- Money Transfer Operators (MTOs)
Southeast Asia Digital Remittance Market size was valued at USD 49.85 billion in 2022 and is expected to reach USD 269.78 billion by 2029, at a CAGR of 23.5% during 2023 to 2029. Digital remittance is the process of transferring money to the native countries by foreign migrants with the use of digital transfer networks like digital wallets, easy to hand mobile applications and others. There are several advantages of using digital remittance service such lower cost, speed, convenience, get rid of from those form filling processes, codes and agents. Increase in competition from new entrants, increase in customers prefer using mobile devices in Asia Pacific and margin pressure because of the increasing agreement on reducing remittance transaction fees impel the penetration of digital channels. People living in Asian countries are growingly engaging with their abroad counterparts for different purposes like medical, business, education, entertainment related activities and leisure. Transferring money through facilities like banking and money transfer operators is expensive because of the high transfer charges. Hence, several people in Southeast Asia are opting for digital remittance service. This market report provides complete analysis and precise statistics about revenue for the forecasted period. Market analysis also covers company description, total revenue gained by company and major business. This report further discuses about digital remittance product introduction and recent advances. In addition, remittance industries are growing day by day in developing countries and particularly in Asia-Pacific region, which is projected to propel the market growth. Increase in internet users and mobile access in Asia-pacific will bring several profit making opportunities for the market. Whereas, lack of guidance and awareness among people serve to be a significant factor to restrict people from using digital remittance transfer mode.
Fastest Growing Market
Increase in preference towards mobile-based payment options, cashless option, mobile banking and cross-border transactions dominate payment options in Asia-Pacific and lead towards driving the digital remittance market growth. Furthermore, implementation of digital transfer network like digital currencies, electronic identification, mobile money, distributed ledgers, mobile phone technology and other to remit money has made cross-border transferring payment easy in price, auditable, immediate and easy to get to everybody. This will be a significant factor to drive the Southeast Asia digital remittance market growth.
2021 is the base year and 2028 is the forecast year.
The report covers the five regions and 15+ countries market data: North America (United States, Canada), Europe (Germany, France, Italy, Spain, and United Kingdom (UK), Asia Pacific (China, India, Japan, Australia & New Zealand), Latin America (Brazil, Mexico, Argentina) and Middle East and Africa (Saudi Arabia, United Arab Emirates, South Africa).
In our report, we provide 12-15 market players’ information into the report. However, based on the client’s request we will provide additional country and regional market players information as well.