Country Coverage