Banking Services

Digital Remittance Market by Remittance Type (Inward Remittance and Outward Remittance), by Remittance Channel (Online Platforms, Banks, Money Transfer Operators, and Other Digital Channels), by End User (Businesses and Individual/Personal), and Region – Global Industry Analysis, Size and Forecast, 2019-2031

Avalibale Format*:     |  ReportID: BS388  |  Coverage: GLOBAL
Category: Banking and Finance  |  Sub-Category: Banking Services
Published Date: March 2022   |  US$4250  |  Pages: 165

Digital Remittance Market is Projected to Expand at a Healthy CAGR of over XX% from 2022 to 2031

Digital Remittance Market Introduction

Remittances are the crucial contributors to GDP of many countries and major external funding source for developing countries especially from Asia Pacific, Latin America, and African regions. Rising immigration rate from developing to developed countries in search of better job opportunity, and seeking an education etc. is expected to fuel the growth of the overall remittance market. However, the cost associated with traditional remittance methods have been comparatively high, thereby affecting remittance transaction value adversely to some extent. Thanks to the advent of digital channels, especially mobile devices that facilitated convenient, 24/7 hassle free, and cost-effective remittance transfer. With dramatic advances in digital technologies, digital remittance has become a buzzword in the cross-border and peer to peer money transfer industry.

 

Market Dynamics

Growing inclination of end users towards mobile-based payment apps, mobile banking, and other online payment platforms is fuelling the growth of the digital remittance market across the globe. Also, the proliferation of smartphones and mobile devices especially in developing regions is projected to present a huge opportunity for digital payment solution and service providers in the digital remittance industry in near future. Further, the significant reduction in money transfer charges or fees has reduced dependency on cash transfer agents. This is projected to fuel the growth of the market during the forecast period from 2023 to 2031. In contrast, lack of awareness and security concerns are anticipated to have an adverse impact on digital remittance market size and growth to some extent.

 

Market Scope

The global digital remittance market has been segmented on the basis of remittance type, remittance channel, end user, and region.

 

By Remittance Type

The market has been segmented based on remittance type into inward remittance and outward remittance. In 2021, the inward remittance segment accounted for over half of the overall digital remittance market revenue. Early adoption of mobile-based payment solutions and other digital modes of money transfer among migrants in developed regions made inward remittance to be the largest/leading segment in terms of value.

 

By Remittance Channel

Remittance channel segment includes banks, money transfer operators, online platforms, and other digital channels. Among these, the banks and money transfer operators segments collectively accounted for a significant market share in 2021. Growing adoption of mobile banking and mobile-based apps introduced by financial institutions and money transfer operators is increasing the number of transactions happening in digital remittance market. Additionally, strategic collaborations among major banks and digital payment solution providers are leading to segment growth. For instance, in April 2018, DCB bank and InstaReM entered into a strategic partnership to offer digital remittance and payment services for end users.

 

By End User

By end user, the market is categorized into businesses and individual/personal. The personal segment is further sub-segmented into the white-collar workforce and blue-collar workforce. Of end users, the personal segment dominated the overall market with over XX% market share in 2021. Also, among businesses, small business is increasingly inclined towards digital remittance channels for receiving loans or funding from foreign investors. Such factors are projected to give a boost to digital remittance industry in the near future.

 

Regional Outlook

The global digital remittance market has been analyzed taking into consideration major regions such as North America, Latin America, Asia Pacific, Middle East & Africa, Western Europe, and Eastern Europe. In 2021, North America was the largest regional markets in the global digital remittance market especially in terms of outward remittance, followed by Europe. However, Asia Pacific is expected to emerge as a lucrative market for major vendors in the near future. This is mainly attributed to the introduction of the digital initiatives by governments of major countries such as China and India.

Digital Remittance Market Competitive Landscape

Major vendors operating in the market are InstaReM, Flywire, Remitly, Inc., SingX Pte Ltd., WorldRemit Ltd., Azimo Limited, TransferWise Ltd, MoneyGram, Ripple, and TNG Wallet. Introduction of user-friendly digital payment solutions that can also be deployed on mobile devices such as smartphones, tablets, and laptops have become a major strategy followed by key players in the market. Further, major players are focused towards expanding their presence in emerging markets through operational expansion. In February 2018, Flywire set up a new office in Singapore to meet rising digital remittance demand in Asia Pacific region.

Digital Remittance Market Segmentation:

 

By Remittance Type

  • Inward Remittance
  • Outward Remittance

By Remittance Channel

  • Banks
  • Money Transfer Operators
  • Online Platforms
  • Other Digital Channels

By End User

  • Businesses
  • Individual/Personal
    • White-collar Workforce
    • Blue-collar Workforce

By Geography

  • North America
    • U.S.
    • Canada
    • Mexico
  • Western Europe
    • UK
    • Germany
    • Italy
    • France
    • Spain
    • Rest of Western Europe
  • Eastern Europe
    • Russia
    • Poland
    • Rest of Eastern Europe
  • Asia Pacific
    • India
    • China
    • Japan
    • Hong Kong
    • Singapore
    • Taiwan
    • Indonesia
    • South Korea
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Argentina
    • Rest of Latin America
  • Middle East & Africa
    • GCC
    • North Africa
    • South Africa
    • Rest of MEA

 

Prominent Players Captured and Analysed in the Digital Remittance Market study

  • InstaReM
  • Flywire
  • Remitly, Inc.
  • SingX Pte Ltd.
  • WorldRemit Ltd.
  • Azimo Limited
  • TransferWise Ltd
  • MoneyGram
  • Ripple
  • TNG Wallet
  1. Introduction
    1. Executive Summary
    2. Research Methodology
    3. Scope & Definition
  2. Global Economic Overview
    1. Economy Profile
    2. Economic Sentiment
  3. Global Digital Remittance Market Overview
    1. Introduction
      1. Digital Remittance Industry Outlook
      2. Digital Remittance Penetration and Future Growth
    2. Digital Remittance Market Dynamics
      1. Drivers
      2. Restraints
      3. Market Performance Trends
    3. Industry Analysis
      1. Value Chain Analysis
      2. Porter’s Five Forces Analysis
      3. Market Concentration, 2021
  4. Digital Remittance Market Analysis
    1. Digital Remittance Market Size Forecast, 2019-2031
    2. Digital Remittance Market Size Year-on-Year Growth, 2020-2031
  5. Digital Remittance Market Analysis By Remittance Type
    1. Comparative Market Value Share Analysis, 2021 & 2031
    2. Market Attractiveness Analysis, 2021
    3. Market Size & Forecast, 2019-2031 and Y-o-Y Growth Analysis, 2020-2031
      1. Inward Remittance
      2. Outward Remittance
    4. Segment Performance Trends
  6. Digital Remittance Market Analysis By Remittance Channel
    1. Comparative Market Value Share Analysis, 2021 & 2031
    2. Market Attractiveness Analysis, 2021
    3. Market Size & Forecast, 2019-2031 and Y-o-Y Growth Analysis, 2020-2031
      1. Banks
      2. Money Transfer Operators
      3. Online Platforms
      4. Other Digital Channels
    4. Segment Performance Trends
  7. Digital Remittance Market Analysis By End User
    1. Comparative Market Value Share Analysis, 2021 & 2031
    2. Market Attractiveness Analysis, 2021
    3. Market Size & Forecast, 2019-2031 and Y-o-Y Growth Analysis, 2020-2031
      1. Businesses
      2. Individual/Personal
        1. White-collar Workforce
        2. Blue-collar Workforce
    4. Segment Performance Trends
  8. Digital Remittance Market Analysis By Region
    1. Comparative Market Value Share Analysis, 2021 & 2031
    2. Market Attractiveness Analysis, 2021
    3. Market Size & Forecast, 2019-2031 and Y-o-Y Growth Analysis, 2020-2031
      1. North America
      2. Western Europe
      3. Eastern Europe
      4. Asia Pacific
      5. Latin America
      6. Middle East and Africa
  9. North America Digital Remittance Market Analysis
    1. Regional Overview
    2. Market Size & Forecast, 2019-2031 and Y-o-Y Growth Analysis, 2020-2031
      1. By Remittance Type
      2. By Remittance Channel
      3. By End User
      4. By Country
        1. U.S.
        2. Canada
        3. Mexico
    3. North America Digital Remittance Market Trends
  10. Western Europe Digital Remittance Market Analysis
    1. Regional Overview
    2. Market Size & Forecast, 2019-2031 and Y-o-Y Growth Analysis, 2020-2031
      1. By Remittance Type
      2. By Remittance Channel
      3. By End User
        1. UK
        2. Germany
        3. France
        4. Italy
        5. Spain
        6. Rest of Western Europe
    3. Western Europe Digital Remittance Market Trends
  11. Eastern Europe Digital Remittance Market Analysis
    1. Regional Overview
    2. Market Size & Forecast, 2019-2031 and Y-o-Y Growth Analysis, 2020-2031
      1. By Remittance Type
      2. By Remittance Channel
      3. By End User
      4. By Country
        1. Russia
        2. Poland
        3. Rest of Eastern Europe
    3. Eastern Europe Digital Remittance Market Trends
  12. Asia Pacific Digital Remittance Market Analysis
    1. Regional Overview
    2. Market Size & Forecast, 2019-2031 and Y-o-Y Growth Analysis, 2020-2031
      1. By Remittance Type
      2. By Remittance Channel
      3. By End User
      4. By Country
        1. India
        2. China
        3. Japan
        4. Hong Kong
        5. Singapore
        6. Taiwan
        7. Indonesia
        8. South Korean
        9. Rest of Asia Pacific
    3. Asia Pacific Digital Remittance Market Trends
  13. Latin America Digital Remittance Market Analysis
    1. Regional Overview
    2. Market Size & Forecast, 2019-2031 and Y-o-Y Growth Analysis, 2020-2031
      1. By Remittance Type
      2. By Remittance Channel
      3. By End User
      4. By Country
        1. Brazil
        2. Argentina
        3. Rest of Latin America
    3. Latin America Digital Remittance Market Trends
  14. Middle East and Africa Digital Remittance Market Analysis
    1. Regional Overview
    2. Market Size & Forecast, 2019-2031 and Y-o-Y Growth Analysis, 2020-2031
      1. By Remittance Type
      2. By Remittance Channel
      3. By End User
      4. By Country
        1. GCC
        2. North Africa
        3. South Africa
        4. Rest of Middle East and Africa
    3. Middle East and Africa Digital Remittance Market Trends
  15. Competitive Landscape
    1. Market Dashboard
    2. Key Player Positioning
    3. Competition Benchmarking
    4. Company Profile
      1. InstaReM
        1. Overview
        2. Product Offering
        3. Key Strategies
        4. Key Developments
        5. Niche Focus
      2. Flywire
      3. Remitly, Inc.
      4. SingX Pte Ltd.
      5. WorldRemit Ltd.
      6. Azimo Limited
      7. TransferWise Ltd
      8. MoneyGram
      9. Ripple
      10. TNG Wallet
  16. Recommendations

 

List of Figures

Figure 01: Global Digital Remittance Market Size Forecast, 2019-2031 (US$ Million)
Figure 02: Digital Remittance Market Year-on-Year Growth (%), 2020-2031
Figure 03: Digital Remittance Market Value Share Analysis by Type (%), 2021 & 2031
Figure 04: Digital Remittance Market Attractiveness by Type, 2021
Figure 05: Digital Remittance Market Year-on-Year Growth (%) by Type, 2020-2031
Figure 06: Digital Remittance Market Value Share Analysis by Remittance Channel (%), 2021 & 2031
Figure 07: Digital Remittance Market Attractiveness by Remittance Channel, 2021
Figure 08: Digital Remittance Market Year-on-Year Growth (%) by Remittance Channel, 2020-2031
Figure 09: Digital Remittance Market Value Share Analysis by End User (%), 2021 & 2031
Figure 10: Digital Remittance Market Attractiveness by End User, 2021
Figure 11: Digital Remittance Market Year-on-Year Growth (%) by End User, 2020-2031
Figure 12: Digital Remittance Market Value Share Analysis by Region (%), 2021 & 2031
Figure 13: Digital Remittance Market Attractiveness by Region, 2021
Figure 14: Digital Remittance Market Year-on-Year Growth (%) by Region, 2020-2031
Figure 15: North America Digital Remittance Market Value Share Analysis by Type (%), 2021 & 2031
Figure 16: North America Digital Remittance Market Year-on-Year Growth (%) by Type, 2020-2031
Figure 17: North America Digital Remittance Market Value Share Analysis by Remittance Channel (%), 2021 & 2031
Figure 18: North America Digital Remittance Market Year-on-Year Growth (%) by Remittance Channel, 2020-2031
Figure 19: North America Digital Remittance Market Value Share Analysis by End User (%), 2021 & 2031
Figure 20: North America Digital Remittance Market Year-on-Year Growth (%) by End User, 2020-2031
Figure 21: North America Digital Remittance Market Value Share Analysis by Country (%), 2021 & 2031
Figure 22: North America Digital Remittance Market Year-on-Year Growth (%) by Country, 2020-2031
Figure 23: Western Europe Digital Remittance Market Value Share Analysis by Type (%), 2021 & 2031
Figure 24: Western Europe Digital Remittance Market Year-on-Year Growth (%) by Type, 2020-2031
Figure 25: Western Europe Digital Remittance Market Value Share Analysis by Remittance Channel (%), 2021 & 2031
Figure 26: Western Europe Digital Remittance Market Year-on-Year Growth (%) by Remittance Channel, 2020-2031
Figure 27: Western Europe Digital Remittance Market Value Share Analysis by End User (%), 2021 & 2031
Figure 28: Western Europe Digital Remittance Market Year-on-Year Growth (%) by End User, 2020-2031
Figure 29: Western Europe Digital Remittance Market Value Share Analysis by Country (%), 2021 & 2031
Figure 30: Western Europe Digital Remittance Market Year-on-Year Growth (%) by Country, 2020-2031
Figure 31: Eastern Europe Digital Remittance Market Value Share Analysis by Type (%), 2021 & 2031
Figure 32: Eastern Europe Digital Remittance Market Year-on-Year Growth (%) by Type, 2020-2031
Figure 33: Eastern Europe Digital Remittance Market Value Share Analysis by Remittance Channel (%), 2021 & 2031
Figure 34: Eastern Europe Digital Remittance Market Year-on-Year Growth (%) by Remittance Channel, 2020-2031
Figure 35: Eastern Europe Digital Remittance Market Value Share Analysis by End User (%), 2021 & 2031
Figure 36: Eastern Europe Digital Remittance Market Year-on-Year Growth (%) by End User, 2020-2031
Figure 37: Eastern Europe Digital Remittance Market Value Share Analysis by Country (%), 2021 & 2031
Figure 38: Eastern Europe Digital Remittance Market Year-on-Year Growth (%) by Country, 2020-2031
Figure 39: Asia Pacific Digital Remittance Market Value Share Analysis by Type (%), 2021 & 2031
Figure 40: Asia Pacific Digital Remittance Market Year-on-Year Growth (%) by Type, 2020-2031
Figure 41: Asia Pacific Digital Remittance Market Value Share Analysis by Remittance Channel (%), 2021 & 2031
Figure 42: Asia Pacific Digital Remittance Market Year-on-Year Growth (%) by Remittance Channel, 2020-2031
Figure 43: Asia Pacific Digital Remittance Market Value Share Analysis by End User (%), 2021 & 2031
Figure 44: Asia Pacific Digital Remittance Market Year-on-Year Growth (%) by End User, 2020-2031
Figure 45: Asia Pacific Digital Remittance Market Value Share Analysis by Country (%), 2021 & 2031
Figure 46: Asia Pacific Digital Remittance Market Year-on-Year Growth (%) by Country, 2020-2031
Figure 47: Latin America Digital Remittance Market Value Share Analysis by Type (%), 2021 & 2031
Figure 48: Latin America Digital Remittance Market Year-on-Year Growth (%) by Type, 2020-2031
Figure 49: Latin America Digital Remittance Market Value Share Analysis by Remittance Channel (%), 2021 & 2031
Figure 50: Latin America Digital Remittance Market Year-on-Year Growth (%) by Remittance Channel, 2020-2031
Figure 51: Latin America Digital Remittance Market Value Share Analysis by End User (%), 2021 & 2031
Figure 52: Latin America Digital Remittance Market Year-on-Year Growth (%) by End User, 2020-2031
Figure 53: Latin America Digital Remittance Market Value Share Analysis by Country (%), 2021 & 2031
Figure 54: Latin America Digital Remittance Market Year-on-Year Growth (%) by Country, 2020-2031
Figure 55: Middle East and Africa Digital Remittance Market Value Share Analysis by Type (%), 2021 & 2031
Figure 56: Middle East and Africa Digital Remittance Market Year-on-Year Growth (%) by Type, 2020-2031
Figure 57: Middle East and Africa Digital Remittance Market Value Share Analysis by Remittance Channel (%), 2021 & 2031
Figure 58: Middle East and Africa Digital Remittance Market Year-on-Year Growth (%) by Remittance Channel, 2020-2031
Figure 59: Middle East and Africa Digital Remittance Market Value Share Analysis by End User (%), 2021 & 2031
Figure 60: Middle East and Africa Digital Remittance Market Year-on-Year Growth (%) by End User, 2020-2031
Figure 61: Middle East and Africa Digital Remittance Market Value Share Analysis by Country (%), 2021 & 2031
Figure 62: Middle East and Africa Digital Remittance Market Year-on-Year Growth (%) by Country, 2020-2031

 

List of Tables

Table 01: Global Digital Remittance Market Size & Forecast (2019-2031) (US$ Million) and Year-on-Year Growth (2020-2031) (%) by Type
Table 02: Digital Remittance Market Incremental Revenue Opportunity by Type
Table 03: Digital Remittance Market Size & Forecast (2019-2031) (US$ Million) and Year-on-Year Growth (2020-2031) (%) by Remittance Channel
Table 04: Digital Remittance Market Incremental Revenue Opportunity by Remittance Channel
Table 05: Global Digital Remittance Market Size & Forecast (2019-2031) (US$ Million) and Year-on-Year Growth (2020-2031) (%) by End User
Table 06: Digital Remittance Market Incremental Revenue Opportunity by End User
Table 07: Digital Remittance Market Size & Forecast (2019-2031) (US$ Million) and Year-on-Year Growth (2020-2031) (%) by Region
Table 08: Digital Remittance Market Incremental Revenue Opportunity by Region
Table 09: North America Digital Remittance Market Size & Forecast (2019-2031) (US$ Million) and Year-on-Year Growth (2020-2031) (%) by Type
Table 10: North America Digital Remittance Market Incremental Revenue Opportunity by Type
Table 11: North America Digital Remittance Market Size & Forecast (2019-2031) (US$ Million) and Year-on-Year Growth (2020-2031) (%) by Remittance Channel
Table 12: North America Digital Remittance Market Incremental Revenue Opportunity by Remittance Channel
Table 13: North America Digital Remittance Market Size & Forecast (2019-2031) (US$ Million) and Year-on-Year Growth (2020-2031) (%) by End User
Table 14: North America Digital Remittance Market Incremental Revenue Opportunity by End User
Table 15: North America Digital Remittance Market Size & Forecast (2019-2031) (US$ Million) and Year-on-Year Growth (2020-2031) (%) by Country
Table 16: North America Digital Remittance Market Incremental Revenue Opportunity by Country
Table 17: Western Europe Digital Remittance Market Size & Forecast (2019-2031) (US$ Million) and Year-on-Year Growth (2020-2031) (%) by Type
Table 18: Western Europe Digital Remittance Market Incremental Revenue Opportunity by Type
Table 19: Western Europe Digital Remittance Market Size & Forecast (2019-2031) (US$ Million) and Year-on-Year Growth (2020-2031) (%) by Remittance Channel
Table 20: Western Europe Digital Remittance Market Incremental Revenue Opportunity by Remittance Channel
Table 21: Western Europe Digital Remittance Market Size & Forecast (2019-2031) (US$ Million) and Year-on-Year Growth (2020-2031) (%) by End User
Table 22: Western Europe Digital Remittance Market Incremental Revenue Opportunity by End User
Table 23: Western Europe Digital Remittance Market Size & Forecast (2019-2031) (US$ Million) and Year-on-Year Growth (2020-2031) (%) by Country
Table 24: Western Europe Digital Remittance Market Incremental Revenue Opportunity by Country
Table 25: Eastern Europe Digital Remittance Market Size & Forecast (2019-2031) (US$ Million) and Year-on-Year Growth (2020-2031) (%) by Type
Table 26: Eastern Europe Digital Remittance Market Incremental Revenue Opportunity by Type
Table 27: Eastern Europe Digital Remittance Market Size & Forecast (2019-2031) (US$ Million) and Year-on-Year Growth (2020-2031) (%) by Remittance Channel
Table 28: Eastern Europe Digital Remittance Market Incremental Revenue Opportunity by Remittance Channel
Table 29: Eastern Europe Digital Remittance Market Size & Forecast (2019-2031) (US$ Million) and Year-on-Year Growth (2020-2031) (%) by End User
Table 30: Eastern Europe Digital Remittance Market Incremental Revenue Opportunity by End User
Table 31: Eastern Europe Digital Remittance Market Size & Forecast (2019-2031) (US$ Million) and Year-on-Year Growth (2020-2031) (%) by Country
Table 32: Eastern Europe Digital Remittance Market Incremental Revenue Opportunity by Country
Table 33: Asia Pacific Digital Remittance Market Size & Forecast (2019-2031) (US$ Million) and Year-on-Year Growth (2020-2031) (%) by Type
Table 34: Asia Pacific Digital Remittance Market Incremental Revenue Opportunity by Type
Table 35: Asia Pacific Digital Remittance Market Size & Forecast (2019-2031) (US$ Million) and Year-on-Year Growth (2020-2031) (%) by Remittance Channel
Table 36: Asia Pacific Digital Remittance Market Incremental Revenue Opportunity by Remittance Channel
Table 37: Asia Pacific Digital Remittance Market Size & Forecast (2019-2031) (US$ Million) and Year-on-Year Growth (2020-2031) (%) by End User
Table 38: Asia Pacific Digital Remittance Market Incremental Revenue Opportunity by End User
Table 39: Asia Pacific Digital Remittance Market Size & Forecast (2019-2031) (US$ Million) and Year-on-Year Growth (2020-2031) (%) by Country
Table 40: Asia Pacific Digital Remittance Market Incremental Revenue Opportunity by Country
Table 41: Latin America Digital Remittance Market Size & Forecast (2019-2031) (US$ Million) and Year-on-Year Growth (2020-2031) (%) by Type
Table 42: Latin America Digital Remittance Market Incremental Revenue Opportunity by Type
Table 43: Latin America Digital Remittance Market Size & Forecast (2019-2031) (US$ Million) and Year-on-Year Growth (2020-2031) (%) by Remittance Channel
Table 44: Latin America Digital Remittance Market Incremental Revenue Opportunity by Remittance Channel
Table 45: Latin America Digital Remittance Market Size & Forecast (2019-2031) (US$ Million) and Year-on-Year Growth (2020-2031) (%) by End User
Table 46: Latin America Digital Remittance Market Incremental Revenue Opportunity by End User
Table 47: Latin America Digital Remittance Market Size & Forecast (2019-2031) (US$ Million) and Year-on-Year Growth (2020-2031) (%) by Country
Table 48: Latin America Digital Remittance Market Incremental Revenue Opportunity by Country
Table 49: Middle East and Africa Digital Remittance Market Size & Forecast (2019-2031) (US$ Million) and Year-on-Year Growth (2020-2031) (%) by Type
Table 50: Middle East and Africa Digital Remittance Market Incremental Revenue Opportunity by Type
Table 51: Middle East and Africa Digital Remittance Market Size & Forecast (2019-2031) (US$ Million) and Year-on-Year Growth (2020-2031) (%) by Remittance Channel
Table 52: Middle East and Africa Digital Remittance Market Incremental Revenue Opportunity by Remittance Channel
Table 53: Middle East and Africa Digital Remittance Market Size & Forecast (2019-2031) (US$ Million) and Year-on-Year Growth (2020-2031) (%) by End User
Table 54: Middle East and Africa Digital Remittance Market Incremental Revenue Opportunity by End User
Table 55: Middle East and Africa Digital Remittance Market Size & Forecast (2019-2031) (US$ Million) and Year-on-Year Growth (2020-2031) (%) by Country
Table 56: Middle East and Africa Digital Remittance Market Incremental Revenue Opportunity by Country

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