According to the World Bank, the world remittance market was valued in 2015 at $ 582 billion, of which $ 432 billion was sent to emerging markets.
Each year, several people send remittances worth thousands of billions of dollars to family, friends or work colleagues in foreign countries. Cash-based operators facilitate the transfer of such a large amount of remittances.
These players have a sales network through which customers can transfer or collect the remitted amount. However, in the last two decades we have seen the entry of digital remittance operators.
These operators represent a serious challenge for traditional cash-in-hand providers due to reduced user rates and ease of use.
They offer a digital transfer network, which includes an easy-to-use mobile application and eliminates the need for tedious forms, agents and code compilation processes.
The growth of the digital remittances market is driven by the increase in digitization and automation, by the reduction of remittance costs and transfer times and by the growth in the adoption of banking and financial services.
Furthermore, regulatory initiatives that encourage all financial institutions to become more transparent and feed ecosystems that are richer in data and partners complete the growth of the market.
However, the lack of awareness and orientation is an important factor that prevents people from opting for the transfer of digital remittances. Increased access to financial services such as basic bank accounts between remittance recipients and increased Internet usage offer growth opportunities for the market.
Major companies profiled in the report include Mobetize Corp., Remitly, Regalii, peerTransfer, Currency Cloud, Azimo, WorldRemit, TransferWise, Ripple, and MoneyGram.
- Comprehensive analysis of the current trends and future estimations in the global digital remittance market is provided.
- The report offers a competitive scenario of the market with growth trends, structure, drivers, scope, opportunities, and challenges.
- It includes a detailed analysis of the key segments to provide insights on market dynamics.
- Porters Five Forces analysis highlights the potential of buyers and suppliers and the competitive structure to devise effective growth strategies and facilitate better decision-making.
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