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.
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
Table of Contents
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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Table Information
Report Attribute | Details |
---|---|
No. of Pages | 138 |
Published | March 2020 |
Forecast Period | 2018 - 2026 |
Estimated Market Value ( USD | $ 49851.9 million |
Forecasted Market Value ( USD | $ 269784.7 million |
Compound Annual Growth Rate | 23.5% |
Regions Covered | Asia Pacific |
No. of Companies Mentioned | 18 |