Digital Remittance Market: Global Opportunity Analysis and Industry Forecast, 2017-2023
Portland, OR -- (SBWIRE) -- 08/28/2017 -- According to the World Bank, global digital remittance market was valued at $582 billion in 2015, of which $432 billion was sent to emerging markets. Annually, several people send remittances worth thousands of billions of dollars to family, friends, or business associates in foreign countries. Cash-based operators facilitate the transfer of such huge remittance amount.
The growth of the digital remittance market is driven by rise in digitization & automation, reduced remittance cost & transfer time, and growth in adoption of banking & financial services. Furthermore, regulatory initiatives that encourage all financial institutions to become more transparent and nurture richer ecosystems of data & partners supplement the market growth. However, lack of awareness & guidance is a major factor that restrains people from opting for digital remittance transfer mode. Increase in access of financial services such as basic bank accounts among remittance recipients and rise in internet usage offer growth opportunities for the market.
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Key Segment by Remittance Channel
- Money Transfer Operators
The global digital remittance market is segmented based on remittance channel, end user, and geography. On the basis of remittance channel, the market is divided into banks, money transfer operators, and others. End users covered in the study include migrant labor workforce, low-income households, small businesses, and others. Geographically, the market is analyzed across North America (U.S., Mexico, and Canada), Europe (UK, Germany, France, and rest of Europe), Asia-Pacific (China, India, Japan, South Korea, and rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa).
Key Segment by End User
- Migrant Labor Workforce
- Low-income Households
- Small Businesses
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These players have a retail network through which customers can transfer or collect the remitted amount. However, the past two decades have witnessed the entry of digital remittance operators. These operators pose a serious challenge to traditional cash-in-hand providers due to reduced user fees and ease of usability. They offer digital transfer network, which include an easy-to-use mobile application and eliminate the need for tedious form-filling processes, agents, and codes.
Key Segment by Geography
o South Korea
o Rest of Asia-Pacific
o Latin America
o Middle East
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