Digital Remittance Market Size Worth $33.9 Billion By 2026 - KBV Research

Press release   •   Jun 19, 2020 16:17 IST

According to a new report Global Digital Remittance Market, published by KBV research, The Global Digital Remittance Market size is expected to reach $33.9 billion by 2026, rising at a market growth of 17.2% CAGR during the forecast period. Market growth can be associated with the growing need for healthier, more reliable and quicker cross-border monetary transactions. Several businesses service consumers from other countries and rely on the purchase of goods from manufacturers abroad. This has intensified the need for automated remittances to collect payments from consumers and to make payments to those suppliers.

The outward digital remittance segment dominated the market and is expected to remain in the lead over the forecast period. Customers are using this method as it provides faster and hassle-free money transfers. In addition, this digital remittance service offers protection against exchange rate volatility. The inward digital remittance market is expected to see the growth in the forecast era. Increasing adoption of mobile payment technologies for transfer of funds among migrants in developing countries is expected to boost segment growth over the forecast period.

The money transfer operator segment held the largest market share in 2019 owing to the growing proliferation of mobile applications and mobile banking by financial institutions and money transfer operators. Online platforms are expected to demonstrate a significant growth in the next few years. Online money transfer sites handle the movement of funds between organizations as well as firms and their customers.

North America led the market, holding the market share in the regional segment. Several people are coming to North America in search of better work prospects and employment, as well as for business purposes, thereby accelerating regional demand growth. The increased prevalence of the remittance industry in developed countries in the Asia-Pacific region is projected to boost the development of the digital remittance market. However, lack of understanding and instruction is a crucial factor that keeps people from opting for a digital transition mode.

Structural Insights: https://www.kbvresearch.com/digital-remittance-market/

The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of Ripple Labs, Inc., Remitly, Inc., WorldRemit Ltd., TransferWise Ltd., TransferGo Ltd., NIUM Pvt. Ltd., Digital Wallet Corporation, Azimo Limited, Mobetize Corporation, and Arcus Financial Intelligence, Inc.

Global Digital Remittance Market Segmentation

By Type

  • Outward
  • Inward

By End-Use

  • Personal
  • Small Businesses
  • Migrant Labor Workforce
  • Others

By Channel

  • Money Transfer Operators
  • Online Platforms
  • Banks
  • Others

By Geography

North America

  • US
  • Canada
  • Mexico
  • Rest of North America


  • Germany
  • UK
  • France
  • Russia
  • Spain
  • Italy
  • Rest of Europe

Asia Pacific

  • China
  • Japan
  • India
  • South Korea
  • Singapore
  • Malaysia
  • Rest of Asia Pacific


  • Brazil
  • Argentina
  • UAE
  • Saudi Arabia
  • South Africa
  • Nigeria
  • Rest of LAMEA

Companies Profiled

  • Ripple Labs, Inc.
  • Remitly, Inc.
  • WorldRemit Ltd.
  • TransferWise Ltd.
  • TransferGo Ltd.
  • NIUM Pvt. Ltd.
  • Digital Wallet Corporation
  • Azimo Limited
  • Mobetize Corporation
  • Arcus Financial Intelligence, Inc.

Digital Remittance Market Related Reports:

North America Market

Europe Market

Asia Pacific Market

LAMEA Market


Knowledge Based Value (KBV) Research is a global brand and consulting firm serving all kinds of business verticals, government and non-governmental organizations, and not-for-profit organizations. Our motto is to extend our services that will have a lasting impact on our clients who trust us with their business goals.

KBV Research provides syndicated market research and publishes more than 1200 Reports and Press Release covering a pool of vertical industries, including international, regional as well as country-level markets each year. Our reports are highly exhaustive in research scope and market coverage.

Over the years, Market research has been an important component of strategic decision making processes. Market research activities have been facilitating the search for new market opportunities, understanding the market gap, bringing in the key insights into the R & D departments, value addition to marketing and promotional functions and many more. In short, one can say that the market research has been a fog light to various industries, especially while taking strategic decisions.


Our aim is to transform and customize our services to address the fast changing business needs of our clients. With innovative methods, we seek to empower our research tools with new capabilities that would eventually bring about customer delight, as we understand that businesses evolve.

KBV Research Reports

Automotive Reports

Electronics & Semiconductor

Technology & IT

Telecom & IT Reports

Consumer Goods Reports

Health Care Reports

Food Beverages Reports