Digital Remittances Market Digital Remittances Market Size, Trends and Growth Rate by Type, Transfer Channel, End User, Region, and Forecast to 2027
DALLAS, TEXAS, UNITED STATES, October 21, 2021 /EINPresswire.com/ — Global Digital Remittance Market The size is expected to reach USD 42.46 billion by 2027 and is expected to increase at a CAGR of 13.3%.
Digital transfers are cross-border money transfers made via the Internet by the migrant population. The digital transfer of funds from foreign workers to their home countries is a powerful engine of economic growth.
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Key players in the global digital remittances market
The major players in the global digital remittance market are Mobetize Corp., MoneyGram, Ripple, TransferWise, WorldRemit, Azimo, Currency Cloud, peerTransfer, Regalii, and Remitly.
In 2017, Ripple Labs acquired MoneyGram International for $ 880 million. Ripple Labs acquired in 2 different US states. The most targeted sectors of the Company include financial services (50%) and software and Internet services (50%).
In July 2021, Visa signed a definitive agreement to acquire Currency cloud, a global platform that enables banks and fintechs to provide foreign exchange services for cross-border payments.
Impact of COVID-19
The outbreak of the COVID-19 pandemic is expected to have a positive effect on the market. Nowadays, many consumers around the world are using digital wallets and online platforms to transfer money to family and friends. The need for global remittances is expected to increase due to global movement restrictions.
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• Inbound transfer
• Sending to the outside
By payment channel
• Incoming transfers online
• Money transfer operators
By end user
• Migrant labor
• Individual / Personal
• North America
• Latin America
• Asia Pacific
• Middle East and Africa
Based on regional analysis, North America is expected to dominate the global digital remittance market as the region has experienced rapid technological advancement. The Asia-Pacific regional digital remittance market is likely to be the fastest growing regional market. Trillions of dollars in remittances are sent each year from people in the Asia-Pacific region to friends, associates and families in other countries.
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