($83.6 Bn) From Cash to Code: The Role of Digital Remittance in Unlocking Economic Growth at a CAGR of 16.3% by 2032

NEW CASTLE, DELAWARE, UNITED STATES, August 2, 2024 /EINPresswire.com/ -- Digital remittance is a process of sending money electronically across borders using online platforms, mobile apps, or other digital methods, eliminating the need for traditional banking methods. In earlier times, remittances were a cash-focused domain, despite a reliance on bank transfers. With the advent of digital platforms and rise in their adoption, the digital remittance market has become one of the most fragmented financial service sectors for user experience, technology, and economic models.

Technological innovations for the facilitation of remittances exhibit great potential as they rely on existing systems of mobile phone networks and mobile banking services and hence are relatively easy to understand. Effective policies need to be necessitated to address the limitations in regulatory and financial infrastructure for mobile banking to become the foundation for mobile remittances.

𝐂𝐥𝐚𝐢𝐦 𝐘𝐨𝐮𝐫 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭 𝐒𝐚𝐦𝐩𝐥𝐞 & 𝐓𝐎𝐂: https://www.alliedmarketresearch.com/request-sample/2968

Allied Market Research published a report, titled, “Digital Remittance Market by Type (Inward Digital Remittance and Outward Digital Remittance), Channel (Banks, Money Transfer Operators, and Others) and End User (Business and Personal): Global Opportunity Analysis and Industry Forecast, 2022-2032”. According to the report, the global digital remittance industry generated $19.0 billion in 2022 and is anticipated to generate $83.6 billion by 2032, witnessing a CAGR of 16.3% from 2023 to 2032.

𝐓𝐡𝐞 𝐨𝐮𝐭𝐰𝐚𝐫𝐝 𝐝𝐢𝐠𝐢𝐭𝐚𝐥 𝐫𝐞𝐦𝐢𝐭𝐭𝐚𝐧𝐜𝐞 𝐬𝐞𝐠𝐦𝐞𝐧𝐭 𝐭𝐨 𝐦𝐚𝐢𝐧𝐭𝐚𝐢𝐧 𝐢𝐭𝐬 𝐥𝐞𝐚𝐝𝐞𝐫𝐬𝐡𝐢𝐩 𝐬𝐭𝐚𝐭𝐮𝐬 𝐭𝐡𝐫𝐨𝐮𝐠𝐡𝐨𝐮𝐭 𝐭𝐡𝐞 𝐟𝐨𝐫𝐞𝐜𝐚𝐬𝐭 𝐩𝐞𝐫𝐢𝐨𝐝-

Based on type, the outward digital remittance segment held the highest market share in 2022, accounting for more than two-thirds of the global digital remittance market revenue, and is estimated to maintain its leadership status throughout the forecast period. The growth is attributed to the integration of blockchain technology, which has introduced transparency and security to outward digital remittance transactions. Blockchain-based platforms enable real-time tracking of funds, reducing the risk of fraud and enhancing trust among users. Therefore, such factors are expected to create market growth opportunities. However, the inward digital remittance segment is projected to manifest the highest CAGR of 18.5% from 2023 to 2032. Due to the rise of digital wallets and mobile payment systems, this has presented opportunities for inward digital remittance. These platforms provide convenient and instant transfer options, allowing recipients to receive funds directly into their digital wallets or bank accounts, bypassing traditional banking channels, which is expected to positively impact market growth.

𝐌𝐨𝐧𝐞𝐲 𝐭𝐫𝐚𝐧𝐬𝐟𝐞𝐫 𝐨𝐩𝐞𝐫𝐚𝐭𝐨𝐫𝐬 𝐬𝐞𝐠𝐦𝐞𝐧𝐭 𝐭𝐨 𝐦𝐚𝐢𝐧𝐭𝐚𝐢𝐧 𝐢𝐭𝐬 𝐥𝐞𝐚𝐝 𝐩𝐨𝐬𝐢𝐭𝐢𝐨𝐧 𝐭𝐡𝐫𝐨𝐮𝐠𝐡𝐨𝐮𝐭 𝐭𝐡𝐞 𝐟𝐨𝐫𝐞𝐜𝐚𝐬𝐭 𝐩𝐞𝐫𝐢𝐨𝐝-

Based on channel, the money transfer operators segment held the highest market share in 2022, accounting for more than three-fifths of the global digital remittance market revenue, and is estimated to maintain its lead position throughout the forecast period. This is because technological advancements have transformed MTOs' operations, enhancing their digital remittance capabilities. MTOs are developing user-friendly mobile apps and online platforms that allow customers to initiate remittance transactions anytime, anywhere, and track their transfers in real time. However, the others segment is projected to manifest the highest CAGR of 18.6% from 2022 to 2032. Others include post offices and mobile operators. Post offices leverage their trusted brand reputation and physical presence to offer accessible remittance services. They often provide competitive exchange rates, cash pick-up, and delivery options, attracting customers who prefer traditional channels for their money transfer needs. In addition, mobile operators capitalize on the increasing penetration of mobile phones and mobile money platforms to offer innovative remittance solutions. These operators provide customers with mobile wallets, allowing them to send and receive money digitally, leveraging the convenience of mobile technology.

𝐁𝐮𝐲 𝐓𝐡𝐢𝐬 𝐄𝐱𝐭𝐞𝐧𝐬𝐢𝐯𝐞 𝐑𝐞𝐩𝐨𝐫𝐭 (𝐏𝐃𝐅 𝐰𝐢𝐭𝐡 𝐈𝐧𝐬𝐢𝐠𝐡𝐭𝐬, 𝐂𝐡𝐚𝐫𝐭𝐬, 𝐓𝐚𝐛𝐥𝐞𝐬, 𝐚𝐧𝐝 𝐅𝐢𝐠𝐮𝐫𝐞𝐬) @ https://www.alliedmarketresearch.com/checkout-final/2992f21a4015ffa3c435994daa83fd35

𝐓𝐡𝐞 𝐩𝐞𝐫𝐬𝐨𝐧𝐚𝐥 𝐬𝐞𝐠𝐦𝐞𝐧𝐭 𝐭𝐨 𝐦𝐚𝐢𝐧𝐭𝐚𝐢𝐧 𝐢𝐭𝐬 𝐥𝐞𝐚𝐝𝐞𝐫𝐬𝐡𝐢𝐩 𝐬𝐭𝐚𝐭𝐮𝐬 𝐭𝐡𝐫𝐨𝐮𝐠𝐡𝐨𝐮𝐭 𝐭𝐡𝐞 𝐟𝐨𝐫𝐞𝐜𝐚𝐬𝐭 𝐩𝐞𝐫𝐢𝐨𝐝-

Based on end user, the personal segment held the highest market share in 2022, accounting for more than two-thirds of the global digital remittance market revenue. This is attributed to the growth of international education and the rise in the number of students studying abroad, which present opportunities for digital remittance providers in the personal segment. The same segment is projected to manifest the highest CAGR of 17.5% from 2022 to 2032. The adoption of cloud-based accounting systems and digital financial management tools has created opportunities for digital remittance providers in the business segment. These technologies enable seamless integration with digital remittance platforms, streamlining payment processes, and enhancing financial visibility for businesses.

𝐄𝐮𝐫𝐨𝐩𝐞 𝐭𝐨 𝐦𝐚𝐢𝐧𝐭𝐚𝐢𝐧 𝐢𝐭𝐬 𝐝𝐨𝐦𝐢𝐧𝐚𝐧𝐜𝐞 𝐛𝐲 𝟐𝟎𝟑𝟐-

Based on region, North America held the highest market share in terms of revenue in 2022, garnering nearly two-fifths of the global digital remittance market. The North American region has seen an increase in the number of fintech businesses focused on digital remittance services. These firms use technology, user-friendly interfaces, and competitive pricing to gain market share, fostering innovation and boosting competition. On the other hand, the Europe region is likely to maintain its dominance in terms of revenue during the forecast period. However, the Asia-Pacific region is expected to witness the fastest CAGR of 19.7% from 2023 to 2032. With the expansion of e-commerce in the Asia-Pacific area, there is a greater need for seamless cross-border payments. Individuals and organizations can make foreign payments for online purchases via digital remittance platforms, which provide integrated solutions. This promotes the expansion of cross-border e-commerce and provides consumers with a convenient payment mechanism. Therefore, international student support, foreign direct investment, and E-commerce payments drive the adoption and growth of the digital remittance market in the Asia-Pacific region.

𝐓𝐡𝐞 𝐏𝐫𝐞𝐬𝐞𝐧𝐭: 𝐃𝐞𝐯𝐞𝐥𝐨𝐩𝐞𝐝 𝐚𝐧𝐝 𝐓𝐞𝐜𝐡𝐧𝐨𝐥𝐨𝐠𝐲-𝐝𝐫𝐢𝐯𝐞𝐧-

The adoption of digital remittance services became highly prominent during the COVID-19 pandemic. Advancements in mobile technology facilitated the proliferation of mobile wallets, allowing users to send and receive funds conveniently through their smartphones. Companies such as Western Union, MoneyGram, Ria Money Transfer, and UAE Exchange witnessed a double volume of digital remittances on their annual returns.

These companies have been at the forefront in revolutionizing the digital remittance landscape with their user-friendly platform and competitive exchange rates. Moreover, these companies continue to invest in R&D to harness the full potential of emerging technologies, driving innovation, and reshaping the potential of digital remittance. Furthermore, new players such as PaySend, Xoom, and Remitly are using their low fees as a tangible factor to position themselves against incumbents. In addition, their business models are based on pure digital platforms which provide them with lower fixed costs and their modern, cleaner technologically operative platforms offer consumers quick turnaround times.

𝐄𝐱𝐩𝐥𝐨𝐫𝐞 𝐁𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠: 𝐈𝐧𝐬𝐢𝐝𝐞𝐫'𝐬 𝐆𝐮𝐢𝐝𝐞 𝐭𝐨 𝐏𝐮𝐫𝐜𝐡𝐚𝐬𝐞@ https://www.alliedmarketresearch.com/purchase-enquiry/2968

𝐃𝐢𝐠𝐢𝐭𝐚𝐥 𝐑𝐞𝐦𝐢𝐭𝐭𝐚𝐧𝐜𝐞𝐬 𝐀𝐝𝐨𝐩𝐭𝐢𝐨𝐧 𝐑𝐚𝐭𝐞: 𝐒𝐮𝐫𝐯𝐞𝐲 𝐌𝐞𝐭𝐡𝐨𝐝𝐨𝐥𝐨𝐠𝐲-

Visa and Morning Consult conducted the 2023 digital remittances adoption report survey in December 2022. The report is based on a study of over 14,000 consumers across 10 countries including the U.S., Canada, Mexico, Peru, France, Poland, Philippines, Singapore, United Arab Emirates, and Saudi Arabia. Within each country, survey participants were grouped based on census estimates for age, race/ethnicity, gender, education, and region. In the survey, it was discovered that 53% of consumers use digital means, as compared to 34% of consumers who use a physical bank or money transfer branch. In addition, 12% of consumers send cash, checks, or money orders in the post, while 11% rely on friends or acquaintances to take money home while travelling.

𝐊𝐞𝐲 𝐌𝐚𝐫𝐤𝐞𝐭 𝐏𝐥𝐚𝐲𝐞𝐫𝐬: Nium Pte. Ltd., Western Union Holdings, Inc., Wise `Payments Limited, Ria Financial Services, PayPal Holdings Inc., MoneyGram., WorldRemit, Azimo Ltd., TransferGo Ltd., Digital Wallet Inc.

𝐃𝐢𝐠𝐢𝐭𝐚𝐥 𝐑𝐞𝐦𝐢𝐭𝐭𝐚𝐧𝐜𝐞 𝐌𝐚𝐫𝐤𝐞𝐭 𝐊𝐞𝐲 𝐒𝐞𝐠𝐦𝐞𝐧𝐭𝐬:

𝐁𝐲 𝐓𝐲𝐩𝐞:

Inward Digital Remittance
Outward Digital Remittance

𝐁𝐲 𝐄𝐧𝐝 𝐔𝐬𝐞𝐫:

Business
Personal

𝐁𝐲 𝐂𝐡𝐚𝐧𝐧𝐞𝐥:

Banks
Money Transfer Operators
Others

𝐁𝐲 𝐑𝐞𝐠𝐢𝐨𝐧:

North America (U.S., Canada)
Europe (UK, Germany, France, Italy, Spain, Rest of Europe)
Asia-Pacific (China, Japan, India, Australia, South Korea, Rest of Asia-Pacific)
LAMEA (Latin America, Middle East, Africa)

𝐆𝐞𝐭 𝐘𝐨𝐮𝐫 𝐏𝐞𝐫𝐬𝐨𝐧𝐚𝐥𝐢𝐳𝐞𝐝 𝐒𝐚𝐦𝐩𝐥𝐞 𝐑𝐞𝐩𝐨𝐫𝐭 & 𝐓𝐎𝐂 𝐍𝐨𝐰! @ https://www.alliedmarketresearch.com/request-for-customization/2968

𝐊𝐞𝐲 𝐅𝐢𝐧𝐝𝐢𝐧𝐠𝐬 𝐨𝐟 𝐭𝐡𝐞 𝐒𝐭𝐮𝐝𝐲

By type, the outward digital remittance segment led the digital remittance market in terms of revenue in 2022.
By channel, the money transfer operator segment led the digital remittance market in terms of revenue in 2022.
By end user, the personal segment accounted for the highest digital remittance market share in 2022.
By region, North America generated the highest revenue in 2022.

𝐓𝐨𝐩 𝐓𝐫𝐞𝐧𝐝𝐢𝐧𝐠 𝐑𝐞𝐩𝐨𝐫𝐭𝐬:

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Marine Insurance Market https://www.alliedmarketresearch.com/marine-insurance-market-A11321
B2B Payments Market https://www.alliedmarketresearch.com/b2b-payments-market-A08183
Insurance Third Party Administrator Market https://www.alliedmarketresearch.com/insurance-third-party-administrator-market-A12542
Parametric Insurance Market https://www.alliedmarketresearch.com/parametric-insurance-market-A14966

𝐀𝐛𝐨𝐮𝐭 𝐔𝐬:

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Allied Market Research
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