Global Digital Money Transfer Market Research and Forecast, 2022-2030


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Global Digital Money Transfer Market

Global Digital Money Transfer Market

Global Digital Money Transfer Market

Dublin, March 04, 2022 (GLOBE NEWSWIRE) — The “Digital Money Transfer Market Size, Share and Trend Analysis Report by Type (Inbound, Outbound), Channel (Banks, Money Transfer Operators) money, online platforms), by end use, by The report “Region, and Segment Forecasts, 2022-2030” has been added to from offer.

The global digital money transfer market size is expected to reach USD 60.05 billion by 2030. It is expected to grow at a CAGR of 15.0% from 2022 to 2030.

Developments in the digital space are rapidly changing the dynamics of the digital money transfer industry. Digitization can bring several benefits, including efficiency, convenience, transparency, access and reduced transfer prices.

Changing customer demands for cross-border remittances are expected to accentuate market growth over the forecast period. Digital money transfer services are gaining acceptance among customers in low- and middle-income economies. Additionally, rising incomes and rapid urbanization are driving the demand for digital money transfer services.

Cross-border remittances bring many economic benefits, expand financial inclusion and boost economic development. Digital remittances play a huge and vital role in the lives of migrants and their families. Money received in migrant households in migrants’ countries of origin accounts for around 60% of household income, which is normally spent on essential items such as medicine, education, food and housing costs .

The COVID-19 pandemic is expected to have a favorable impact on the market growth. The pandemic has proven to be an important growth catalyst for the digitization of remittance services. Various factors such as the closure of money transfer agencies due to nationwide shutdowns and customers resorting to digital solutions out of necessity have further accentuated the growth of the market.

Highlights of the Digital Money Transfer Market Report

  • By type, the inbound digital remittance segment is expected to witness significant growth over the forecast period owing to the increasing usage of mobile payment applications for money transfers in developed countries. Additionally, digital money transfer service providers are focusing on offering fast and efficient inbound money transfer services to users, thereby creating growth opportunities for the segment.

  • Many banks around the world are focusing on integrating technology into their remittance platforms to provide faster transfer time. Additionally, banks are increasingly embracing digital innovation to gain a competitive advantage over their competitors. Moreover, the growing shift towards digitalization in the cross-border money transfer industry is expected to boost the banking channel segment during the forecast period. Amid the COVID-19 pandemic, banks have begun allowing workers real-time access to their earnings, allowing them to meet the immediate needs of themselves and their families.

  • Migrant workers around the world are using digital remittance services because of their many benefits, such as improved transfer speed and lower costs. This is expected to drive the growth of personal end-use segment over the forecast period

  • In the Asia-Pacific region, companies are increasingly engaging with their foreign counterparts for leisure, business, medical, entertainment and educational activities, which involve the transfer of money overseas . Additionally, an increase in cross-border transactions and a move towards cashless payment solutions are expected to accentuate the growth of the regional market over the forecast period.

Market dynamics

Market Driver Analysis

Companies cited

  • Azimo Limited

  • Digital wallet company

  • InstaReM Pvt. ltd.

  • MoneyGram

  • PayPal Holdings, Inc.

  • Ria Financial Services Ltd.

  • TransferGo Ltd.

  • TransferWise Ltd.

  • Western Union Holdings, Inc.

  • WorldRemit Ltd.

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