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Digital Remittance Market to Grow USD 19710 Million by 2028 at a CAGR of 17.4% | Valuates Reports

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Valuates Reports

27 Jun, 2022, 15:00 GMT

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BANGALORE, India, June 27, 2022 /PRNewswire/ -- The Global Digital Remittance Market is Segmented by Type (Banks Digital Remittance, Digital Money Transfer Operators), by Application (Migrant Labor Workforce, Study Abroad and Travel, Small Businesses): Opportunity Analysis and Industry Forecast, 2022–2028.

The global Digital Remittance market size is projected to reach USD 19710 Million by 2028, from USD 6333 Million in 2021, at a CAGR of 17.4% during 2022-2028.

Major factors driving the growth of the digital remittance market are:

Rapid urbanization and industrialization are attracting residents from various rural and semi-rural areas to metropolitan areas. In search of a job or education, many individuals are migrating to new nations and places. As a result, the number of cross-border transactions increases, accelerating the expansion of the digital remittance market.

Additionally, benefits such as faster funds transfer, lower costs than traditional money transfer services, and ease of use are likely to drive the digital remittance market forward.

Get Your Sample Today: https://reports.valuates.com/request/sample/QYRE-Auto-1191/Global_Digital_Remittance_Market 

TRENDS INFLUENCING THE GROWTH OF THE DIGITAL REMITTANCE MARKET:

The increasing need to reduce the remittance cost is expected to drive the growth of the digital remittance market. The cheapest method of transferring remittances throughout the world is via mobile money transfer utilizing digital wallet software or another electronic payment mechanism. As a result, integrating mobile money transfer software reduces your remittance costs. Many redundant layers of the value chain required in transmitting traditional cash-based remittances are also removed with digital money transfers. Your money transfer software enables your customers to transmit digital money straight from their mobile wallets, eliminating the need for middlemen.

Customers are likely to migrate toward online transactions as the digital platform for remittance grows in popularity. Furthermore, in recent years, the growing use of mobile devices throughout the world has aided the adoption of digital technology in remittance services and cross-border payments. Customers all across the world are switching to digital remittance services because they assist minimize money transfer time and expenses. Furthermore, digital remittance services provide high levels of anonymity and security for users' funds. This in turn is expected to further fuel the digital remittance market growth.

Furthermore, the growing popularity of digital remittance services among low-wage migrant workers who use them to send money home is forcing many regulatory agencies to pay attention to and regulate the business. Furthermore, international remittances play an essential part in emerging market economic development. As a result, authorized authorities limit and monitor money transfer costs in order to encourage consumers to keep using digital remittance services and successfully contribute to the economic growth of their home nation. Over the forecast period, these factors are likely to contribute to digital remittance market growth.

The pandemic of COVID-19 is likely to have a beneficial effect on digital remittance market growth. The usage of digital alternatives to money transfer has increased as a result of movement and other constraints, with legislative reforms made to boost the use of digital payments. In emerging nations, the use of digital payments has resulted in a large increase in the use of e-wallet payments rather than cash. Furthermore, in low- and middle-income countries, the usage of mobile money services has been continuously increasing.

Browse The Table Of Contents And List Of Figures At: https://reports.valuates.com/market-reports/QYRE-Auto-1191/global-digital-remittance 

DIGITAL REMITTANCE MARKET SHARE

The Digital Money Transfer Operators segment is expected to be the most lucrative with a share over 80%. Frequently, money transfer firms might provide lower transfer fees than banks. And in terms of application, the largest end user is personal customers, with a share of about 80%.

Based on region, North America is the largest market, with a share of about 33%, followed by Asia Pacific and Europe with the share of about 32% and 15%. The deployment of compatible devices and workable networks is helping the North American Digital Remittance Market develop rapidly.

Key Companies:

Global key players of digital money transfer and remittance include Western Union, Ria Financial Services, etc. Global top 3 companies hold a share over 40%.

  • PayPal/Xoom
  • Wise
  • Zepz (WorldRemit, Sendwave)
  • MoneyGram
  • Remitly
  • Azimo
  • TransferGo
  • NIUM, Inc (Instarem)
  • TNG FinTech
  • Coins.ph
  • OrbitRemit
  • Smiles/Digital Wallet Corporation
  • FlyRemit
  • SingX
  • Flywire
  • Intermex
  • Small World

Inquire for Chapter Cost: https://reports.valuates.com/request/chaptercost/QYRE-Auto-1191/Global_Digital_Remittance 

Buy Now for Single User + Covid-19 Impact :  https://reports.valuates.com/api/directpaytoken?rcode=QYRE-Auto-1191&lic=single-user 

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SIMILAR REPORTS:

-  The global Digital Cross-Border Remittance market size is projected to reach USD 19360 Million by 2028, from USD 6333 Million in 2021, at a CAGR of 17.1% during 2022-2028.

-  The global Loan Origination Software market size is projected to reach USD 10670 Million by 2028, from USD 4017.1 Million in 2021, at a CAGR of 14.8% during 2022-2028.

-  The global digital lending platform market size was valued at USD 5.58 Billion in 2019 and is projected to reach USD 20.31 Billion by 2027 growing at a Compound Annual Growth Rate (CAGR) of 16.7% from 2020 to 2027.

-  The global Digital Banking market size is projected to reach USD 30750 Million by 2027, from USD 9098.7 Million in 2020, at a CAGR of 19.0% during 2021-2027.

-  The global Online Payment Gateway market size is projected to reach USD 6403.3 Million by 2027, from USD 2436.7 Million in 2020, at a CAGR of 14.8% during 2021-2027.

-  The global usage-based insurance (UBI) market size was valued at USD 28.7 Billion in 2019, and is projected to reach USD 149.2 Billion by 2027, growing at a CAGR of 25.1% from 2020 to 2027.

-  The global fintech market size is projected to reach USD 16652680 Million by 2028 from USD 6588780 Million in 2021 at a Compound Annual Growth Rate (CAGR) of 13.9% during the forecast period 2022-2028.

-  The global Tokenization market size is projected to reach USD 2709.9 Million by 2028, from USD 1140.7 Million in 2021, at a CAGR of 13.0% during 2022-2028.

-  The global Trade Finance market size is projected to reach USD 10987510 Million by 2027, from USD 7616520 Million in 2020, at a CAGR of 5.4% during 2021-2027.

-  The letter of credit confirmation market was valued at USD 3918.8 million in 2020, and it is anticipated to reach USD 5094.7 million by 2030, registering a CAGR of about 2.72% during the forecast period (2021–2030).

-  The Canada financial guarantee market was valued at USD 1.32 Billion in 2020, and is projected to reach USD 2.19 Billion by 2028, growing at a CAGR of 7.3% from 2021 to 2028.

-  The global Payment Processing Solutions market size is projected to reach USD 52060 Million by 2027, from USD 33810 Million in 2020, at a Compound Annual Growth Rate (CAGR) of 5.9% during 2021-2027.

-  Global payment market revenues totaled USD 1.98 Trillion in 2021, CAGR is about 6.25% in the period of 2022-2030.

-  The global Blockchain in Fintech market size is projected to reach USD 5163.7 Million by 2028, from USD 417.1 Million in 2021, at a CAGR of 42.6% during 2022-2028.

-  The global Insurtech market size is projected to reach USD 11940 million by 2028, from USD 1462.3 million in 2021, at a CAGR of 34.4% during 2022-2028.

-  The global Reinsurance market size is projected to reach USD 315360 million by 2028, from USD 279860 million in 2021, at a CAGR of 1.7% during 2022-2028.

-  The global Cryptocurrency Hardware Wallet market size is projected to reach USD 1220.1 million by 2027, from USD 167.7 million in 2020, at a CAGR of 33.7% during 2021-2027.

-  The global cryptocurrency market size was valued at USD 1.49 billion in 2020 and is projected to reach USD 4.94 billion by 2030, growing at a CAGR of 12.8% from 2021 to 2030.

-  Global Digital Remittance Service Market Insights, Forecast to 2028

-  Global Cryptocurrency Remittance Software Market Insights, Forecast to 2028

-  Global Digital Money Transfer Market Insights and Forecast to 2028

-  Global Mobile Remittance Service Market Insights, Forecast to 2028

Click here to see related reports on Digital Remittance Market

ABOUT US:

Valuates offers in-depth market insights into various industries. Our extensive report repository is constantly updated to meet your changing industry analysis needs.

Our team of market analysts can help you select the best report covering your industry. We understand your niche region-specific requirements and that's why we offer customization of reports. With our customization in place, you can request for any particular information from a report that meets your market analysis needs.

To achieve a consistent view of the market, data is gathered from various primary and secondary sources, at each step, data triangulation methodologies are applied to reduce deviance and find a consistent view of the market. Each sample we share contains a detailed research methodology employed to generate the report. Please also reach our sales team to get the complete list of our data sources.

CONTACT US:

Valuates Reports 
sales@valuates.com 
For U.S. Toll-Free Call 1-(315)-215-3225
For IST Call +91-8040957137
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