Outward Digital Remittance Services to Drive Major Revenue
Generation for Companies
ROCKVILLE, Md., May 22, 2024
/PRNewswire/ -- According to a recently updated industry report
published by Fact.MR, the global Digital Remittance Market
will hit $23.4 billion in 2024
and surpass $83.2 billion by
2034, growing at a CAGR of 13.5% from 2024 to 2034.
The ever-increasing use of smartphones and other electronic
devices for international payments and remittance services will
boost the global market growth over the next 10 years. Quick, easy,
and safe transfer of funds is increasing the popularity of digital
remittance services.
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Report:
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The advanced remittance platforms are offering their users a
secure and fast transaction experience. The conventional way
of transferring funds is time-consuming and expensive, while
digital remittance platforms are comparatively inexpensive, faster,
and offer value-added services. The growing increasing competition
among market players is leading to low costs associated with money
transfer.
International remittances are aiding in revenue generation at a
maximum level. The immigration of individuals in search of jobs,
the surge in international business activities, and the trend of
getting an education from overseas are contributing to the growing
adoption of digital remittance solutions for fund transfer. The
immigrant people make use of outward digital remittance services to
transfer money to their families. The rising number of customers of
international banks and financial institutions is further
increasing the use of outward digital remittance services.
Key Takeaways from the Market Study:
- Global demand for digital remittance services is forecasted to
reach a market value of US$ 83.2
billion by 2034.
- The United States market is
set to register a CAGR of 13.3% through 2034.
- Japan is expected to capture
28.9% of the East Asia market
share in 2024.
- Revenue from outward digital remittance services has been
evaluated at US$ 12.9 billion in
2024.
"Integration of artificial intelligence and machine
learning will enhance the capabilities and increase the adoption of
digital remittance solutions in the years ahead", says a
Fact.MR analyst.
Winning Strategy:
The global digital remittance market is offering lucrative
opportunities for both prominent service providers and new
companies. The established players are adopting strategies such as
collaborations, mergers, partnerships, and acquisitions to increase
their product offerings and market reach. New companies are
investing in the production of digital remittance solutions
integrated with the latest technologies. This move is aiding
start-ups to earn high profits and attract early adopters.
- The UAE-based fintech start-up Go F5 offers a mobile
application to perform financial transactions. The company uses
blockchain technology for secure and quick fund transfers. The app
F5 offers services for both individuals and businesses.
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U.S. and South Korea: Key
Players and Growing Markets in Digital Remittance Services
The United States hosts
prominent financial service and communication companies such as
Continental Exchange Solutions, Inc., Western Union Holdings, Inc.,
and MoneyGram. Many individuals migrate to the U.S. for better
education, job opportunities, and business prospects.
The increasing number of immigrants in the country is expected
to create significant growth opportunities for digital remittance
service providers. Additionally, the trend toward faster money
transfers is driving high demand for advanced payment
applications.
South Korea: Rapidly Growing
Digital Remittance Market in East
Asia
South Korea is emerging as the
fastest-growing market in the East
Asia region. Many South Koreans use digital remittance
platforms to transfer funds annually to colleagues, business
partners, and family members abroad. The increasing adoption of
online banking and financial services in South Korea is expected to propel the demand
for digital remittance services. The growing focus on mobile
banking, cashless payments, and mobile-based payment solutions is
also contributing to the growth of the digital remittance market in
South Korea.
More Valuable Insights on Offer:
Fact.MR, in its new offering, presents an unbiased analysis of
the global digital remittance market, presenting historical
demand data (2019 to 2023) and forecast statistics for the period
(2024 to 2034). Download a Sample Report
The study divulges essential insights on the market based on
type (inward, outward), channel (banks, money transfer operators,
online platforms), and end use (migrant labor workforce, personal,
small businesses, others), across seven major regions of the world
(North America, Latin America, Western Europe, Eastern Europe, East
Asia, South Asia &
Pacific, and MEA).
Check out More Related Studies Published by Fact.MR
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About Us:
Fact.MR is a distinguished market research company
renowned for its comprehensive market reports and invaluable
business insights. As a prominent player in business intelligence,
we deliver deep analysis, uncovering market trends, growth paths,
and competitive landscapes. Renowned for its commitment to accuracy
and reliability, we empower businesses with crucial data and
strategic recommendations, facilitating informed decision-making
and enhancing market positioning.
With its unwavering dedication to providing reliable market
intelligence, FACT.MR continues to assist companies in navigating
dynamic market challenges with confidence and achieving long-term
success. With a global presence and a team of experienced analysts,
FACT.MR ensures its clients receive actionable insights to
capitalize on emerging opportunities and stay ahead in the
competitive landscape.
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