Digital Remittance Market Worth $36.23 Billion By 2027

The global digital remittance market size is expected to reach USD 36.23 billion by 2027, registering a CAGR of 12.2% from 2020 to 2027, according to a new report by Grand View Research, Inc. Rise in global trade is creating job vacancies around the world. This has resulted in increased migration to developed countries, thereby fueling the market growth.

Reduced transfer time and remittance cost is anticipated to contribute to the market growth over the forecast period. Significant gains in cost reduction can be achieved by integrating existing technologies, including blockchain technology and mobile money transfer. Increasing usage of these technologies in cross-border money transfers is expected to further propel the market growth over the forecast period.

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Globalization has enabled organizations to develop their businesses and expand internationally. This has resulted in an upsurge in cross-border investments, especially in emerging economies, such as China and India. For instance, as per the World Bank, in 2018, the economy of India emerged as the foremost remittance recipient globally with a value of USD 79 billion (+10% from 2017).

The World Bank is supporting migration-related sustainable development goals, such as dropping transaction fee from 7.1% in 2018 to 3%. This has enabled financial institutions to offer efficient money transfer services to their customers. Moreover, with reducing fee, money transfer operators are providing services, such as prepaid debit cards and virtual bank accounts, to carve a niche for themselves. This, as a result, is increasing the traffic in the market to leverage such services.

Digital Remittance Market Report Highlights

·         Customers across the globe are adopting inward digital remittance services as they offer multiple access options, such as seamless system connectivity (host to host), easy file uploads, and direct access to partner banks. Furthermore, the inward digital remittance interface allows customers to screen against anti-terror list and perform anti money laundering checks

·         Money transfer operator model avoids the exchange and high interest rates of banks. Banks offer this payment service at extremely low to nil charge to customers, thus making money transfer platform very cost effective

·         Growing small businesses across the globe, coupled with increasing need to help freelancers and small businesses with their domestic and cross-border payments, are anticipated to fuel the adoption of digital remittance services in the small businesses end-use segment

·         Increasing adoption of electronic payments, coupled with growing population of migrants in North America, is expected to create growth opportunities for the regional market

·         Key vendors in the market include WorldRemit Ltd.; Western Union Holdings, Inc.; TransferWise Ltd.; Azimo Limited; and Moneygram.

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