GVR Report cover Digital Remittance Market Size, Share & Trends Report

Digital Remittance Market Size, Share & Trends Analysis Report By Type (Inward, Outward), By Channel (Banks, Money Transfer Operators, Online Platforms), By End Use, By Region, And Segment Forecasts, 2023 - 2030

  • Report ID: GVR-4-68038-520-5
  • Number of Pages: 140
  • Format: Electronic (PDF)
  • Historical Range: 2017 - 2021
  • Industry: Technology

Report Overview

The global digital remittance market size was valued at USD 19.65 billion in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 15.6% from 2023 to 2030. The global digital remittance transactions were valued at over USD 390 billion in 2022. The market growth can be attributed to the increasing fund transfers from migrant workers to their families. Moreover, the increasing number of cross-border transactions and the growing adoption of mobile-based payment channels are expected to propel market growth over the forecast period. According to GSM Association, in 2020, funds worth around USD 12.7 billion were processed through mobile money in cross-border remittances.

U.S. digital remittance market size, by type, 2020 - 2030 (USD Billion)

The proliferation of the digital platform for remittance is expected to encourage customers to move toward online transactions. Moreover, the rising penetration of mobile devices across the globe in recent years has encouraged the adoption of digital technology in remittance services and cross-border payments. Customers across the globe are also shifting toward digital remittance services as they help reduce the money transfer time and remittance costs. Moreover, digital remittance services offer high privacy and protection for consumers’ money.

The endless chains of mediators, hidden charges, and paperwork involved in money transfer made the process costly and arduous. However, the adoption of digital remittance services has helped businesses and customers enjoy more affordable, faster, and value-added money transfer services. The costs involved in transferring money have reduced drastically as a result of healthier competition between market players.

The rising popularity of digital remittance services among low-wage migrant workers, who use these services to send money to their families, is compelling several governing bodies to pay attention to and regulate the digital remittance industry. Moreover, foreign remittances play an important role in the economic development of emerging markets. Due to this, authorized regulators control and monitor money transfer fees to encourage customers to continue using digital remittance services and effectively contribute to their home country’s economic growth. These factors are expected to contribute to the market growth over the forecast period.

The increasing adoption and ease of digital payments are expected to create growth opportunities for the market over the forecast period. However, the lack of awareness about digital remittance services and high remittance prices are expected to hinder market growth. Moreover, security hindrances such as terrorist financing and money laundering could negatively impact the growth prospects of the market over the forecast period.

COVID-19 Impact Analysis

The COVID-19 pandemic is expected to have a positive impact on market growth. Movement and other restrictions led to an increase in the adoption of digital approaches of money transfer, with regulatory changes being announced to encourage the use of digital payments. The increased adoption of digital payments in emerging countries has led to a significant rise in the uptake of e-wallet payments instead of cash. Furthermore, the use of mobile money services has been steadily growing within low- and middle-income economies. These factors are anticipated to create growth opportunities for the market over the forecast period.

Type Insights

The outward digital remittance segment led the market in 2022 and accounted for more than 58.0% share of the global revenue. People living in other countries are sending money home to support their families. Financial institutions and banks are helping these people in sending money home quickly and safely. International banks and financial institutions are focusing on charging low fees and increasing their customer network. International outward remittances are done on a safe banking network, thereby limiting the chances of financial harm and fraud to both the sender and the recipient.

The inward digital remittance segment is anticipated to register the highest growth rate over the forecast period. Increasing adoption of mobile payment technology for money transfer among the migrants is anticipated to propel the segment growth over the forecast period. Numerous financial institutions and banks across the globe are focusing on adopting real-time banking technology to leverage Immediate Payment Service (IMPS). Furthermore, this technology enables banks to offer services to both non-resident and resident customers of the banks. Migrant workers are focusing on using wire transfer services for inward remittances as these services are considered the safest, fastest, and most popular modes of fund transfer.

Channel Insights

The money transfer operators segment dominated the market and accounted for more than 40.0% share of the global revenue in 2022. Money transfer operators are regularly able to provide lower transfer costs than banks. Moreover, these money transfer companies offer the same level of reliability and security as banks. The speed of the money transaction is one of the significant benefits offered by money transfer operators. Money transfers can be initiated immediately and processed within a day or two. The introduction of digital-first money transfer operators and the rapid introduction of funding and digital initiation capabilities from established money transfer operators are expected to drive the segment over the forecast period.

The online platforms segment is anticipated to register the highest growth rate over the forecast period. Online money transfer platforms efficiently manage transfers of funds between organizations as well as organizations and their customers. These platforms allow users to have access to money transactions directly and execute the fund transfer process easier. Numerous online money transfer platforms are focusing on offering user-friendly services to their clients. These platforms are helping clients navigate their sites easily. Furthermore, the increasing adoption of digital wallets is expected to accentuate the segment growth. Digital wallets enable customers to track their funds from their digital wallet application.

End-use Insights

The personal segment led the market and accounted for more than 44.0% share of the global revenue in 2022. New products and services are being widely developed to facilitate convenient usage of financial customer accounts. Moreover, increasing global migration is expected to drive the adoption of digital remittance services by personnel to send money to their home country. Growing smartphone and internet penetration across the globe are anticipated to propel the personal segment growth over the forecast period. Innovative solutions are already beginning to change the landscape of remittance services by increasing convenience and reducing costs for senders of remittances and their families.

Global digital remittance market share, by end use, 2021 (%)

The migrant labor workforce segment is anticipated to witness significant growth over the forecast period. The digital remittance service helps the migrant labor workforce to compare fund transfer costs and effectively locate support organizations. Moreover, this service has made it easier and more affordable for migrant workers to send money home. Advances in fintech and innovation in cross-border payments are further expected to foster segment growth. Moreover, migrant laborers continued to work hard even during the COVID-19 pandemic to earn money for their families, contributing to the segment growth.

Regional Insights

The North American region dominated the market and accounted for more than 28.0% share of the global revenue in 2022. The region is home to prominent financial service and communication companies, such as Continental Exchange Solutions, Inc.; Western Union Holdings, Inc.; and MoneyGram. Numerous people migrate to the North American region in search of better education and job opportunities as well as for business purposes. The rising number of immigrants in the region is expected to create growth opportunities for the digital remittance service providers in the region. Furthermore, in the North American region, the trend of faster money transfer has gained traction with the introduction of numerous payment applications.

Digital Remittance Market Trends by Region

The Asia Pacific regional market is anticipated to emerge as the fastest-growing regional market over the forecast period. Numerous citizens from the Asia Pacific region send thousands of trillion dollars in remittances yearly to colleagues or business partners and families in foreign countries. Growth in the adoption of banking and financial services in the region is expected to propel the regional market growth over the forecast period. Economies such as China and India are largely focusing on the adoption of mobile banking, cashless payments, and mobile-based payment solutions, thereby contributing to the regional market growth. An increase in competition from new entrants, coupled with the growth in customer base, is expected to create growth opportunities for the regional market over the forecast period.

Key Companies & Market Share Insights

The market is moderately fragmented. Prominent players are adopting various strategies, such as product innovation, partnerships, research & development initiatives, mergers& acquisitions, strategic joint ventures, and geographical expansion, to strengthen their foothold in the market. Money transfer software manages the transfer of money between businesses as well as between businesses and their customers. Money transfer software and remittances are mainly used by B2B customers and finance professionals to make payments online.

Numerous players in the market are focusing on supporting transactions in various languages, countries, and currencies. For instance, in August 2021, WorldRemit Ltd. launched its money transfer services in Malaysia, allowingWorldRemit users to send money from Malaysia, in addition to 50 other countries, including the U.S. and the U.K., to more than 130 destinations. Based on their location, users can choose from numerous payout methods for the recipient, including payments to mobile wallets, bank deposits, mobile airtime top-up, and cash pick-up. Some prominent players in the global digital remittance market include:

  • Azimo Limited

  • Digital Wallet Corporation

  • InstaReM Pvt. Ltd.

  • MoneyGram

  • PayPal Holdings, Inc.

  • Ria Financial Services Ltd.

  • TransferGo Ltd.

  • TransferWise Ltd.

  • Western Union Holdings, Inc.

  • WorldRemit Ltd.

Digital Remittance Market Report Scope

Report Attribute


Market size value in 2023

USD 21.83 billion

Revenue forecast in 2030

USD 60.05 billion

Growth rate

CAGR of 15.6% from 2023 to 2030

Base year of estimation


Historical data

2017 - 2021

Forecast period

2023 - 2030

Quantitative units

Revenue in USD million/billion and CAGR from 2023 to 2030

Report coverage

Revenue forecast, company market share, competitive landscape, growth factors, and trends

Segments covered

Type, channel, end-use, region

Regional scope

North America; Europe; Asia Pacific; Latin America; MEA

Country scope

U.S.; Canada; Germany; U.K.;China; India; Japan; Brazil

Key companies profiled

Azimo Limited; Digital Wallet Corporation; InstaReM Pvt. Ltd.; MoneyGram; PayPal Holdings, Inc.; Ria Financial Services Ltd.; TransferGo Ltd.; TransferWise Ltd.; Western Union Holdings, Inc.; WorldRemit Ltd.

Customization scope

Free report customization (equivalent up to 8 analysts working days) with purchase. Addition or alteration to country, regional & segment scope

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Segments Covered in the Report

The report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2017 to 2030. For the purpose of this study, Grand View Research has segmented the global digital remittance market report based on type, channel, end use, and region:

Global Digital Remittance Market Segmentation

  • Type Outlook (Revenue, USD Million, 2017 - 2030)

    • Inward Digital Remittance

    • Outward Digital Remittance

  • Channel Outlook (Revenue, USD Million, 2017 - 2030)

    • Banks

    • Money Transfer Operators

    • Online Platforms

    • Others

  • End-use Outlook (Revenue, USD Million, 2017 - 2030)

    • Migrant Labor Workforce

    • Personal

    • Small Businesses

    • Others

  • Regional Outlook (Revenue, USD Million, 2017 - 2030)

    • North America

      • U.S.

      • Canada

    • Europe

      • Germany

      • U.K.

    • Asia Pacific

      • China

      • India

      • Japan

    • Latin America

      • Brazil

    • Middle East & Africa

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