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 Platforms, Online Platforms), By End-use, By Region, And Segment Forecasts, 2021 - 2028

  • Published Date: Jan, 2021
  • Base Year for Estimate: 2020
  • Report ID: GVR-4-68038-520-5
  • Format: Electronic (PDF)
  • Historical Data: 2016 - 2019
  • Number of Pages: 140

Report Overview

The global digital remittance market size was valued at USD 16.28 billion in 2020. It is expected to expand at a compound annual growth rate (CAGR) of 13.3% from 2021 to 2028. The growth in payment automation and digitalization is expected to propel market growth. Numerous digital-savvy customers across the globe are opting for digital remittances, thereby driving the market growth. These customers are opting for digital remittances owing to their reduced transfer time. Rapid growth in urbanization and industrialization is drawing the inhabitants of various rural and semi-rural areas to urban parts. Numerous people are moving in search of employment or education to different countries and locations. This, as a result, increases the number of cross-border transactions. This, in turn, is expected to fuel the market growth.

U.S. digital remittance market size, by type, 2016 - 2028 (USD Billion)

The use of digital remittance services offers high protection and privacy for consumers. As numerous financial institutions and banks across the globe are opting for a data-driven and transparent ecosystem, these services are anticipated to emerge as the preferred mode for remitting money. Numerous banks and financial institutions across the globe are focusing on expanding the reach of their business networks so that everybody can have access to their financial and banking services. Moreover, customers prefer these services owing to low remittance costs.

Customer demands are expected to define the pace of the market over the forecast period. In recent years, the digital money transfer has received a wider acceptance among customers in low- and medium-income economies. Rapid urbanization and increasing incomes are vital factors for the prominence of digital remittances. The ease of digital payments has caught on largely due to the mobile apps and penetration of smartphones.

The outbreak of COVID-19 is anticipated to have a positive impact on the market. The COVID-19 pandemic forced everyone to make major adjustments to the way they work, live, and communicate. The need for international digital remittances is expected to increase owing to global restrictions on movement. Also, customers are turning towards digital wallets as it is the most effective, quickest, and convenient way of transfer money overseas since the lockdown began.

Type Insights

The outward digital remittance segment led the market and accounted for more than 59.0% share of the global revenue in 2020. 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. The international network of banks and financial institutions are focusing on charging low fees and increasing their customer network.

The inward digital remittance segment is anticipated to register the highest CAGR 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.

Channel Insights

The money transfer operators segment dominated the market and accounted for more than a 40.0% share of the global revenue in 2020. 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 transfer can be initiated immediately and processed within a day or two.

The online platforms segment is anticipated to register the highest CAGR 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 ensuring clients navigate their sites easily.

End-use Insights

The personal segment led the market and accounted for more than 44.0% share of the global revenue in 2020. 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.

Europe digital remittance market share, by end-use, 2020 (%)

The migrant labor workforce segment is anticipated to 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 drive the segment growth.

Regional Insights

The North American region dominated the digital remittance market and accounted for more than a 29.0% share of the global revenue in 2020. 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.

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 & 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.

Key Companies & Market Share Insights

The market is moderately fragmented. Prominent players are adopting various strategies, such as product innovation, partnerships, R&D initiatives, mergers and acquisitions, strategic joint ventures, 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. Also, these players manage numerous types of transfers, such as prepaid cards and cash collection. These players are also focused on offering multiple transfer options, such as mobile payment transfers and online payment transfers. The services offered by market players are integrated with Enterprise Resource Planning (ERP), accounting, and foreign exchange software. Some prominent players operating in the 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 2021

USD 17.69 billion

Revenue forecast in 2028

USD 42.46 billion

Growth Rate

CAGR of 13.3% from 2021 to 2028

Base year of estimation


Historical data

2016 - 2019

Forecast period

2021 - 2028

Quantitative units

Revenue in USD million and CAGR from 2021 to 2028

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 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 global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2028. For this study, Grand View Research has segmented the global digital remittance market report based on type, channel, end-use, and region:

  • Type Outlook (Revenue, USD Million, 2016 - 2028)

    • Inward Digital Remittance

    • Outward Digital Remittance

  • Channel Outlook (Revenue, USD Million, 2016 - 2028)

    • Banks

    • Money Transfer Operators

    • Online Platforms

    • Others

  • End-use Outlook (Revenue, USD Million, 2016 - 2028)

    • Migrant Labor Workforce

    • Personal

    • Small Businesses

    • Others

  • Regional Outlook (Revenue, USD Million, 2016 - 2028)

    • North America

      • U.S.

      • Canada

    • Europe

      • Germany

      • U.K.

    • Asia Pacific

      • China

      • India

      • Japan

    • Latin America

      • Brazil

    • Middle East & Africa

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