LOS ANGELES, Jan. 28, 2019 (GLOBE NEWSWIRE) -- QY Research has released a new publication on the global digital remittance market under the title of “Global Digital Remittance Market Report 2018 to 2025” that provides the insights of the current market status of this sector. As per the report, the global market is expected to reach the value of US$ 8590 Mn in 2025 from US$ 1536 Mn in 2017, expanding at a gigantic CAGR of 23.3% throughout the forecasted period.
The Digital Remittance Market Report covers small businesses, study abroad and travel migrant labor workforce and so on. As a matter of fact, the cost saving procedure from the digital remittances have become a powerful boost to the global GDP that can have a remarkable influence on controlling poverty worldwide.
Worldwide Market for Digital Remittance: Drivers
Digital remittance is one of the most powerful monitory solutions that can have the potential to cause positive development on the local and global economy. A number of economic situation can be handled through banking, that offers connectivity, identity, and it also includes literacy solutions as well. All of these are mostly developed by both the private and public sectors with the help of support and collaboration with government. The existing refugee crisis, on the other hand, is creating a favorable time for the digital remittance, as it is being able to come up with enhanced and more balanced economic opportunities for those people who need it the most.
This market has some other benefits as well. Being available beyond the fee costs, saving important time, being within reach, and the most important of all, the security benefits are easily expected to enhance the growth of the digital remittances market. The cost saving from the digital remittance could be a substantial improvement to the global GDP that could create a notable effect on global poverty.
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Global Market for Digital Remittance: Forecast by Region
The World Bank data suggests that India has become the largest economy among the migrant remittance entries that covers the 11.2% of the globe. Apart from India, countries like Bangladesh, Vietnam, Germany, Pakistan, Nigeria, France, Mexico, Philippines, and China, also have their fair share in being the top names that have received substantial sums of remittance revenue globally.
Digital Remittance Market: Key Players
The major players in the global market include Alipay/Ant Financial, WeChat Payment, FlyRemit, Avenues India Pvt Ltd, Smiles/Digital Wallet Corporation, OrbitRemit, Toast, Coins.ph, TNG Wallet, InstaReM, TransferGo, Azimo, Remitly, MoneyGram, WorldRemit, TransferWise, Western Union PayPal/Xoom, and Ria Financial Services that are currently operating in the market.
But interestingly, there are a number of fintech start-ups that are coming in limelight, to boost the global market for digital remittance and some of the most acknowledgeable names are Azimo, Remitly, WorldRemit, TransferWise and Xoom have been able to get included in the market to create a great influence on the global market of digital remittance.
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