Digital remittance market to grow to 9 billion USD by 2025
Valuates Reports recently issues The Digital Remittance Market which is segmented by Remittance Channel ( Banks Digital Remittance and Digital Money Transfer Operators ), by Remittance Type ( Inward Digital Remittance and Outward Digital Remittance.), by End User (Business and Personal). According to the report the Global Digital Remittance Market size is expected to grow from USD 2,345.32 Million in 2019 to USD 9,102.30 Million by the end of 2025 at a Compound Annual Growth Rate (CAGR) of 25.35%.
Major factors driving the growth of digital remittance market size are, rising smartphone penetration, the increasing number of digital-savvy customers opting for digital remittances, increasing internet penetration, and a rise in payment automation and digitalization. The Digital Remittance Market report detailed information about new product launches, untapped geographies, recent developments, and investments by a key player. The report also offers in-depth information about lucrative emerging markets and analyses its size, share and trends.
Rapid growth in industrialization and urbanization is drawing the population of various semi-rural and rural areas to urban parts. People are moving in search of education or employment to different locations and countries. This, in turn, increases the number of cross-border transactions, thereby fuelling the digital remittance market size.
The use of digital remittance services provides high protection and privacy for consumers. This feature is, in turn, expected to drive the growth of the digital remittance market size.
As financial institutions are opting for a transparent and data-driven ecosystem, digital remittances are expected to emerge as the preferred mode of remittance. This, in turn, is expected to drive the growth of the digital remittance market size. As service providers focus on expanding the reach of their networks so that everyone can have access to their banking and financial services, the demand for digital remittances will continue to grow. Owing to low remittance costs and shortened money transfer time, consumers are rapidly embracing digital remittance services.
The rapid adoption of banking and financial services, combined with the growing number of digitalization campaigns, is giving impetus to the growth of the digital remittance market size. Digital remittance operators challenge the cash-in-hand providers due to the ease of usability and reduced usage fees. In addition, these operators have a digital network that requires mobile apps that are easy to use and eliminates the need for hectic form-filling procedures. Consumers around the world are embracing banking and financial services as these services offer a quicker and more convenient way of paying.