Global Digital Remittance Market|Size,Share,Growth|2023-2030

Digital Remittance Market Size (2023 - 2030)

The global digital remittance market size is projected to grow with a USD 17.98 billion in 2022 to reach USD 58.05 billion by 2030 witnessing a CAGR of 15.2% during the forecasted period.

Remittances are financial lifelines transferred by traveling workers back home. Digital remittances are all cross-border money transfers implemented over the internet by the traveling population. Digital remittances are comparable to a person-to-person version of e-commerce. Moreover, digital remittance plays a vital role as it enables the offering of new and better products and services while controlling and limiting operational costs.

Digital wallets allow customers to track their funds from digital wallet applications. The future is digital.


The surging global internet perforation creates different opportunities globally. The market is accelerated by reducing cost and transfer time and remittance costs. The quick adoption of banking and financial services with accumulating a number of campaigns regarding digitalization provides inspiration to the market growth.

The access to financial services is rising amid the remittance recipients fuels the market.

In January 2022, nearly 4.90 billion emerging internet users worldwide, which was around 60.0% of the total population globally.


However, monetary crimes like money laundering and terrorist financing are security hurdles affecting the market negatively. These crimes diminish the popularity of businesses.

Segment Analysis

Digital Remittance Market - By Type:

  • Inward Digital Remittance
  • Outward Digital Remittance

The outward digital remittance type segment dominated the market in 2022. The segment accounts for more than 55.0% share in terms of revenue. Moreover, International outward remittances are implemented on a safe and secured banking network, reducing the chances of financial loss and scam to both the sender and the recipient. Also, people who are living across other countries send money to their families for support. To support these families, the Financial Institutions and International Banks focus on charging very fewer fees and accelerating customer networks.

The Inward digital remittance segment is estimated to record the highest share over the forthcoming years. Innumerable financial institutions and global banks focus on adopting real-time banking technology to strengthen the Immediate Payment Service (IMPS). Nomad workers concentrate on using wire transfer services for inward remittances as these services are considered the safest, secure, quick, and popular modes of fund transfer.

Digital Remittance Market - By Channel:

  • Banks
  • Money Transfer Operators
  • Online Platforms
  • Others

The money transfer operators channel led the market with 40.0% of the revenue share. Money transfers can be executed instantly and can be processed in a day or two. Besides, the speed of the money transaction is one of the most prominent advantages provided by money transfer operators. Likewise, the quick start of funding and digital initiation capabilities from well and deep-rooted money transfer operators and digital-first money transfer operators propel the market growth.

However, the online platforms segment is scheduled to witness the highest growth pace across the period. Online platforms enable users to have access to money transactions directly and implement the transfer process easier. Online platforms help clients to navigate their sites easily. In addition, the adoption of digital wallets is accumulating market growth.

Digital Remittance Market - By End-User:

  • Migrant Labor Workforce
  • Personal
  • Small Businesses
  • Others

By end-user, the personal segment dominated the digital remittance market. The segment accounts for more than 40.0% of the share throughout the estimated period. New products and services are extensively upgraded to ease suitable use of financial customer accounts. The rising migration drives the growing adoption of digital remittance services by personnel to send money to their home country. 

The migrant labor workforce segment is said to grow at a quicker pace. The segment helps the migrant labor workforce to compare fund transfer costs and efficiently locate support organizations.

Regional Analysis

North America spearheaded the digital remittance market accounting for more than 25.0% revenue share during the historical period. North America is the hub for significant financial service and communication companies like Western Union Holdings Inc., MoneyGram, and Continental Exchange Solutions, Inc. Many people travel to North America for superior education and the best opportunities along with business purposes. The trend for quick money transfer has achieved traction with the launch of innumerable payment applications escalating the market growth in the region.

The European market for digital remittance is said to have noteworthy growth. Northern Europe holds the top position with 96% of the internet penetration pace in population. The growth owes to growth in internet usage with immense growth opportunities for the digital remittance market. 

However, Asia-Pacific is scheduled to appear as the quickest-growing region during the foreseen period. The increasing adoption of banking and financial services in the region fuel the region's growth.

China and India largely focus on growth in the adoption of cashless payments, mobile banking, and mobile-based payment solutions to propel the market growth.

On August 13, 2022, World Remit launched Money Transfer Service from Malaysia.

Latin America is projected to have profitable market growth due to the easier, more reliable, and quick cross-border monetary transactions.

The Middle East and African regions are said to have remarkable growth in the digital remittance market.

New mobile wallet provider uses Stellar blockchain-powered solution to supply unbanked communities in East Africa.

On August 10, 2018, the Bank of Africa and World Remit partnered on Digital Money Transfers.

Also, Western Union and Banque Saudi Fransi allow Saudi Arabia users to make cross-border money transfers via the BSF Internet Banking platform. 

Top key players in the market

  • Azimo Limited
  • Digital Wallet Corporation
  • InstaReMPvt. Ltd.
  • MoneyGram
  • PayPal Holdings, Inc.
  • Ria Financial Services Ltd.
  • TransferGo Ltd.
  • TransferWise Ltd.
  • Western Union Holdings, Inc.
  • WorldRemit Ltd.


COVID-19 Impact On Digital Remittance Market

The pandemic has affected global digital remittance positively. During the pandemic crisis, the adoption of digital payments in occurring countries has resulted in a notable increase in the approval of e-wallet payments rather than cash. Consumer preference has been shifting away from cash for years now and with many cash-based remittances, solutions forced to close because of COVID-19. 

The novel coronavirus (COVID-19) has radically changed a lot this year. The digital remittance market has witnessed a positive impact due to the severe outbreak. Due to the COVID-19 pandemic, mobile money services have been continuously increasing over low and middle-income countries. Movement and other restrictions resulted in the adoption of digital approaches to money transfer with regulatory changes being circulated to motivate the digital payments to use. 


Recent Happenings

  • On March 14, 2022, IDT Corporation acquired Leaf Global Fintech.
  • On January 11, 2022, MoneyGram announced a partnership with Digital Wallet Corporation, owner of Smiles Mobile Remittance. The partnership enables the Japanese to use the smiles mobile app to send money to more than 200 countries. 
  • On March 09, 2022, PayPal acquired Curv to increase its initiatives to support digital assets. The acquisition helps to accentuate and extend PayPal's initiatives to support cryptocurrencies and digital assets.
  • On October 06, 2022, Azimo announced the Turkish remittance corridor. The launch of the new remittance is advantageous for Azimo users who are based in other countries across the globe.
  • On September 27, 2022, Ria Money Transfer partnered with Paytm Payments Bank to allow Real-Time International Remittances into Paytm's Mobile Wallet.
  • On March 03, 2022, Western Union has combined with Banque Saudi Fransi for digital money transfer. 

Chapter 1. Global Digital Remittance Market – Scope & Methodology

1.1. Market Segmentation

1.2. Assumptions

1.3. Research Methodology

1.4. Primary Sources

1.5. Secondary Sources

Chapter 2. Global Digital Remittance Market – Executive Summary

2.1. Market Size & Forecast – (2021 – 2027) ($M/$Bn)

2.2. Key Trends & Insights

2.3. COVID-19 Impact Analysis

2.3.1. Impact during 2022 - 2027

2.3.2. Impact on Supply – Demand

Chapter 3. Global Digital Remittance Market – Competition Scenario

3.1. Market Share Analysis

3.2. Product Benchmarking

3.3. Competitive Strategy & Development Scenario

3.4. Competitive Pricing Analysis

3.5. Supplier - Distributor Analysis

Chapter 4. Global Digital Remittance Market Entry Scenario

4.1. Case Studies – Start-up/Thriving Companies

4.2. Regulatory Scenario - By Region

4.3 Customer Analysis

4.4. Porters Five Force Model

4.4.1. Bargaining Power of Suppliers

4.4.2. Bargaining Powers of Customers

4.4.3. Threat of New Entrants

4.4.4. Rivalry among Existing Players

4.4.5. Threat of Substitutes

Chapter 5. Global Digital Remittance Market - Landscape

5.1. Value Chain Analysis – Key Stakeholders Impact Analysis

5.2. Market Drivers

5.3. Market Restraints/Challenges

5.4. Market Opportunities

Chapter 6. Global Digital Remittance Market – By Type

6.1. Inward Digital Remittance

6.2.Outward Digital Remittance   

Chapter 7. Global Digital Remittance Market – By Channel

7.1. Banks

7.2. Money Transfer Operators

7.3. Online Platforms

7.4. Others

Chapter 8. Global Digital Remittance Market – By End-User

8.1. Migrant Labor Workforce

8.2. Personal

8.3. Small Businesses

8.4. Others

Chapter 9. Global Digital Remittance Market, By Geography - Market Size, Forecast, Trends & Insights

9.1. North America

9.1.1. U.S.A

9.1.2. Canada

9.1.3. Mexico

9.2. Europe

9.2.1. Italy

9.2.2. Spain

9.2.3. Russia

9.2.4. Germany

9.2.5. UK

9.2.6. France

9.2.7. Rest of Europe

9.3. Asia Pacific

9.3.1. Japan

9.3.2. South Korea

9.3.3. China

9.3.4. India

9.3.5. Australia & New Zealand

9.3.6. Rest of Asia-Pacific

9.4. Rest of the World

9.4.1. Middle East

9.4.2. Africa

9.4.3. South America

Chapter 10. Global Digital Remittance Market – Company Profiles – (Overview, Product Portfolio, Financials, Developments)

10.1. Company 1

10.2. Company 2

10.3. Company 3

10.4. Company 4

10.5 Company 5

10.6. Company 6

10.7. Company 7

10.8. Company 8

10.9. Company 9

10.10. Company 10

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Frequently Asked Questions

The Global Digital Remittance Market is valued at USD 26.26 Billion and is projected to reach a market size of USD 72.44 Billion by the end of 2030. Over the forecast period of 2024-2030, the market is projected to grow at a CAGR of 15.6%.

Globalization and Migration, Technological Advancements, Regulatory Changes, and Demographic Trends are the market drivers of the Global Digital Remittance Market.

Personal Remittances and Business Remittances are the segments under the Global Digital Remittance Market by Purpose.

North America is the most dominant region for the Global Digital Remittance Market.

 Asia-Pacific is the fastest-growing region in the Global Digital Remittance Market.

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