Digital Remittance Market Expected to Reach $5819 Million by 2026, At CAGR 25.1%
According to BlueWeave Consulting, the Global Digital Remittance market is expected to project a CAGR of 25.1 percent in terms of revenue and is estimated to reach USD5819 million by 2026.
Digital Remittance is termed as one of the most powerful monitory solutions that have the potential to provide positive development on the global economy. A number of economic solutions can be effectively handled through banking offering identity, connectivity, and literacy solutions. A Vast majority of remittances go to developing economies most of which have lacking infrastructure that would enable digital remittances to support cost savings for citizens.
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The global digital remittance market is anticipated to grow over the next decade owning to increasing smartphone penetration, growing number of economic migrants from developing economies to developed economies and the rise in number of digital savvy customers. Digital remittance is expected to emerge as the most preferred mode of remittance as financial institutions opt for transparency and data-driven ecosystem along with an efficient network of partners. The market is expected to grow over the forecasted period owning to expansion of service providers offering more coverage of their internet networks particularly in the developing economies in order to access banking and financial services.
North America, Europe, Asia-Pacific, Latin America and Middle East and Africa are few of the key regions where the presence of Global Digital Remittance Market can be witnessed. The North American regional market contributed the largest share in the Global Digital Remittance Market in 2019. The growth of the region can be attributed to factors such as rising online transactions, increasing disposable income, increasing awareness about digitization and rapid growth in the digital remittance market in the region. The European regional digital remittance market is also expected to grow at a steady rate due to rising adoption of digital remittance solutions across various industries including automobile, banking and healthcare.
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MoneyGram, Arcus Financial Intelligence Inc., Ripple, Transfer Wise Limited, Mobetize, Currency Cloud, Western Union Holdings Inc., Avenues India Private Limited, Western Union Holdings Inc., PayPal Holdings Inc., InstaRem PTE Limited and Coins PH Pte Limited are few of the key market players in the Global Digital Remittance Market.
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