The global digital remittance market has witnessed a steady growth over the years, owing to the rise in automation and digitization. Digital remittance is one of the powerful monitory solutions which are responsible for positive development on the global and local economy. An ample number of economic situations are handled through banking which offers identity, connectivity, and also involves literacy solutions. These are mainly developed by both public and private sectors with the help of collaboration and support with government bodies. The factor such as existing refugee crisis, otherwise is creating a favorable growth in the global digital remittance market.
From the perspective of remittance types, the global digital remittance market is bifurcated into inward remittance and outward remittance. In terms of end-users, the market is further segmented into money transfer operators, banks, online platforms, and others. The report offers a thorough analysis of the global digital remittance market along with drivers, trends, and restraints. Along with these, the report also includes a detailed product portfolio and competitive scenario of the key vendors.
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Global Digital Remittance Market: Notable Developments
Some of the recent developments in the global digital remittance market are gaining traction which include:
- Rising dependency on blockchain technology will exert far-reaching influence on the global digital remittance market. This is because of the approaches from the most traditional banks, other financial firms, and fintech in testing and researching blockchain technology which is used in remittance volume.
- Many companies like Coins. Ph, Financial/ Alipay, and Bitspark have already introduced their products in digital remittance.
- The players in the global digital remittance market have a retail network through which customers can collect and transfer all the remitted amounts. Rapid development of cash-based operators help in facilitating the transfer of huge remittance amount to friends, family, and several businesses associate in foreign countries.
Some of the major companies’ names reflected in the report include Azimo, TransferWise, Regallii, Currency Cloud, Ripple, and Mobetize Corp.
Global Digital Remittance Market: Key Growth Drivers
The growth of the global digital remittance market is majorly fueled by the reduced transfer time and remittance cost. Along with this, rapid adoption of financial and banking services and rising number of campaigns about digitalization are also providing impetus to the growth of the global digital remittance market. In the past two decades, several markets have witnessed the rapid entry of several digital remittance operators. Such operators are challenging conventional cash-in-hand providers because of the ease of usability and decreased user fees. Moreover, they offer a digital transfer network which includes an easy-to-handle mobile application to eliminate the need for hectic form-filling processes, codes, and agents. All such USPs are also majorly propelling expansion in the global digital remittance market.
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Furthermore, rising regulatory initiatives which encourage all financial authorizations to become more transparent and governments’ initiatives in nurturing richer ecosystems of data and partners are also contributing growth in the global digital remittance market. Apart from these, rising internet penetration rate and growing access to financial services among remittance recipients are also fueling growth in the global digital remittance market.
Global Digital Remittance Market: Regional Outlook
With respect to geography, North America is expected to lead the global digital remittance market as the region has witnessed rapid advancements in technology. Along with this, rising online transactions, increasing awareness about digitization, and increasing disposable incomes are also promising rapid growth in the digital remittance market in this region.
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