Soaring Popularity of Mobile Wallets to Gain Grounds for Digital Remittance across the Globe: Fact.MR Analysis

NEW YORK, Feb. 24, 2022 /PRNewswire/ -- The digital remittance market is likely to grow at a CAGR of 27% during the forecast period 2022-2032. The market is expected to be valued at USD 18.16 Billion in the assessment period 2022.

As per the latest World Bank's report, the remittances industry moves over $600 billion around the world, with $466 billion being sent to low-and-middle-income countries. Remittances are expected to continue to increase in 2022, by 27% to reach nearly USD 18 Bn. The international community is striving to considerably reduce the cost of remittance services.

This will eventually propel the growth rate for the digital remittance market in the forthcoming future. Robust growth in transfers from countries in Southeast Asia assisted offset lower remittance flows from other regions, especially the Middle East and the United States. 

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WorldRemit processed nearly 10 billion dollars in transactions in 2020 and remittances are expected to continue growing in 2022— perhaps at a marginally consistent rate when economies across the globe stabilize. Moreover, financial institutions are investing in their technology systems to make data exchange and provide fast and secure digital money transfers.

They are using API technology that enables them to facilitate remittances in almost real-time. Besides, increased communication and tracking features are integrated for added peace of mind. Along with this, cross-border remittances bring many economic benefits, widen financial inclusion, and boost economic development.

Digital remittances play an enormous and vital role in the lives of migrants and their families. The money received in migrant households in migrants' countries of origin represents around 60% of household income, which is normally spent on essential items such as medicines, education, food, and housing expenses.

Key Takeaways:

• Global digital remittance market to be valued at over US$ 18 Bn by 2022-end
• By end use, digital remittance for personal use to accumulate 42% of total revenue
• Money transfer operators to conduct 2 out of 5 digital remittance transactions through 2022
• Outward digital remittance to account for 57% of total market revenue across the forecast period
• North America to account for 27% of global digital remittance transactions
• Asia Pacific to flourish at a CAGR of 13% with respect to digital remittance services

Growth Drivers:

• The proliferation of the digital platforms for remittance is expected to encourage customers to move toward online transactions. Moreover, the rising penetration of mobile devices across the globe in recent years has encouraged the adoption of digital technology in remittance services and cross-border payments.
  
   
• Customers across the globe are also shifting toward digital remittance services as they help reduce the money transfer time and remittance costs. Moreover, digital remittance services offer high privacy and protection for consumers' money.

Key Restraints:

• The increasing adoption and ease of digital payments are expected to create growth opportunities for the market over the forecast period. However, the lack of awareness about digital remittance services and high remittance prices are expected to hinder the market growth. Moreover, security hindrances such as terrorist financing and money laundering could negatively impact the growth prospects of the market over the forecast period.

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Competitive Landscape

The various leading players in the Digital Remittance market are focusing on offering various marketing strategies are adopted by key players such as mergers and acquisitions, expansions, collaborations, and partnerships.

• In August 2021, WorldRemit Ltd. launched its money transfer services in Malaysia, allowingWorldRemit users to send money from Malaysia, in addition to 50 other countries, including the U.S. and the U.K., to more than 130 destinations. Based on their location, users can choose from numerous payout methods for the recipient, including payments to mobile wallets, bank deposits, mobile airtime top-up, and cash pick-up.

Key Companies Profiled by Fact.MR

• Azimo Limited
• Digital Wallet Corporation
• InstaReM Pvt. Ltd.
• MoneyGram
• PayPal Holdings, Inc.
• Ria Financial Services Ltd.
• TransferGo Ltd.
• TransferWise Ltd.
• Western Union Holdings Inc.
• WorldRemit Ltd.

More valuable Insights on Digital Remittance Market:

Fact.MR, in its report, offers a market analysis of the global Digital Remittance market analysing the forecast period through 2022 and beyond. This survey reveals the growth of technology in the Digital Remittance Market with detailed segmentation as follows: -

• By Type
• Inward Digital Remittance
• Outward Digital Remittance
• By Channel
• Digital Remittance through Banks
• Digital Remittance through Money Transfer Operators
• Digital Remittance through Online Platforms
• Digital Remittance through Other Channels
• By End Use
• Digital Remittance for Migrant Labor Workforce
• Personal Digital Remittance
• Digital Remittance for Small Businesses
• Digital Remittance for Other End Uses

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Key Questions covered in the Digital Remittance Market Report

• What is the global Digital Remittance Market scenario?
• How far is the global demand expected to reach over the forecasted period?
• What was the last 5-year CAGR for the demand in the demand in the Digital Remittance Market?
• Who are the prominent players in the global Digital Remittance Market?

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