Digital remittance market is anticipated to grow at a CAGR of 15.9% during the forecast period. The market growth can be attributed to the increasing fund transfers from migrant workers to their families. Moreover, the increasing number of cross-border transactions and the growing adoption of mobile-based payment channels are expected to propel market growth over the forecast period. According to Visa Economic Empowerment Institute, global remittances totalled $706 billion in 2019, of this, low- and middle-income countries (LMICs) received a record $554 billion, which was larger than foreign direct investments (FDIs) in these countries. In addition, customers across the globe are also shifting toward digital remittance services as they reduced the money transfer time and remittance costs, and offer high privacy and protection for consumers’ money.
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For instance, in September 2021, Paytm Payments Bank forged a tied-up with Ria Money Transfer, to provide its customer with a service of receiving money from their relatives living in abroad. This partnership makes Paytm the country’s first platform to accept international remittances directly into a digital wallet. Moreover, every money transfer will be made in real-time, and will have security features such as account validation and name matching.
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- Market Coverage
- Market number available for – 2023-2029
- Base year- 2022
- Forecast period- 2023-2029
- Segment Covered- By Source, By Product Type, By Applications
- Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill
- , and others
Global Digital Remittance Market Report Segment
By Type
- Inward Digital Remittance
- Outward Digital Remittance
By Distribution Channel
- Oil and gas Banks
- Money Transfer Operators
- Online Platform
- Other Channels
By End User
- Business
- Personal
Global Digital Remittance Market Report by Region
North America
- US
- Canada
Europe
- UK
- Germany
- Italy
- Spain
- France
- Rest of Europe
Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
Rest of the World
- Latin America
- Middle East & Africa
The Report Covers
- Market value data analysis of 2021 and forecast to 2028.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global digital remittance market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market-entry and market expansion strategies.
- Competitive strategies by identifying ‘who-stands-where’ in the market.
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