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Digital Remittance Market Size, Share & Trends Analysis Report by Type (Inward, Outward), by Channel (Banks, Money Transfer Operators, Online Platforms), by End Use, by Region, and Segment Forecasts, 2022-2030

  • ID: 5415613
  • Report
  • February 2022
  • Region: Global
  • 140 Pages
  • Grand View Research

FEATURED COMPANIES

  • Azimo Limited
  • InstaReM Pvt. Ltd.
  • MoneyGram
  • PayPal Holdings, Inc.
  • TransferGo Ltd.
  • TransferWise Ltd.
The global digital remittance market size is expected to reach USD 60.05 billion by 2030. It is expected to expand at a CAGR of 15.0% from 2022 to 2030. Developments in the digital space are rapidly changing the dynamics of the digital remittance industry. Digitization can bring several benefits, including improved efficiency, convenience, transparency, access, and reduced transfer prices.



Evolving customer demands with respect to cross-border remittances are expected to accentuate the market growth over the forecast period. Digital money transfer services are witnessing increased acceptance among customers in low- and medium-income economies. Furthermore, increasing incomes and rapid urbanization are driving the demand for digital remittance services.

Cross-border remittances bring many economic benefits, widen financial inclusion, and boost economic development. Digital remittances play an enormous and vital role in the lives of migrants and their families. The money received in migrant households in migrants’ countries of origin represents around 60% of household income, which is normally spent on essential items such as medicines, education, food, and housing expenses.

The COVID-19 pandemic is anticipated to favorably impact the market growth. The pandemic has proved to be a significant growth catalyst for the digitization of remittance services. Various factors such as the closure of money transfer agent locations due to national lockdowns and customers turning to digital solutions out of necessity further accentuated the market growth.

Digital Remittance Market Report Highlights

  • By type, the inward digital remittance segment is anticipated to witness significant growth over the forecast period owing to the increasing usage of mobile payment applications for money transfers in developed countries. Moreover, digital remittance service providers focus on offering fast and efficient inward fund transfer services to users, thereby creating growth opportunities for the segment
  • Numerous banks across the globe are focusing on integrating technologies into their remittance platforms to provide faster transfer time. Moreover, banks are increasingly adopting digital innovation to achieve a competitive advantage over competitors. Moreover, the growing shift toward digitization in the cross-border money transfer industry is expected to drive the banks channel segment over the forecast period.Amid the COVID-19 pandemic, banks began allowing workers to seek real-time access to their earnings, thereby allowing them to meet the immediate needs of their families and themselves
  • Migrant workers across the globe are making use of digital remittance services owing to their numerous benefits, such as improved remittance speed and reduced cost. This is expected to foster the growth of the personal end-use segment over the forecast period
  • In the Asia Pacific region, businesses are increasingly engaging with their overseas counterparts for leisure, business, medical, entertainment, and educational activities, which involve the transfer of money overseas. Moreover, an increase in cross-border transactions and a move toward cashless payment solutions are expected to accentuate the regional market growth over the forecast period


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Frequently Asked Questions about the Global Digital Remittance Market

What is the estimated value of the Global Digital Remittance Market?

The Global Digital Remittance Market was estimated to be valued at $19.7 Billion in 2022.

What is the growth rate of the Global Digital Remittance Market?

The growth rate of the Global Digital Remittance Market is 15.0%, with an estimated value of $60.1 Billion by 2030.

What is the forecasted size of the Global Digital Remittance Market?

The Global Digital Remittance Market is estimated to be worth $60.1 Billion by 2030.

Who are the key companies in the Global Digital Remittance Market?

Key companies in the Global Digital Remittance Market include Azimo Limited, Digital Wallet Corporation, InstaReM Pvt. Ltd., MoneyGram, PayPal Holdings, Inc., Ria Financial Services Ltd., TransferGo Ltd., TransferWise Ltd. and WorldRemit Ltd..
Note: Product cover images may vary from those shown

FEATURED COMPANIES

  • Azimo Limited
  • InstaReM Pvt. Ltd.
  • MoneyGram
  • PayPal Holdings, Inc.
  • TransferGo Ltd.
  • TransferWise Ltd.

Chapter 1 Methodology and Scope
1.1 Research Methodology
1.2 Research Scope and Assumptions
1.3 List of Data Sources
Chapter 2 Executive Summary
2.1 Digital Remittance Market - Industry Snapshot & Key Buying Criteria, 2017 - 2030
2.2 Global Digital Remittance Market, 2017 - 2030
2.2.1 Global digital remittance market, by region, 2017 - 2030
2.2.2 Global digital remittance market, by type, 2017 - 2030
2.2.3 Global digital remittance market, by channel, 2017 - 2030
2.2.4 Global digital remittance market, by end use, 2017 - 2030
Chapter 3 Digital Remittance Industry Outlook
3.1 Market Segmentation and Scope
3.2 Market Size and Growth Prospects
3.3 Digital Remittance Market - Value Chain Analysis
3.3.1 Vendor landscape
3.4 Digital Remittance Market Dynamics
3.4.1 Market driver analysis
3.4.1.1 Growth in cross-border transactions and mobile-based payment channels
3.4.1.2 Reduced transfer time and remittance cost
3.4.2 Market challenge analysis
3.4.2.1 Lack of awareness
3.5 Penetration and Growth Prospect Mapping
3.6 Digital Remittance Market - Porter’s Five Forces Analysis
3.7 Digital Remittance Market - PESTEL Analysis
Chapter 4 Digital Remittance Type Outlook
4.1 Digital Remittance Market Share By Type, 2021
4.2 Inward Digital Remittance
4.2.1 Inward digital remittance market, 2017 - 2030
4.3 Outward Digital Remittance
4.3.1 Outward digital remittance market, 2017 - 2030
Chapter 5 Digital Remittance Channel Outlook
5.1 Digital Remittance Market Share By Channel, 2021
5.2 Banks
5.2.1 Banks digital remittance market, 2017 - 2030
5.3 Money Transfer Operators
5.3.1 Money transfer operators digital remittance market, 2017 - 2030
5.4 Online Platforms
5.4.1 Online platforms digital remittance market, 2017 - 2030
5.5 Others
5.5.1 Other digital remittance market, 2017 - 2030
Chapter 6 Digital Remittance End-use Outlook
6.1 Digital Remittance Market Share By End Use, 2021
6.2 Migrant Labor Workforce
6.2.1 Digital remittance market in migrant labor workforce, 2017 - 2030
6.3 Personal
6.3.1 Digital remittance market in personal, 2017 - 2030
6.4 Small Businesses
6.4.1 Digital remittance market in small businesses, 2017 - 2030
6.5 Others
6.5.1 Digital remittance market in other end uses, 2017 - 2030
Chapter 7 Digital Remittance Regional Outlook
7.1 Digital Remittance Market Share By Region, 2021
7.2 North America
7.2.1 North America digital remittance market, 2017 - 2030
7.2.2 North America digital remittance market, by type, 2017 - 2030
7.2.3 North America digital remittance market, by channel, 2017 - 2030
7.2.4 North America digital remittance market, by end use, 2017 - 2030
7.2.5 U.S.
7.2.5.1 U.S. digital remittance market, 2017 - 2030
7.2.5.2 U.S. digital remittance market, by type, 2017 - 2030
7.2.5.3 U.S. digital remittance market, by channel, 2017 - 2030
7.2.5.4 U.S. digital remittance market, by end use, 2017 - 2030
7.2.6 Canada
7.2.6.1 Canada digital remittance market, 2017 - 2030
7.2.6.2 Canada digital remittance market, by type, 2017 - 2030
7.2.6.3 Canada digital remittance market, by channel, 2017 - 2030
7.2.6.4 Canada digital remittance market, by end use, 2017 - 2030
7.3 Europe
7.3.1 Europe digital remittance market, 2017 - 2030
7.3.2 Europe digital remittance market, by type, 2017 - 2030
7.3.3 Europe digital remittance market, by channel, 2017 - 2030
7.3.4 Europe digital remittance market, by end use, 2017 - 2030
7.3.5 Germany
7.3.5.1 Germany digital remittance market, 2017 - 2030
7.3.5.2 Germany digital remittance market, by type, 2017 - 2030
7.3.5.3 Germany digital remittance market, by channel, 2017 - 2030
7.3.5.4 Germany digital remittance market, by end use, 2017 - 2030
7.3.6 U.K.
7.3.6.1 U.K. digital remittance market, 2017 - 2030
7.3.6.2 U.K. digital remittance market, by type, 2017 - 2030
7.3.6.3 U.K. digital remittance market, by channel, 2017 - 2030
7.3.6.4 U.K. digital remittance market, by end use, 2017 - 2030
7.4 Asia Pacific
7.4.1 Asia Pacific digital remittance market, 2017 - 2030
7.4.2 Asia Pacific digital remittance market, by type, 2017 - 2030
7.4.3 Asia Pacific digital remittance market, by channel, 2017 - 2030
7.4.4 Asia Pacific digital remittance market, by end use, 2017 - 2030
7.4.5 China
7.4.5.1 China digital remittance market, 2017 - 2030
7.4.5.2 China digital remittance market, by type, 2017 - 2030
7.4.5.3 China digital remittance market, by channel, 2017 - 2030
7.4.5.4 China digital remittance market, by end use, 2017 - 2030
7.4.6 India
7.4.6.1 India digital remittance market, 2017 - 2030
7.4.6.2 India digital remittance market, by type, 2017 - 2030
7.4.6.3 India digital remittance market, by channel, 2017 - 2030
7.4.6.4 India digital remittance market, by end use, 2017 - 2030
7.4.7 Japan
7.4.7.1 Japan digital remittance market, 2017 - 2030
7.4.7.2 Japan digital remittance market, by type, 2017 - 2030
7.4.7.3 Japan digital remittance market, by channel, 2017 - 2030
7.4.7.4 Japan digital remittance market, by end use, 2017 - 2030
7.5 Latin America
7.5.1 Latin America digital remittance market, 2017 - 2030
7.5.2 Latin America digital remittance market, by type, 2017 - 2030
7.5.3 Latin America digital remittance market, by channel, 2017 - 2030
7.5.4 Latin America digital remittance market, by end use, 2017 - 2030
7.5.5 Brazil
7.5.5.1 Brazil digital remittance market, 2017 - 2030
7.5.5.2 Brazil digital remittance market, by type, 2017 - 2030
7.5.5.3 Brazil digital remittance market, by channel, 2017 - 2030
7.5.5.4 Brazil digital remittance market, by end use, 2017 - 2030
7.6 MEA
7.6.1 MEA digital remittance market, 2017 - 2030
7.6.2 MEA digital remittance market, by type, 2017 - 2030
7.6.3 MEA digital remittance market, by channel, 2017 - 2030
7.6.4 MEA digital remittance market, by end use, 2017 - 2030
Chapter 8 Competitive Analysis
8.1 Recent Developments & Impact Analysis, By Key Market Participants
8.2 Company Categorization
8.3 Vendor Landscape
8.3.1 Key company ranking/company market share analysis, 2021
8.4 Company Analysis Tools
8.4.1 Company Market Position Analysis
8.4.2 Competitive Dashboard Analysis
Chapter 9 Competitive Landscape
9.1 Azimo Limited
9.1.1 Company overview
9.1.2 Financial performance
9.1.3 Product benchmarking
9.1.4 Strategic initiatives
9.2 Digital Wallet Corporation
9.2.1 Company overview
9.2.2 Financial performance
9.2.3 Product benchmarking
9.2.4 Strategic initiatives
9.3 InstaReM Pvt. Ltd.
9.3.1 Company overview
9.3.2 Financial performance
9.3.3 Product benchmarking
9.3.4 Strategic initiatives
9.4 MoneyGram
9.4.1 Company overview
9.4.2 Financial performance
9.4.3 Product benchmarking
9.4.4 Strategic initiatives
9.5 PayPal Holdings, Inc.
9.5.1 Company overview
9.5.2 Financial performance
9.5.3 Product benchmarking
9.5.4 Strategic initiatives
9.6 Ria Financial Services Ltd.
9.6.1 Company overview
9.6.2 Financial performance
9.6.3 Product benchmarking
9.6.4 Strategic initiatives
9.7 TransferGo Ltd.
9.7.1 Company overview
9.7.1 Financial performance
9.7.2 Product benchmarking
9.7.3 Strategic initiatives
9.8 TransferWise Ltd.
9.8.1 Company overview
9.8.2 Financial performance
9.8.3 Product benchmarking
9.8.4 Strategic initiatives
9.9 Western Union Holdings, Inc.
9.9.1 Company overview
9.9.2 Financial performance
9.9.3 Product benchmarking
9.9.4 Strategic initiatives
9.10 WorldRemit Ltd.
9.10.1 Company overview
9.10.2 Financial performance
9.10.3 Product benchmarking
9.10.4 Strategic initiatives
List of Tables
Table 1 Digital remittance market-Industry snapshot & key buying criteria, 2017-2030
Table 2 Global digital remittance market, 2017-2030 (USD Million, USD Billion)
Table 3 Global digital remittance market, by region, 2017-2030 (USD Million)
Table 4 Global digital remittance market valuation, by region, 2017-2030 (USD Billion)
Table 5 Global digital remittance market, by type, 2017-2030 (USD Million)
Table 6 Global digital remittance market, by channel, 2017-2030 (USD Million)
Table 7 Global digital remittance market, by end use, 2017-2030 (USD Million)
Table 8 Vendor landscape
Table 9 Digital remittance market-Key market driver impact
Table 10 Digital remittance market-Key market challenge impact
Table 11 Inward digital remittance market, 2017-2030 (USD Million)
Table 12 Inward digital remittance market, by region, 2017-2030 (USD Million)
Table 13 Outward digital remittance market, 2017-2030 (USD Million)
Table 14 Outward digital remittance market, by region, 2017-2030 (USD Million)
Table 15 Banks digital remittance market, 2017-2030 (USD Million)
Table 16 Banks digital remittance market, by region, 2017-2030 (USD Million)
Table 17 Money transfer operators digital remittance market, 2017-2030 (USD Million)
Table 18 Money transfer operators digital remittance market, by region, 2017-2030 (USD Million)
Table 19 Online platforms digital remittance market, 2017-2030 (USD Million)
Table 20 Online platforms digital remittance market, by region, 2017-2030 (USD Million)
Table 21 Other digital remittance market, 2017-2030 (USD Million)
Table 22 Other digital remittance market, by region, 2017-2030 (USD Million)
Table 23 Digital remittance market in migrant labor workforce, 2017-2030 (USD Million)
Table 24 Digital remittance market in migrant labor workforce, by region, 2017-2030 (USD Million)
Table 25 Digital remittance market in personal, 2017-2030 (USD Million)
Table 26 Digital remittance market in personal, by region, 2017-2030 (USD Million)
Table 27 Digital remittance market in small businesses, 2017-2030 (USD Million)
Table 28 Digital remittance market in small businesses, by region, 2017-2030 (USD Million)
Table 29 Digital remittance market in other end uses, 2017-2030 (USD Million)
Table 30 Digital remittance market in other end uses, by region, 2017-2030 (USD Million)
Table 31 North America digital remittance market, 2017-2030 (USD Million)
Table 32 North America digital remittance market, by type, 2017-2030 (USD Million)
Table 33 North America digital remittance market, by channel, 2017-2030 (USD Million)
Table 34 North America digital remittance market, by end use, 2017-2030 (USD Million)
Table 35 U.S. digital remittance market, 2017-2030 (USD Million)
Table 36 U.S. digital remittance market, by type, 2017-2030 (USD Million)
Table 37 U.S. digital remittance market, by channel, 2017-2030 (USD Million)
Table 38 U.S. digital remittance market, by end use, 2017-2030 (USD Million)
Table 39 Canada digital remittance market, 2017-2030 (USD Million)
Table 40 Canada digital remittance market, by type, 2017-2030 (USD Million)
Table 41 Canada digital remittance market, by channel, 2017-2030 (USD Million)
Table 42 Canada digital remittance market, by end use, 2017-2030 (USD Million)
Table 43 Europe digital remittance market, 2017-2030 (USD Million)
Table 44 Europe digital remittance market, by type, 2017-2030 (USD Million)
Table 45 Europe digital remittance market, by channel, 2017-2030 (USD Million)
Table 46 Europe digital remittance market, by end use, 2017-2030 (USD Million)
Table 47 Germany digital remittance market, 2017-2030 (USD Million)
Table 48 Germany digital remittance market, by type, 2017-2030 (USD Million)
Table 49 Germany digital remittance market, by channel, 2017-2030 (USD Million)
Table 50 Germany digital remittance market, by end use, 2017-2030 (USD Million)
Table 51 U.K. digital remittance market, 2017-2030 (USD Million)
Table 52 U.K. digital remittance market, by type, 2017-2030 (USD Million)
Table 53 U.K. digital remittance market, by channel, 2017-2030 (USD Million)
Table 54 U.K. digital remittance market, by end use, 2017-2030 (USD Million)
Table 55 Asia Pacific digital remittance market, 2017-2030 (USD Million)
Table 56 Asia Pacific digital remittance market, by type, 2017-2030 (USD Million)
Table 57 Asia Pacific digital remittance market, by channel, 2017-2030 (USD Million)
Table 58 Asia Pacific digital remittance market, by end use, 2017-2030 (USD Million)
Table 59 China digital remittance market, 2017-2030 (USD Million)
Table 60 China digital remittance market, by type, 2017-2030 (USD Million)
Table 61 China digital remittance market, by channel, 2017-2030 (USD Million)
Table 62 China digital remittance market, by end use, 2017-2030 (USD Million)
Table 63 India digital remittance market, 2017-2030 (USD Million)
Table 64 India digital remittance market, by type, 2017-2030 (USD Million)
Table 65 India digital remittance market, by channel, 2017-2030 (USD Million)
Table 66 India digital remittance market, by end use, 2017-2030 (USD Million)
Table 67 Japan digital remittance market, 2017-2030 (USD Million)
Table 68 Japan digital remittance market, by type, 2017-2030 (USD Million)
Table 69 Japan digital remittance market, by channel, 2017-2030 (USD Million)
Table 70 Japan digital remittance market, by end use, 2017-2030 (USD Million)
Table 71 Latin America digital remittance market, 2017-2030 (USD Million)
Table 72 Latin America digital remittance market, by type, 2017-2030 (USD Million)
Table 73 Latin America digital remittance market, by channel, 2017-2030 (USD Million)
Table 74 Latin America digital remittance market, by end use, 2017-2030 (USD Million)
Table 75 Brazil digital remittance market, 2017-2030 (USD Million)
Table 76 Brazil digital remittance market, by type, 2017-2030 (USD Million)
Table 77 Brazil digital remittance market, by channel, 2017-2030 (USD Million)
Table 78 Brazil digital remittance market, by end use, 2017-2030 (USD Million)
Table 79 MEA digital remittance market, 2017-2030 (USD Million)
Table 80 MEA digital remittance market, by type, 2017-2030 (USD Million)
Table 81 MEA digital remittance market, by channel, 2017-2030 (USD Million)
Table 82 MEA digital remittance market, by end use, 2017-2030 (USD Million)
List of Figures
Fig. 1 Market segmentation and scope
FIG. 2 Global digital remittance market, 2017-2030 (USD Million)
FIG. 3 Digital remittance market-Value chain analysis
FIG. 4 Digital remittance market dynamics
FIG. 5 Key opportunities prioritized
FIG. 6 Digital remittance market-Porter’s five forces analysis
FIG. 7 Digital remittance market-Key company ranking/Company market share analysis, 2021
FIG. 8 Digital remittance market-PESTEL analysis
FIG. 9 Impact of COVID 19 on the digital remittance market
FIG. 10 Digital remittance market, by type, 2021
FIG. 11 Digital remittance market, by channel, 2021
FIG. 12 Digital remittance market, by end use, 2021
FIG. 13 Digital remittance market, by region, 2021
FIG. 14 Digital remittance market-Regional takeaways
FIG. 15 North America digital remittance market-Key takeaways
FIG. 16 Europe digital remittance market-Key takeaways
FIG. 17 Asia Pacific digital remittance market-Key takeaways
FIG. 18 Latin America digital remittance market-Key takeaways
FIG. 19 MEA digital remittance market-Key takeaways
Note: Product cover images may vary from those shown
  • Azimo Limited
  • Digital Wallet Corporation
  • InstaReM Pvt. Ltd.
  • MoneyGram
  • PayPal Holdings, Inc.
  • Ria Financial Services Ltd.
  • TransferGo Ltd.
  • TransferWise Ltd.
  • Western Union Holdings, Inc.
  • WorldRemit Ltd.
Note: Product cover images may vary from those shown

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