New York, NY, April 15, 2019 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Digital Remittance Market by Remittance Type (Inward and Outward), by Remittance Channel (Banks, Money Transfer Operators, Online Platforms, and Others), and by End-User (Migrant Labor Workforce, Businesses, and Individual/Personal): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018–2025’’. According to the report, the global digital remittance market was valued at around USD 1.93 billion in 2018 and is expected to reach approximately USD 8.61 billion by 2025, at a CAGR of slightly above 23.8% between 2019 and 2025.

Digital remittance is interconnected with the banking systems in almost every country, where funds are securely transferred and received throughout the process. The process of money transferring overseas nearly cuts one half of the cost. The digital transactions can be done in less time regardless of the locations of the user and the receiver. In addition, the sender can choose a payment method from a range of payment processes and the receiver can have an option of choosing from a host of receiving methods as well.

Browse through 42 Tables & 25 Figures spread over 145 Pages and in-depth TOC on “Global Digital Remittance Market Size & Share 2018 Report: Industry Type, Key Segments, Growth, Analysis and Forecast, 2025”.

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Increasing immigration rate from developing to developed nations in search of education and jobs is the major factor driving the global digital remittance market growth. In addition, the rising use of mobile devices that facilitates convenient, 24/7 trouble-free, and cost-effective money transfer are also expected to contribute notably toward the global digital remittance market growth. On the contrary, the security concerns and lack of awareness among the users may hamper the market growth. Nonetheless, the increasing mobile penetration and internet usage are estimated to open new growth opportunities for the global digital remittance market.

The global digital remittance market is fragmented into remittance type, remittance channel, and end-user. Based on remittance type, the market is categorized into inward and outward. The inward remittance segment is expected to register a high CAGR in the future, owing to the increasing adoption of mobiles payment apps for fund transfer among the migrants in developed regions.

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By remittance channel, the market includes banks, money transfer operators, online platforms, and others. The money transfer operators segment is expected to hold a significant market share over the projected years, due to the rising adoption of mobile-based apps and mobile banking introduced by money transfer operators and financial institutions. In addition, strategic collaborations among the digital payment service providers and major banks are also expected to contribute toward the growth of this segment. For instance, in April 2018, InstaReM and DCB bank announced a strategic collaboration to provide digital remittance for their users.

By end-user, the market includes migrant labor workforce, businesses, and individual/personal. The personal segment emerged as a dominant segment in 2018 and is expected to continue its dominance over the forecast time period as well. This can be attributed to a large number of fund transactions conducted by the immigrants that are working or studying overseas.

Browse the full “Digital Remittance Market by Remittance Type (Inward and Outward), by Remittance Channel (Banks, Money Transfer Operators, Online Platforms, and Others), and by End-User (Migrant Labor Workforce, Businesses, and Individual/Personal): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018–2025” Report at https://www.zionmarketresearch.com/report/digital-remittance-market

By region, North America held the largest share of the global digital remittance market in 2018, owing to a large number of immigrants settled in the region for education, job employment, business, etc. and the presence of major financial and communication service companies, such as Western Union (WU), MoneyGram, and Ria Financial Services. These companies have adopted the latest technologies to develop mobile apps that directly connect the customers across the globe with 24/7 activation. The U.S. is the main contributor to this regional market. According to the World Bank data, there are around 43.7 million immigrants in the U.S. and the transaction amount has increased from USD 50 billion to USD 66 billion over the last five years.

The European digital remittance market is expected to witness steady growth in the upcoming years, owing to the high adoption of digital remittance solutions in various business sectors, such as automobile, banking, healthcare, and others. In addition, Remitly, the U.S.-based financial company has decided to expand into 12 European countries. This expansion will enable millions of users to experience the modern remittance functionalities and processes. Remitly will have its presence in Belgium, Austria, Finland, Denmark, Germany, Italy, Ireland, Norway, the Netherlands, Sweden Spain, and UK.

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The Asia Pacific digital remittance market is slated to be the fastest growing over the forecast time period, owing to the rising mobile-based payment methods and high adoption of advanced technology, such as blockchain in banking and financial services. India and China are the primary contributors to this regional market. According to the World Bank, India retained the top place in 2017 as a remittance receiver, of about USD 69 billion, and was followed by China with USD 64 billion worth of remittances, respectively. In addition, the introduction of bitcoin to new mobile apps for migrant labor workforce, new startups, and well-established companies across the region are also expected to fuel this regional market.

The Latin American digital remittance market is expected to be a lucrative market in the upcoming years, owing to the presence of Western Union Company that recently announced the expansion of its digital presence in Latin America and the Caribbean Islands. This expansion will enable the customers to transfer money in more than 200 countries. The Middle East and Africa is expected to witness moderate growth in the upcoming years, owing to the solid cash/currency or remittance flows to Egypt due to steadier exchange rate expectation.

Some key participants of the global digital remittance market include InstaReM, Flywire, Western Union (WU), Ria Financial Outward Remittance, SingX Pte Ltd., WorldRemit Ltd., Remitly, Inc., Azimo Limited, TransferWise Ltd., Ripple, MoneyGram, and TNG Wallet.

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This report segments the global digital remittance market as follows:

Digital Remittance Market: Remittance Type Analysis

  • Inward Remittance
  • Outward Remittance

Digital Remittance MarketRemittance Channel Analysis

  • Banks
  • Money Transfer Operators
  • Online Inward Remittances
  • Others

Digital Remittance Market: End-User Analysis

  • Migrant Labor Workforce
  • Businesses
  • Individual/Personal

Digital Remittance MarketRegional Analysis

  • North America
    • The U.S.
  • Europe
    • UK
    • France
    • Germany
  • Asia Pacific
    • China
    • Japan
    • India
  • Latin America
    • Brazil
  • The Middle East and Africa

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