About Digital Money Transfer and Remittances
The global market for digital transfers has grown steadily over the years due to increasing automation and digitization. Digital transfer is one of the powerful monitor solutions that are responsible for the positive development of the global and local economy. A variety of economic situations are handled through banking transactions that provide identity and connectivity and also include literacy solutions. These are mainly developed by the public and private sectors through cooperation and support from government agencies. The factor like the existing refugee crisis otherwise leads to favorable growth of the global market for digital transfers. From the point of view of transfer types, the global market for digital transfers is divided into internal transfers and external transfers. In terms of end-users, the market is further divided into money transfer companies, banks, online platforms, and others.
Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
Unit | Value (USD Million) |
The companies are exploring the market by adopting expansions, investments, new service launches, and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions across the globe to avail of competitive advantage through combined collaborations. Analyst at AMA Research estimates that United States Players will contribute the maximum growth to Global Digital Money Transfer and Remittances market throughout the forecasted period. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Western Union (WU) (United States), Ria Financial Services (United States), Xoom Corporation (United States), TransferWise (United Kingdom), WorldRemit (United Kingdom), MoneyGram International, Inc. (United States), Remitly (United States), Azimo (United Kingdom), TransferGo (United Kingdom), InstaReM (Singapore), TNG Wallet (Hong Kong), Coins.ph (United States), Toast, Inc. (United States) and OrbitRemit (New Zealand) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research coverage are Smiles Wallet Corporation (Japan), Avenues India Pvt. Ltd (India), FlyRemit (India), WeChat Payment (China) and Ant Financial (China).
Segmentation Overview
AMA Research has segmented the market of Global Digital Money Transfer and Remittances market by Type (Domestic Money Transfer and International Money Transfer), Application (Consumer and Enterprise) and Region.
On the basis of geography, the market of Digital Money Transfer and Remittances has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Remittance Type, the sub-segment i.e. Inward Digital Remittance will boost the Digital Money Transfer and Remittances market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by End-Use, the sub-segment i.e. Transfer Operators will boost the Digital Money Transfer and Remittances market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Rapid Adoption of Banking and Financial Services, Coupled With the Increasing Number of Campaigns about Digitalization and The Growing Usage of Digital Remittance Services Offers Users with High Security and Privacy
Market Growth Drivers:
Growing Need for Safer, Secure, and Quicker Cross-Border Monetary Transactions, Increased the Necessity of Digital Remittances In Order To Receive Payments from Customers and Make Payments and Rapid Growth in Industrialization and Urbanization Is Attracting the Population
Challenges:
Lack of Awareness & Guidance
Restraints:
Threat regarding Data Security
Opportunities:
Rising Smartphone Penetration, Coupled With the Increasing Number of Digital-Savvy Customers and Increasing Number of Economic Migrants Traveling From Developing Economies to Developed Economies In Search Of Better Work Opportunities
Market Leaders and their expansionary development strategies
In October 2023, Chime, a US-based neobank, partners with Stellar, a decentralized payment network, to offer its customers instant and low-cost international money transfers. This collaboration extends Chime's reach to international markets and provides its users with a convenient way to send money abroad.
In October 2023, WorldRemit partners with Visa to enable instant money transfers through Visa Direct to over 100 countries. This collaboration provides faster and more convenient remittance options for users in underserved markets.
Key Target Audience
Providers of Digital Money Transfer and Remittances, Downstream Vendors, Private Research Institutes, Market Research Organizations and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.