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The digital remittance market (32) increased from $21.85 billion in 2023 to $25.02 billion in 2024, with a CAGR of 14.5%, attributed to digital connectivity. Expectations foresee growth to $43.26 billion by 2028, with a CAGR of 14.7%, propelled by regulatory changes and fintech innovations.

The digital remittance market is poised for growth due to an increasing number of international transactions, facilitating money transfers to overseas bank accounts. This growth is fueled by new money movement networks and advancements in money transfer operators, enabling quicker and more effective transfers while bypassing traditional banking channels. In 2022, officially registered money transfers to low- and middle-income countries are projected to increase by 4.2% to $630 billion, as reported by the World Bank. This trend underscores the significant role of digital remittances in facilitating global financial transactions.

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What Are The Key Trends That Influence Digital Remittance Market Share Analysis?

Product innovation is a prominent trend gaining traction in the digital remittance market. Major players in this sector are focusing on introducing new products and solutions to maintain their market position. For example, in June 2023, Velmie, a US-based financial technology provider, unveiled its international remittance software as a white-label solution. This platform facilitates faster and more cost-effective international transactions compared to traditional methods, leveraging a scalable, cloud-native architecture that supports over 38 global currencies.

Which Market Players Are Driving Growth In The Digital Remittance Market?

Major companies operating in the digital remittance  market report are Remitly Inc., Citigroup Inc., American Express Company, PayPal Holdings Inc., Mastercard Inc., Western Union Holdings Inc., MoneyGram International Inc., Ria Money Transfer, Wise Payments Limited, WorldRemit Corp., Flywire Payments Corporation, OzForex Limited., Xoom Corporation, GoCardless Ltd., Nium Pte. Ltd., Touch ‘n Go Sdn Bhd, PaySend, OrbitRemit Limited, Taptap Send, TransferGo Ltd., CurrencyFair, Currencycloud, Pangea Money Transfer, Azimo Ltd., Remitbee, InstaReM Pvt. Ltd., Digital Wallet Corporation, SingX Pte Ltd.

How Is The Global Digital Remittance Market Segmented?

The digital remittance market covered in this report is segmented –

1) By Type: Inward Digital Remittance, Outward Digital Remittance
2) By Channel: Banks, Money Transfer Operators, Online Platforms, Other Channels
3) By End Use: Migrant Labor Workforce, Individual, Small Businesses, Other End Uses

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The Digital Remittance Global Market Report 2024 provides an overview of the digital remittance market for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The digital remittance market forecast analyzes digital remittance market size, digital remittance market share, leading competitor and their market positions.

The Table Of Content For The Digital Remittance Market Include

1. Digital Remittance Market Executive Summary
2. Digital Remittance Market Segments
3. Digital Remittance Market Size And Template Market Growth Rate
4.  Key Digital Remittance Market Trends
5. Major Digital Remittance Market Drivers
……
25. Key Mergers And Acquisitions In The Digital Remittance Market
26. Top Digital Remittance Companies
27. Digital Remittance Market Opportunities And Strategies
28. Digital Remittance Market, Conclusions And Recommendations
29. Appendix

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