Digital Remittance Market to Reach $102.2 billion, Globally, by 2033 at 17.4% CAGR: Allied Market Research

Factors such as increase in adoption of smartphones & internet connectivity, rise in migrant population & the need for cross-border money transfers, and advancements in fintech & digital payment technologies drive the growth of the digital remittance market.

/EIN News/ -- Wilmington, Delaware, Feb. 10, 2025 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, "Digital Remittance Market by Fee Type (Inward and Outward), Channel (Banks, Money Transfer Operators, and Others), and End User (Business and Personal): Global Opportunity Analysis and Industry Forecast, 2024-2033". According to the report, the "digital remittance market" was valued at $20.2 billion in 2023, and is estimated to reach $102.2 billion by 2033, growing at a CAGR of 17.4% from 2024 to 2033. 

Get Your Sample Report & TOC Today: https://www.alliedmarketresearch.com/request-sample/2968 

The digital remittance market is expected to witness notable growth owing to increasing adoption of smartphones and internet connectivity, growing migrant population and the need for cross-border money transfers and advancements in fintech and digital payment technologies. Moreover, untapped potential in emerging markets is expected to provide a lucrative opportunity for the growth of the market during the forecast period. On the contrary, regulatory constraints & compliance requirements and security concerns & risks associated with online transactions limit the growth of the digital remittance market. 

Report Coverage & Details: 

Report Coverage	Details
Forecast Period	2024–2033
Base Year	2023
Market Size in 2023	$20.2 billion
Market Size in 2033	$102.2 billion
CAGR	17.4%
Segments Covered	Fee Type, Channel, End User, and Region.
Drivers	Increase in adoption of smartphones and internet connectivity  Surge in migrant population and the need for cross-border money transfers   Advancements in fintech and digital payment technologies
Opportunities	Untapped potential in emerging markets
Restraints	Regulatory constraints and compliance requirements   Security concerns and risks associated with online transactions

Purchase This Comprehensive Report (PDF with Insights, Charts, Tables, and Figures) @ https://bit.ly/3WMVNmD 

The outward segment accounted for the largest share in 2023. 

By fee type, the outward segment accounted for the largest share in 2023, contributing for less than four-fifths of the market revenue. This dominance is attributed to the significant volume of cross-border remittances sent by individuals working in developed countries to their families and dependents in developing nations. 

The money transfer operator segment accounted for the largest share in 2023 

By channel, the money transfer operator segment accounted for the largest share in 2023, contributing for more than two-thirds of the market revenue. This segment remains dominant due to its long-standing presence and extensive networks for facilitating cross-border money transfers. Money transfer operators provide trusted, reliable services through physical branches, agents, and digital platforms, making them a preferred choice for many consumers sending money abroad. 

The personal segment accounted for the largest share in 2023 

By end user, the personal segment accounted for the largest share in 2023, contributing for more than two-thirds of the market revenue. This dominance is primarily driven by the increasing demand for sending funds by individuals for personal, family, or household purposes, including support for education, healthcare, and basic living expenses.   

Get More Information Before Buying: https://www.alliedmarketresearch.com/purchase-enquiry/2968 

LAMEA region to maintain its dominance by 2033 

By region, the LAMEA segment held the highest market share in terms of revenue in 2023, this dominance is largely driven by a high volume of cross-border remittances, driven by migrant populations sending funds to their home countries for family support, education, and business purposes. 

Leading Market Players: - 

• Remitly, Inc. 

• Wise Payments Limited 

• Western Union Holdings, Inc. 

• Ria Financial Services 

• Digital Wallet Inc. 

• TransferGo Ltd. 

• WorldRemit 

• MoneyGram. 

• PayPal Holdings Inc. 

• Nium Pte. Ltd.  

The report provides a detailed analysis of these key players in the digital remittance market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different countries. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.  

 Access Your Customized Sample Report & TOC Now: https://www.alliedmarketresearch.com/request-for-customization/2968 

Digital Remittance Market Key Segments: 

By Fee Type 

• Inward 

• Outward 

By Channel 

• Banks 

• Money Transfer Operators 

• Others 

By End User 

• Business 

• Personal 

By Region 

• North America (U.S., Canada) 

• Europe (UK, Germany, France, Italy, Spain, Rest of Europe) 

• Asia-Pacific (China, Japan, India, Australia, South Korea, Rest of Asia-Pacific) 

• LAMEA (Latin America, Middle East, Africa) 

Trending Reports in BFSI Industry (Book Now with 10% Discount + Covid-19 scenario): 

Remittance Market Size, Share, Competitive Landscape and Trend Analysis Report, by Application, by Remittance Channel, by End User: Global Opportunity Analysis and Industry Forecast, 2023-2032 

Refinance Market Size, Share, Competitive Landscape and Trend Analysis Report, by Type, by Lenders, by End User: Global Opportunity Analysis and Industry Forecast, 2023-2032 

Embedded Finance Market Size, Share, Competitive Landscape and Trend Analysis Report, by Type, by Industry Vertical: Global Opportunity Analysis and Industry Forecast, 2024-2033 

Housing Finance Market Size, Share, Competitive Landscape and Trend Analysis Report, by Application, by Providers: Global Opportunity Analysis and Industry Forecast, 2021-2031 

Microfinance Market Size, Share, Competitive Landscape and Trend Analysis Report, by Provider and End User: Global Opportunity Analysis and Industry Forecast, 2021-2030 

About Us: 

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports Insights" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain. 

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry. 

Contact: 

David Correa 

1209 Orange Street,  

Corporation Trust Center,  

Wilmington,  

New Castle,  

Delaware 19801 USA. 

Int'l: +1-503-894-6022  

Toll Free: +1-800-792-5285 

UK: +44-845-528-1300 

India (Pune): +91-20-66346060  

Fax: +1-800-792-5285  

help@alliedmarketresearch.com  

BFSI Articles 

Banking Blog 

BFSI Blog