Global Digital Money Transfer & Remittances Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Digital Money Transfer & Remittances Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Digital Money Transfer & Remittances is a transfer of money by a foreign worker to an individual in their home country. Money sent home by migrants competes with international aid as one of the largest financial inflows to developing countries. Workers' remittances are a significant part of international capital flows, especially with regard to labour-exporting countries.

Market Overview:

The latest research study on the global Digital Money Transfer & Remittances market finds that the global Digital Money Transfer & Remittances market reached a value of USD 103531.32 million in 2022. It’s expected that the market will achieve USD 233050.21 million by 2028, exhibiting a CAGR of 14.48% during the forecast period.

Influence of COVID-19 Outbreak on Digital Money Transfer & Remittances Industry Development

The continued spread of COVID-19 has become one of the biggest threats facing the global economy and financial markets. In order to contain the impact of the coronavirus outbreak, many countries around the world choose to implement a nationwide lockdown; restrict the movement of the entire population; close public places and transportation; and urge the public to stay indoors, maintain social distancing, and work from home. The resulting economic chaos is huge, and the activities of enterprises, large and small, will drop sharply in the short term.

As economic growth is expected to be severely hit, the financial outlook of the digital payment industry is no exception, at least in the short term will follow a similar trajectory. However, the stability and innovation potential of the industry will play an inestimable role in restarting the economy under the new normal.

The adverse effects of the COVID-19 pandemic are permeating many sectors, with the manufacturing, automotive, retail, aviation, and hospitality industries bearing the brunt. This in turn has affected the fast-growing digital payments closely related to the aforementioned industries. Store closures travel bans, and reduced consumer discretionary spending (dining out, movies, entertainment, etc.) further have a negative impact on digital payments. The number of digital payments in industries such as aviation, tourism, hotels, hotels, entertainment, e-commerce (non-essential goods), and restaurants has declined. In addition, cross-border payments, whether it is B2B or C2B, have dropped significantly due to further temporary closure of the borders, resulting in restrictions on the flow of goods. International remittances have also been affected and reduced.

Market Driver Analysis

Cost savings, traditional payment costs often limit the growth of enterprises and the ability to conduct business. Therefore, the adoption of digital remittance solutions is essential to make payments quickly and efficiently while reducing overall costs. Unlike cash payments and other traditional payment methods, which are difficult to track, digital payments can be tracked. Therefore, the adoption of digital payments in key areas of the economy can encourage accountability while reducing the risk of theft and corruption. Another reason for adopting digital payment methods is security. The website or application used to access the online money transfer platform uses the most advanced encryption methods. Another reason for the digitalization of digital payments is ease of use. These benefits will encourage industry development.

Market Restraints Analysis

The development of the digital age relies on the development of high-tech, and not all countries in the world have the technological strength and educational level to catch up with the development of the times. Insufficient understanding will make the market still dependent on cash payments. For example, cash-based remittance services continue to dominate the SADC remittance market, mainly due to the low level of financial inclusion in the region and the dependence of domestic retail payments and transactions on cash. Restricted education will also hinder the use of digital currency transfer and remittance systems.

Region Overview:

North America had the highest growth rate of all regions.

Company Overview

PayPal is one of the major players operating in the Digital Money Transfer & Remittances market, holding a share of 4.87% in 2021.

PayPal Holdings, Inc. is an American company operating an online payments system in the majority of countries that support online money transfers, and serves as an electronic alternative to traditional paper methods like checks and money orders. The company operates as a payment processor for online vendors, auction sites, and many other commercial users, for which it charges a fee.

WeChat pay is a payment solution completely integrated inside the social and messaging application of Tencent.

Segmentation Overview:

As for product types, the International Money Transfer segment held the largest market share in 2021.

Application Overview:

By application, the Enterprise segment occupied the biggest share from 2017 to 2022.

Key Companies in the global Digital Money Transfer & Remittances market covered in Chapter 3:

TNG Wallet
Ant Financial/Alipay
Revolut
Digital Wallet Corporation
FlyRemit
InstaReM
Western Union (WU)
Remitly
WeChat Payment
Azimo
Avenues India Pvt Ltd
PayPal
Coins.ph
MoneyGram
TransferGo
WorldRemit
TransferWise
Ria Financial Services
OrbitRemit

In Chapter 4 and Chapter 14.2, on the basis of types, the Digital Money Transfer & Remittances market from 2018 to 2029 is primarily split into:

Domestic Money Transfer
International Money Transfer

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Digital Money Transfer & Remittances market from 2018 to 2029 covers:

Consumer
Enterprise

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)