Digital Remittance Market: By Channel (Money Transfer Operators, Banks, Others), By Type (Outward Digital Remittance, Inward Digital Remittance), By End-user (Migrant Labor Workforce, Personal, Small Business, Others)  and Geography  

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Digital Remittance Market size was valued at USD 16,953.5 million in 2023 and is poised to grow at a significant CAGR of 13.7% over 2024-2030. The market is growing because of an increase in mobile-based payment channels and cross-border transactions, as well as a decrease in remittance transfer time and cost. The expansion of the banking and financial sectors around the world is also fueling the remittance business. Furthermore, technical advances in the digital remittance market are projected to give profitable growth prospects. The rise of digital remittance is being driven by digitization, automation, lower remittance costs, transfer times, and the growing use of banking and financial services. Regulatory policies that encourage all financial institutions to become more open and cultivate stronger data and partner ecosystems also contribute to market expansion.

The market has upside potential due to increasing access to financial services such as basic bank accounts and growing internet usage among remittance recipients. Terrorist financing and money laundering are two security concerns that could stymie the market's growth potential throughout the projection period. Cross-border remittances provide numerous economic benefits, increase financial inclusion, and stimulate economic growth. Changing customer needs for cross-border remittances are necessary to speed market expansion during the forecast period. Digital money transfer services are becoming more popular among customers in low- and middle-income countries. Migrants' and their families' daily life. Based on type, the inward digital remittance segment is anticipated to witness significant growth over the projected period attributed to the increased use of mobile payment applications for money transfers in developed countries. Moreover, digital remittance service providers focus on offering fast and efficient fund transfers to the users, thereby creating several opportunities for the segment.

Digital Remittance Market Key Developments:
  • In Feb 2022, MoneyGram International, one of the biggest remittances players globally, has entered an agreement to be acquired by leading private equity firm Madison Dearborn Partners is a major development for the payments industry
  • In Jan 2020, PayPal Holdings, Inc. announced that it has completed its acquisition of Honey Science Corporation for approximately $4 billion in cash. This transaction will transform the shopping experience for PayPal's consumers while increasing sales and customer engagement for its merchants.

Digital Remittance Market Summary

Study Period

2024-2030

Base Year

2023

CAGR

13.7%

Largest Market

North America

Fastest Growing Market

Asia-Pacific
Digital Remittance Market Dynamics

Customers are expected to migrate toward online transactions as the digital platform for remittance grows in popularity. Furthermore, in recent years, the growing use of mobile devices worldwide has pushed the usage of digital technology in remittance services and cross-border payments. However, the rise in the number of financial crimes and lack of awareness of digital remittance is expected to impede market growth.

Digital Remittance Market Segmentation

By Type
  • Inward Digital Remittance
  • Outward Digital Remittance
By Channel
  • Banks
  • Money Transfer Operators
  • Online Platforms
  • Others
By End User
  • Migrant Labor Workforce
  • Personal
  • Small Businesses
  • Others

Frequently Asked Questions

The digital remittance market is projected to expand at a CAGR of 13.7% during the forecast period.

Digital Wallet Corporation, InstaReM Pvt. Ltd., MoneyGram, PayPal Holdings, Inc., Ria Financial Services Ltd.

Asia-Pacific is the fastest-growing region for digital remittance market

Key Features of the Reports

  • The digital remittance market report provides granular level information about the market size, regional market share, historic market (2019-2023) and forecast (2024-2030)
  • The report covers in-detail insights about the competitor’s overview, company share analysis, key market developments, and their key strategies
  • The report outlines drivers, restraints, unmet needs, and trends that are currently affecting the market
  • The report tracks recent innovations, key developments, and start-up details that are actively working in the market
  • The report provides a plethora of information about market entry strategies, regulatory framework, and reimbursement scenario.
1. Executive Summary
2. Global Digital Remittance Market Introduction
2.1. Global Digital Remittance Market Taxonomy
2.2. Global Digital Remittance Market Definitions
2.2.1. By Channel
2.2.2. By Type
2.2.3. By End User
2.2.4. By Region
3. Global Digital Remittance Market Dynamics
3.1. Drivers
3.2. Restraints
3.3. Opportunities/Unmet Needs of the Market
3.4. Trends
3.5. Global Digital Remittance Market Dynamic Factors - Impact Analysis
3.6. Global Digital Remittance Market Competition Landscape
4. Global Digital Remittance Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030
4.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn)
4.2. Year-over-Year (Y-o-Y) Growth Analysis (%)
4.3. Market Opportunity Analysis
5. Global Digital Remittance Market, By Channel, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn)
5.1. Money Transfer Operators
5.1.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn)
5.1.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
5.1.3. Market Opportunity Analysis
5.2. Banks
5.2.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn)
5.2.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
5.2.3. Market Opportunity Analysis
5.3. Others
5.3.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn)
5.3.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
5.3.3. Market Opportunity Analysis
6. Global Digital Remittance Market Forecast, By Type, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn)
6.1. Outward Digital Remittance
6.1.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn)
6.1.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
6.1.3. Market Opportunity Analysis
6.2. Inward Digital Remittance
6.2.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn)
6.2.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
6.2.3. Market Opportunity Analysis
7. Global Digital Remittance Market Forecast, By End User, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn)
7.1. Migrant Labor Workforce
7.1.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn)
7.1.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
7.1.3. Market Opportunity Analysis
7.2. Personal
7.2.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn)
7.2.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
7.2.3. Market Opportunity Analysis
7.3. Small Business
7.3.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn)
7.3.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
7.3.3. Market Opportunity Analysis
7.4. Others
7.4.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn)
7.4.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
7.4.3. Market Opportunity Analysis
8. Global Digital Remittance Market Forecast, By Region, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn)
8.1. North America
8.1.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn)
8.1.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
8.1.3. Market Opportunity Analysis
8.2. Europe
8.2.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn)
8.2.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
8.2.3. Market Opportunity Analysis
8.3. Middle East and Africa
8.3.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn)
8.3.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
8.3.3. Market Opportunity Analysis
8.4. Asia-Pacific
8.4.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn)
8.4.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
8.4.3. Market Opportunity Analysis
8.5. Latin America
8.5.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn)
8.5.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
8.5.3. Market Opportunity Analysis
9. North America Digital Remittance Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn)
9.1. Channel Analysis 2019 - 2023 and Forecast 2024 - 2030 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%)
9.1.1. Money Transfer Operators
9.1.2. Banks
9.1.3. Others
9.2. Type Analysis 2019 - 2023 and Forecast 2024 - 2030 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%)
9.2.1. Outward Digital Remittance
9.2.2. Inward Digital Remittance
9.3. End User Analysis 2019 - 2023 and Forecast 2024 - 2030 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%)
9.3.1. Migrant Labor Workforce
9.3.2. Personal
9.3.3. Small Business
9.3.4. Others
9.4. Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%)
9.4.1. USA
9.4.2. Canada
9.5. North America Digital Remittance Market Opportunity Analysis Index, By Channel, Type, End User, and Country, 2020 2026
9.6. North America Digital Remittance Market Dynamics – Trends
10. Europe Digital Remittance Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn)
10.1. Channel Analysis 2019 - 2023 and Forecast 2024 - 2030 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%)
10.1.1. Money Transfer Operators
10.1.2. Banks
10.1.3. Others
10.2. Type Analysis 2019 - 2023 and Forecast 2024 - 2030 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%)
10.2.1. Outward Digital Remittance
10.2.2. Inward Digital Remittance
10.3. End User Analysis 2019 - 2023 and Forecast 2024 - 2030 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%)
10.3.1. Migrant Labor Workforce
10.3.2. Personal
10.3.3. Small Business
10.3.4. Others
10.4. Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%)
10.4.1. Switzerland
10.4.2. Germany
10.4.3. Russia
10.4.4. France
10.4.5. UK
10.4.6. Rest of Europe
10.5. Europe Digital Remittance Market Opportunity Analysis Index, By Channel, Type, End User, and Country, 2020 2026
10.6. Europe Digital Remittance Market Dynamics – Trends
11. Middle East and Africa Digital Remittance Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn)
11.1. Channel Analysis 2019 - 2023 and Forecast 2024 - 2030 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%)
11.1.1. Money Transfer Operators
11.1.2. Banks
11.1.3. Others
11.2. Type Analysis 2019 - 2023 and Forecast 2024 - 2030 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%)
11.2.1. Outward Digital Remittance
11.2.2. Inward Digital Remittance
11.3. End User Analysis 2019 - 2023 and Forecast 2024 - 2030 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%)
11.3.1. Migrant Labor Workforce
11.3.2. Personal
11.3.3. Small Business
11.3.4. Others
11.4. Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%)
11.4.1. GCC Countries
11.4.2. Israel
11.4.3. South Africa
11.4.4. Rest of MEA
11.5. Middle East and Africa Digital Remittance Market Opportunity Analysis Index, By Channel, Type, End User, and Country, 2020 2026
11.6. Middle East and Africa Digital Remittance Market Dynamics – Trends
12. Asia-Pacific Digital Remittance Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn)
12.1. Channel Analysis 2019 - 2023 and Forecast 2024 - 2030 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%)
12.1.1. Money Transfer Operators
12.1.2. Banks
12.1.3. Others
12.2. Type Analysis 2019 - 2023 and Forecast 2024 - 2030 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%)
12.2.1. Outward Digital Remittance
12.2.2. Inward Digital Remittance
12.3. End User Analysis 2019 - 2023 and Forecast 2024 - 2030 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%)
12.3.1. Migrant Labor Workforce
12.3.2. Personal
12.3.3. Small Business
12.3.4. Others
12.4. Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%)
12.4.1. China
12.4.2. South Korea
12.4.3. India
12.4.5. Australia and New Zealand
12.4.6. ASEAN
12.4.7. Rest of Asia-Pacific
12.5. Asia-Pacific Digital Remittance Market Opportunity Analysis Index, By Channel, Type, End User, and Country, 2020 2026
12.6. Asia-Pacific Digital Remittance Market Dynamics – Trends
13. Latin America Digital Remittance Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn)
13.1. Channel Analysis 2019 - 2023 and Forecast 2024 - 2030 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%)
13.1.1. Money Transfer Operators
13.1.2. Banks
13.1.3. Others
13.2. Type Analysis 2019 - 2023 and Forecast 2024 - 2030 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%)
13.2.1. Outward Digital Remittance
13.2.2. Inward Digital Remittance
13.3. End User Analysis 2019 - 2023 and Forecast 2024 - 2030 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%)
13.3.1. Migrant Labor Workforce
13.3.2. Personal
13.3.3. Small Business
13.3.4. Others
13.4. Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%)
13.4.1. Mexico
13.4.2. Brazil
13.4.3. Argentina
12.4.4. Rest of Latin America
13.5. Latin America Digital Remittance Market Opportunity Analysis Index, By Channel, Type, End User, and Country, 2020 2026
13.6. Latin America Digital Remittance Market Dynamics – Trends
14. Competition Landscape
14.1. Strategic Dashboard of Top Market Players
14.2. Company Profiles (Introduction, Financial Analysis, Channel & Service Offerings, Key Developments, Strategies, and SWOT)
14.2.1. MoneyGram
14.2.2. PayPal
14.2.3. Western Union
14.2.4. Euronet Worldwide
14.2.5. Azimo Limited
14.2.6. WorldRemit
14.2.7. Flywire
15. Research Methodology
16. Key Assumptions and Acronyms
  • Digital Wallet Corporation
  • InstaReM Pvt. Ltd.
  • MoneyGram
  • PayPal Holdings, Inc.
  • Ria Financial Services Ltd.
  • TransferGo Ltd.
  • TransferWise Ltd.
  • Western Union Holdings, Inc.
  • WorldRemit Ltd.
  • papaya global

Adjacent Markets