Global Digital Remittance Market Insights: Impact of COVID-19 and Future Expectations to 2025

The Digital Remittance market revenue was 2339 Million USD in 2019, and will reach 8219 Million USD in 2025, with a CAGR of 23.3% during 2020-2025. The first online-only remittance providers appeared on the scene more than 15 years ago with the widespread use of the internet. Now a digital channel for remittances could potentially eliminate the need for costly agent networks and physical agent locations by arriving directly to a customer’s computer, laptop or (now) mobile device of choice. Yet today, the digital channel remains small when compared with the volume of remittances sent via “traditional” cash-in agents. (According to Western Union’s recently published 2017 Q4 results, for example, digital revenue represents only 10 percent of its total consumer-to-consumer segment). In most sending countries, financial access doesn’t seem to present a major barrier to using online services (which must originate from bank accounts or credit or debit cards). So even though, on average, online services are less expensive than cash-to-cash services, most remittance customers seem happy with their money transfer agent. The digital remittance revolution hasn’t quite happened yet.
This report elaborates the market size, market characteristics, and market growth of the Digital Remittance industry, and breaks down according to the type, application, and consumption area of Digital Remittance. The report also introduces players in the industry from the perspective of the industry chain and marketing chain and describes the leading companies.

In Chapter 2.3 of the report, the impact of the COVID-19 outbreak on the industry was fully assessed. Fully risk assessment and industry recommendations were made for Digital Remittance in a special period. This chapter also compares the markets of Pre COVID-19 and Post COVID-19.
Chapter 2.5 covers the analysis of the impact of COVID-19 from the perspective of the industry chain.
In addition, chapters 6-10 consider the impact of COVID-19 on the regional economy.

Key players in the global Digital Remittance market covered in Chapter 11:
Xoom
TransferWise Ltd.
Azimo Limited
OrbitRemit Global Money Transfer Limited
Remitly, Inc.
Digital Wallet Corporation
Coins.ph Pte. Ltd.
The Western Union Company
Ria Financial Services Ltd.
TransferGo Ltd.
WorldRemit Ltd.
MoneyGram International, Inc.
TNG Limited
InstaReM PTE limited
Banco Rendimento
SingX Pte Ltd.
Toastme Pte Limited
PayPal Holdings, Inc.
Flywire
Ripple

In Chapter 3, on the basis of types, the Digital Remittance market from 2015 to 2025 is primarily split into:
Banks Digital Remittance
Digital Money Transfer Operators

In Chapter 4, on the basis of applications, the Digital Remittance market from 2015 to 2025 covers:
Migrant Labor Workforce
Study Abroad and Travel
Small Businesses

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2015-2025) of the following regions are covered in Chapter 5, 6, 7, 8, 9, 10:
North America (Covered in Chapter 6)
United States
Canada
Mexico
Europe (Covered in Chapter 7)
Germany
UK
France
Italy
Spain
Russia
Others
Asia-Pacific (Covered in Chapter 8)
China
Japan
South Korea
Australia
India
Middle East and Africa (Covered in Chapter 9)
Saudi Arabia
UAE
Egypt
South Africa
South America (Covered in Chapter 10)
Brazil
Argentina
Columbia

Years considered for this report:

Historical Years:

2015-2019

Base Year:

2019

Estimated Year:

2020

Forecast Period:

2020-2025