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

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

A remittance 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.

Digital remittance is using digital channel to realize the remittance process.

Market Overview:

The latest research study on the global Digital Remittance market finds that the global Digital Remittance market reached a value of USD 4835.58 million in 2022. It’s expected that the market will achieve USD 18606.22 million by 2028, exhibiting a CAGR of 25.18% during the forecast period.

Region Overview:

In 2021, the share of the Digital Remittance market in North America stood at 32.2%.

Company Overview:

Western Union, MoneyGram, Xoom, Transferwise and WorldRemit are the five key players in the global Digital Remittance market. These companies have shown consistent growth in revenue, larger volumes of sales and a prominent presence in terms of share in the global Digital Remittance market in the past 5 years.

Western Union

The Western Union Company provides money movement and payment services worldwide. The company operates in two segments, Consumer-to-Consumer and Business Solutions. The Consumer-to-Consumer segment facilitates money transfers between two consumers, primarily through a network of third-party agents.

MoneyGram

MoneyGram International, Inc., together with its subsidiaries, provides money transfer services in the United States and internationally. The company operates through two segments, Global Funds Transfer and Financial Paper Products. The Global Funds Transfer segment offers money transfer services and bill payment services primarily to unbanked and underbanked consumers.

Segmentation Overview:

By type, Money Transfer Operators segment accounted for the largest share of market in 2021.

Application Overview:

The market's largest segment by application is the segment Migrant Labor Workforce, with a market share of 76.84% in 2021.

Key Companies in the global Digital Remittance market covered in Chapter 3:

WorldRemit
Flywire
Azimo
OrbitRemit
Transferwise
TransferGo
Xoom
Remitly
MoneyGram
Mukuru
Avenues India Pvt Ltd
Ria Financial Services
Western Union

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

Banks
Money Transfer Operators
Others

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

Migrant Labor Workforce
Study Abroad and Travel
Others

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)