Proliferation of digital payment platforms to drive the digital remittance market beyond US$64.43 billion by 2032


Inbound digital remittances will see the fastest growth in 2022; Outward remittances will contribute nearly 60% of revenue

The digital money transfer market The analysis offered by Fact.MR examines the key growth factors that are impacting sales in the market. The report provides in-depth insights into key factors such as drivers, opportunities, key players’ strategies, and demand outlook. In addition to this, the study analyzes the latest trends in various segments such as type, channel, end-use, and region.

NEW YORK, August 25, 2022 /PRNewswire/ — The global digital money transfer market is estimated to be US$18.16 billion in 2022. With the increasing penetration of mobile devices and the growing number of cross-border transactions, the global demand for digital money transfer services is poised to grow at a prolific CAGR of 13.5% between 2022 and 2032, totaling US$64.43 billion by 2032.

Digital remittance is the cross-border transfer of money made by the migrant population over the Internet. It has gained a lot of traction over the past few years due to its various benefits such as faster transfers and status tracking.

The introduction of digital remittance services has made it easy for migrants to send money home. Thus, the growing number of migrants along with the growing adoption of digital remittances for cross-border money transfers will continue to drive the market growth over the forecast period.

Likewise, the growing use of mobile payment channels is expected to drive the expansion of the market over the forecast period. Customers are expected to shift to online transactions as digital funds transfer channels emerge.

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The use of digital money transfer services has enabled businesses and customers to benefit from cheaper, faster and value-added money transfer services. The growing popularity of digital remittance services among low-wage migrant workers who use them to send money to their families has forced many regulators to pay attention and oversee the digital remittance business.

Moreover, international remittances are essential for the economic development of emerging countries. As a result, authorized authorities control and monitor money transfer costs to encourage consumers to continue using digital money transfer services and successfully contribute to the economic growth of their home country. During the projected period, these factors are expected to contribute to the growth of the market.

The demand will particularly increase in the inbound digital remittances segment due to the growing adoption of mobile payment technology for money transfer by migrants.

Key points to remember:

  • By type, the outbound digital transfer segment represents almost 3/5e of the world market.
  • Based on end use, the personal digital money transfer segment dominates the market with a revenue share of around 42%.
  • Based on channel, the money transfer operator segment accounted for more than 40% of global revenue share in 2021.
  • With the increase in the number of immigrants, North America should represent more than 27% of global sales in 2022.
  • The digital money transfer market in APAC region is expected to grow by 13% CAGR during the forecast period.
  • The demand for digital money transfer services is poised to grow at a prolific rate in the United States over the next ten years.

Growth drivers:

  • Rising number of cross-border transactions and growing adoption of mobile payment channels are expected to propel the market growth over the forecast period.
  • The growing popularity and convenience of digital payments will continue to drive demand for digital money transfers.


  • High transfer fees and a lack of knowledge about digital money transfer services are expected to limit the expansion of the industry.
  • Terrorist financing and money laundering could hamper the growth potential of the market.

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Competitive Landscape:

Product innovation, expansions, and mergers and acquisitions have transformed the competitive environment of the digital money transfer industry. To capitalize on profitable opportunities in developing markets, pioneers are prioritizing capacity improvements and a broader global footprint.

For instance,

  • In 2021, Telecoin has expanded its digital money transfer service to 23 additional mobile money platforms in 16 countries. These services will allow Tecoin app users to send funds affordably and conveniently from their iOS and Android devices.
  • In September 2019the reserve bank of India announced that a record 96% of all non-cash retail payments were made using digital methods. NEFT (National Electronic Funds Transfer) and UPI (Unified Payments Interface) systems have been addressed.
  • In November 2020, A strategic alliance between Visa and Conferma Pay has been launched to introduce Visa Commercial Pay, a collection of B2B payment solutions, to help businesses optimize cash flow and get rid of outdated manual procedures. The strategic cooperation will accelerate the transition of B2B payments from slow and outdated techniques to fast, data-rich and secure digital payments and improve the company’s financial management.
  • In April 2021, FIS introduced RealNet, a new cloud-based software-as-a-service (SaaS) platform. Enables businesses, individuals, and governments to conduct account-to-account (A2A) transactions over real-time payment networks.

Main companies profiled by Fact. M

  • arcus
  • Azimo Limited
  • coins. ph Sdt. ltd.
  • Digital wallet company
  • Flywire
  • InstaReM PTE limited
  • MoneyGram International, Inc.
  • OrbitRemit Global Money Transfer Limited
  • PayPal Holdings, Inc.
  • One-time money transfer
  • Remitly, Inc.
  • Ria Financial Services Ltd.
  • Ripple
  • The Limited Currency Cloud
  • The Western Union Company
  • TNG Limited
  • Toasteme Pte Limited
  • TransferGo Ltd.
  • TransferWise Ltd.
  • Western Union Holdings, Inc.
  • WorldRemit Ltd.

More Valuable Insights into the Digital Money Transfer Market

In the latest study, Fact.MR offers a detailed study on the Global Digital Money Transfer Market for the forecast period 2022 to 2032. This study also highlights the key drivers driving Digital Money Transfer sales through a detailed segmentation as follows:

By type:

By channel:

  • Banks
  • Money transfer operators
  • Online platforms
  • Other Channels

By end use:

  • Migrant labor
  • Personal
  • Small enterprises
  • Other

By Region:

  • North America
  • Latin America
  • Europe
  • Asia Pacific
  • AEM

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Key Questions Covered in the Global Digital Money Transfer Market Report

  • What is the projected value of the global digital money transfer market in 2022?
  • How fast will the global digital money transfer market grow through 2032?
  • What are the factors hindering the growth of the digital money transfer market?
  • Which region is expected to lead the global digital money transfer market during the period 2022-2032?
  • What are the factors driving the Digital Money Transfer market during the forecast period?
  • What is the expected market value of the Digital Money Transfer market during the forecast period?

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