According to a new report, published by KBV research, The Global Digital Remittance Market size is expected to reach $67.37 billion by 2031, rising at a market growth of 16.2% CAGR during the forecast period.
The Online Platforms segment is anticipating a CAGR of 16.9% during (2024 - 2031). The expansion of this segment is propelled by the rising adoption of financial technology solutions, mobile banking services, and peer-to-peer (P2P) payment applications. Companies such as PayPal, Wise (formerly TransferWise), Remitly, and Revolut have revolutionized cross-border transactions by offering cost-effective, secure, and user-friendly digital remittance services. Additionally, blockchain-based remittance solutions and AI-powered fraud detection systems have enhanced transaction security and transparency, making online platforms a preferred choice among digitally literate users.
The Outward segment is leading the Global Digital Remittance Market by Type in 2023; thereby, achieving a market value of $36.10 billion by 2031. The growth of the outward digital remittance segment is primarily driven by the rising global workforce migration, where individuals move to developed economies in search of better employment opportunities. The increasing availability of fintech-based remittance platforms, mobile banking services, and digital wallets has made cross-border transactions more seamless, reducing the dependency on traditional money transfer services. Additionally, government initiatives supporting financial inclusion and lowering remittance transaction costs in many countries have encouraged more migrant workers to use digital channels.
The Small Businesses segment would register a CAGR of 16.4% during (2024 - 2031). Many small and medium-sized enterprises (SMEs) rely on digital remittance solutions to pay international suppliers, freelancers, and remote employees, making seamless financial transactions essential. Fintech platforms and blockchain-based remittance services have enabled low-cost, high-speed cross-border payments, allowing small businesses to operate efficiently across multiple markets. Additionally, the growth of gig economy platforms, outsourcing services, and digital marketplaces has further fueled the demand for digital remittances within this segment.
Full Report: https://www.kbvresearch.com/digital-remittance-market/
The North America region dominated the Global Digital Remittance Market by Region in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $22.01 billion by 2031. The Europe region is experiencing a CAGR of 15.9% during (2024 - 2031). Additionally, The Asia Pacific region would exhibit a CAGR of 16.8% during (2024 - 2031).
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