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Asia-Pacific Digital Remittance Market by Remittance Type, and Remittance Channel, and Others: Opportunity Analysis and Industry Forecast, 2019-2026

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    Report

  • 138 Pages
  • March 2020
  • Region: Asia Pacific
  • Allied Market Research
  • ID: 5031499

The Asia-Pacific digital remittance market was valued at $49,851.9 million in 2018 and is estimated to reach $269,784.7 million by 2026, registering a CAGR of 23.4% from 2019 to 2026.

Digital remittance is referred to as the transfer of money by foreign migrants to their native countries by using digital transfer networks such as easy-to-use mobile application, digital wallets, and others. The remittance industry is shifting its focus on being digitally remastered. Factors such as growth in base of customers comfortable with using mobile devices in Asia-Pacific, rise in competition from new entrants, and margin pressures due to a growing consensus on lowering remittance transaction fees drive the penetration of digital channels. Existing remittance service providers in this region adopt digital channels to complement their existent services network whilst new entrants. Numerous benefits of using digital channels for sending money such as high speed, availability of digital channels throughout the day, transparency, ease of use, high security, and others, create numerous opportunities for the market.

In addition, the adoption of digital remittance is projected to reduce the dependency on cash agents in both the sending and receiving countries, who currently contribute to sustaining high transaction fees. This is also a factor to boost the digital remittance market. Furthermore, increase in cross-border transactions and move towards cashless, mobile banking, and mobile-based payment solutions dominate payment trends in Asia-Pacific, which drives the growth of the digital remittance market.

However, lack of awareness of use of digital technology is expected to hamper the market growth. On the contrary, technological innovations in the digital remittance industry in this region primarily to provide user-friendly apps and smarter ways to connect to domestic payment systems is expected to provide growth opportunities for the market.

The Asia-Pacific digital remittance market is studied on the basis of remittance type, remittance channel, and country. By remittance type, the market is divided into inward digital remittance, and outward digital remittance. Depending on remittance channel,it is categorized into banks, money transfer operators (MTOs), and others. In-depth analysis of the Asia-Pacific digital remittance market is provided for China, IndiaHong Kong, Japan, Singapore, Indonesia, Taiwan and Rest of Asia-Pacific

KEY MARKET BENEFITS FOR STAKEHOLDERS


  • This report entails a detailed quantitative analysis of the current market trends from 2019 to 2026 to identify the prevailing opportunities.
  • Market estimations are based on a comprehensive analysis of the key developments in the industry.
  • In-depth analysis based on region assists to understand the regional market to assist in strategic business planning.
  • The development strategies adopted by key manufacturers are enlisted to understand the competitive scenario of the market.

KEY MARKET SEGMENTS

By Remittance Type


  • Inward Digital Remittance
  • Outward Digital Remittance

ByRemittance Channel


  • Banks,
  • Money Transfer Operators (MTOs)
  • Others

By Country


  • China
  • India
  • Hong Kong
  • Japan
  • Singapore
  • Indonesia
  • Taiwan
  • Rest of Asia-Pacific

KEY PLAYERS PROFILED


  • InstaReM,
  • Remitly, Inc.,
  • Flywire
  • SingX Pte Ltd.
  • Azimo Limited
  • WorldRemit Ltd.
  • TransferWise Ltd.
  • Ripple
  • MoneyGram
  • TNG Wallet

Other players of digital remittance market (not included in this report) are:


  • Western Union (WU)
  • Ria Financial Services
  • Coins.ph
  • Toast
  • OrbitRemit
  • Avenues India Pvt. Ltd.
  • FlyRemit
  • WeChat Payment
Frequently Asked Questions about the Asia-Pacific Digital Remittance Market

What is the estimated value of the Asia-Pacific Digital Remittance Market?

The Asia-Pacific Digital Remittance Market was estimated to be valued at $49851.9 million in 2018.

What is the growth rate of the Asia-Pacific Digital Remittance Market?

The growth rate of the Asia-Pacific Digital Remittance Market is 23.5%, with an estimated value of $269784.7 million by 2026.

What is the forecasted size of the Asia-Pacific Digital Remittance Market?

The Asia-Pacific Digital Remittance Market is estimated to be worth $269784.7 million by 2026.

Who are the key companies in the Asia-Pacific Digital Remittance Market?

Key companies in the Asia-Pacific Digital Remittance Market include InstaReM, Remitly Inc., Flywire, SingX Pte Ltd., Azimo Limited, WorldRemit Ltd, TransferWise Ltd, Ripple, MoneyGram and TNG Wallet.

Table of Contents

CHAPTER 1: INTRODUCTION
1.1. Report description
1.2. Key benefits for stakeholders
1.3. Research methodology
1.3.1. Secondary research
1.3.2. Primary research
1.3.3. Analyst tools & models
CHAPTER 2: EXECUTIVE SUMMARY
2.1. CXO perspective
CHAPTER 3: MARKET OVERVIEW
3.1. Market definition and scope
3.2. Key findings
3.2.1. Top impacting factors
3.2.2. Top investment pockets
3.2.3. Top winning strategies
3.3. Porter's five forces analysis
3.4. Demographic and psychographic analysis of customers
3.5. Key insights on ticket size
3.6. Key player positioning, 2018
3.7. Market dynamics
3.7.1. Drivers
3.7.1.1. Rise in cross-border transactions and mobile-based payment channels
3.7.1.2. Reduced remittance cost & transfer time
3.7.1.3. Growth in adoption of banking & financial services
3.7.1.4. Increase of the remittance industry in Asia-Pacific
3.7.2. Restraint
3.7.2.1. Lack of awareness
3.7.3. Opportunities
3.7.3.1. Technological innovations in the digital remittance industry
3.7.3.2. Rise in internet and mobile penetration
CHAPTER 4: ASIA-PACIFIC DIGITAL REMITTANCE MARKET, BY REMITTANCE TYPE
4.1. Overview
4.2. Inward digital remittance
4.2.1. Key market trends
4.2.2. Key growth factors and opportunities
4.2.3. Market size and forecast, by country
4.2.4. Market analysis by country
4.3. Outward digital remittance
4.3.1. Key market trends
4.3.2. Key growth factors and opportunities
4.3.3. Market size and forecast, by country
4.3.4. Market analysis by country
CHAPTER 5: ASIA-PACIFIC DIGITAL REMITTANCE MARKET, BY REMITTANCE CHANNEL
5.1. Overview
5.2. Banks
5.2.1. Key market trends
5.2.2. Key growth factors and opportunities
5.2.3. Market size and forecast, by country
5.2.4. Market analysis by country
5.3. Money transfer operator
5.3.1. Key market trends
5.3.2. Key growth factors and opportunities
5.3.3. Market size and forecast, by country
5.3.4. Market analysis by country
5.4. Others
5.4.1. Key market trends
5.4.2. Key growth factors and opportunities
5.4.3. Market size and forecast, by country
5.4.4. Market analysis by country
CHAPTER 6: ASIA-PACIFIC DIGITAL REMITTANCE MARKET, BY COUNTRY
6.1. Overview
6.2. China
6.2.1. Key growth factors and opportunities
6.2.2. Market size and forecast, by remittance type
6.2.3. Market size and forecast, by remittance channel
6.2.4. China digital remittance Market size by top 10 corridor (Outward, 2017)
6.3. Japan
6.3.1. Key growth factors and opportunities
6.3.2. Market size and forecast, by remittance type
6.3.3. Market size and forecast, by remittance channel
6.3.4. Japan digital remittance market size by top 10 corridor (Outward, 2017)
6.4. India
6.4.1. Key growth factors and opportunities
6.4.2. Market size and forecast, by remittance type
6.4.3. Market size and forecast, by remittance channel
6.4.4. India digital remittance Market size by top 10 corridor (Outward, 2017)
6.5. Hong Kong
6.5.1. Key growth factors and opportunities
6.5.2. Market size and forecast, by remittance type
6.5.3. Market size and forecast, by remittance channel
6.5.4. Hong Kong digital remittance Market size by top 10 corridor (Outward, 2017)
6.6. Singapore
6.6.1. Key growth factors and opportunities
6.6.2. Market size and forecast, by remittance type
6.6.3. Market size and forecast, by remittance channel
6.6.4. Singapore digital remittance Market size by top 10 corridor (Outward, 2017)
6.7. Indonesia
6.7.1. Key growth factors and opportunities
6.7.2. Market size and forecast, by remittance type
6.7.3. Market size and forecast, by remittance channel
6.7.4. Indonesia digital remittance Market size by top 10 corridor (Outward, 2017)
6.8. Taiwan
6.8.1. Key growth factors and opportunities
6.8.2. Market size and forecast, by remittance type
6.8.3. Market size and forecast, by remittance channel
6.9. Rest of Asia-Pacific
6.9.1. Key growth factors and opportunities
6.9.2. Market size and forecast, by remittance type
6.9.3. Market size and forecast, by remittance channel
CHAPTER 7: COMPANY PROFILES
7.1. AZIMO LTD.
7.1.1. Company overview
7.1.2. Company snapshot
7.1.3. Product portfolio
7.1.4. Key strategic moves and developments
7.2. FLYWIRE CORPORATION.
7.2.1. Company overview
7.2.2. Company snapshot
7.2.3. Product portfolio
7.2.4. Key strategic moves and developments
7.3. INSTAREM
7.3.1. Company overview
7.3.2. Company snapshot
7.3.3. Product portfolio
7.3.4. Key strategic moves and developments
7.4. MONEYGRAM INTERNATIONAL, INC.
7.4.1. Company overview
7.4.2. Company snapshot
7.4.3. Operating business segments
7.4.4. Product portfolio
7.4.5. Business performance
7.4.6. Key strategic moves and developments
7.5. REMITLY, INC.
7.5.1. Company overview
7.5.2. Company snapshot
7.5.3. Key strategic moves and developments
7.6. RIPPLE
7.6.1. Company overview
7.6.2. Company snapshot
7.6.3. Product portfolio
7.6.4. Key strategic moves and developments
7.7. SINGX PTE LTD
7.7.1. Company overview
7.7.2. Company snapshot
7.7.3. Product portfolio
7.7.4. Key strategic moves and developments
7.8. TNG FINTECH GROUP INC.
7.8.1. Company overview
7.8.2. Company snapshot
7.8.3. Product portfolio
7.8.4. Key strategic moves and developments
7.9. TRANSFERWISE LTD.
7.9.1. Company overview
7.9.2. Company snapshot
7.9.3. Product portfolio
7.9.4. Business performance
7.9.5. Key strategic moves and developments
7.10. WORLDREMIT LTD
7.10.1. Company overview
7.10.2. Company snapshot
7.10.3. Product portfolio
7.10.4. Key strategic moves and developments

Executive Summary

According to this report titled, 'Asia-Pacific Digital Remittance Market by Remittance Type (Inward Digital Remittance, and Outward Digital Remittance), and Remittance Channel (Banks, Money Transfer Operators (MTOs), and Others): Opportunity Analysis and Industry Forecast, 2019-2026' the Asia-Pacific digital remittance market was valued at $49.9 billion in 2018, and is estimated to reach $269.8 billion by 2026, registering a CAGR of 23.5% from 2019 to 2026. China was the highest contributor to the Asia-Pacific digital remittance market in the analyzed period.

Digital remittance is defined as the sending of money by foreign migrants to their native countries by using digital transfer network such asdigital wallets, easy-to-use mobile application, and others. The increase of the remittance industry in the developing counties of Asia-Pacific, is expected to fuel the growth of the digital remittance market. Furthermore, increase in cross-border transactions and move toward cashless payments, mobile banking, and mobile-based payment solutions dominate the growth of the digital remittance market in Asia-Pacific. However, lack of awareness of digital payments in the region restrict the growth. Conversely, increase in number of internet and mobile users in Asia-Pacific provides an opportunity to boost the digital remittance market during the forecast period.

The outward digital remittance segment is expected to be the largest contributor to the Asia-Pacific digital remittance market during the forecast period. The key players of the market are providing innovative, automated platforms to offer transparent international money transfers at a fraction of costs as compared to the traditional players, which helps to increase penetration of digital channels for outward remittance

Based on country, China occupied the largest share in 2018, owing to the major shift towards digital payment, and the market players of China are focusing on the launch of electronic cross-boundary remittance services. In addition,the significant growth of digital remittance in China owing to lower fees by the remittance service provider makes the process of sending and receiving money much easier than the traditional method.

According to Onkar Sumant, Manager, “Growth in adoption of banking & financial services, and move toward cashless payments, mobile banking, and mobile-based payment solutions contribute to the growth of theAsia-Pacific digital remittance market.”

KEY FINDINGS OF THE STUDY


  • Depending on remittance type, the outward digital remittance segment isprojected to grow at the highest rate during the forecast period.
  • Banksis anticipated to dominate the market in 2018, and is anticipated to continue this trend throughout the forecast period.
  • Banks contributed the largest revenue in 2018 to the Asia-Pacific digital remittance market.

The key players operating in the Asia-Pacific digital remittance market include InstaReM, Remitly, Inc., Flywire, SingX Pte Ltd., Azimo Limited, WorldRemit Ltd, TransferWise Ltd, Ripple, MoneyGram, and TNG Wallet. The other players of the digital remittance market (not included in this report) are Western Union (WU), Ria Financial Services, Coins.ph, Toast, OrbitRemit, Avenues India Pvt Ltd, FlyRemit, and WeChat Payment.


Companies Mentioned

  • InstaReM
  • Remitly Inc.
  • Flywire
  • SingX Pte Ltd.
  • Azimo Limited
  • WorldRemit Ltd
  • TransferWise Ltd
  • Ripple
  • MoneyGram
  • TNG Wallet
  • Western Union (WU)
  • Ria Financial Services
  • Coins.ph
  • Toast
  • OrbitRemit
  • Avenues India Pvt Ltd
  • FlyRemit
  • WeChat Payment

Methodology

The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.

They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.

They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:

  • Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
  • Scientific and technical writings for product information and related preemptions
  • Regional government and statistical databases for macro analysis
  • Authentic news articles and other related releases for market evaluation
  • Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast

Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.

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