iCrowd Newswire – May 29, 2020
Digital Remittance is termed as one of the most powerful monitory solutions that have the potential to provide positive development on the global economy. A number of economic solutions can be effectively handled through banking offering identity, connectivity, and literacy solutions. A Vast majority of remittances go to developing economies most of which have lacking infrastructure that would enable digital remittances to support cost savings for citizens. The global digital remittance market is expected to grow over the forecasted period owing to the rising need for safer, secure and faster cross-border monetary transactions.
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The global digital remittance market is anticipated to grow over the next decade owning to increasing smartphone penetration, growing number of economic migrants from developing economies to developed economies and the rise in number of digital savvy customers. Digital remittance is expected to emerge as the most preferred mode of remittance as financial institutions opt for transparency and data-driven ecosystem along with an efficient network of partners.
The growth of the global digital remittance market can be attributed to increasing remittance cost and reduced transfer time on real basis. Additionally, rapid adoption of financial and banking services and rising number of campaigns about digitization are also fueling the growth of global digital remittance market. The rising regulatory initiatives to support financial authorizations to become more transparent and government initiatives to nurture richer ecosystems of partners and data are also contributing to the growth of the digital remittance market. Rising internet penetration rate and growing access to financial services among remittance recipients is also expected to drive the growth of the market in the forecasted period.
On the basis of Type, the Global Digital Remittance Market can be segregated as Outward Digital Remittance and Inward Digital Remittance. On the basis of Channel, the market can be bifurcated as Money Transfer Operators, Banks, Online Inward Remittances and Others and on the basis of End User, the market can be classified as Low Income Households, Small Businesses, Migrant Labor Workforce and Others. Money transfer operator is expected to hold the largest market share due to rising adoption of mobile-based applications and mobile banking functions introduced by money transfer operators, banks and financial institutions.
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North America, Europe, Asia-Pacific, Latin America and Middle East and Africa are few of the key regions where the presence of Global Digital Remittance Market can be witnessed. The North American regional market contributed the largest share in the Global Digital Remittance Market in 2019. The growth of the region can be attributed to factors such as rising online transactions, increasing disposable income, increasing awareness about digitization and rapid growth in the digital remittance market in the region.
MoneyGram, Arcus Financial Intelligence Inc., Ripple, Transfer Wise Limited, Mobetize, Currency Cloud, Western Union Holdings Inc., Avenues India Private Limited, Western Union Holdings Inc., PayPal Holdings Inc., InstaRem PTE Limited and Coins PH Pte Limited are few of the key market players in the Global Digital Remittance Market.
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