The latest report found on WiseGuy Reports (WGR) has given an informative overview of the industry with a short explanation. This overview provides information about the product/service, the primary applications of this product/service, and its end-users. It also mentions different production and management technologies and technological developments for the same. The global Digital Remittance market report found on WiseGuy Reports (WGR) has discussed the market in depth. The report has also mentioned different industry trends, market dynamics, competitive landscape, and a detailed analysis of the market based on various regional segments for the forecast period of 2019 to 2025.
This report studies the Digital Remittance market status and outlook of global and major regions, from angles of players, regions, product and end Application/industries; this report analyzes the top players in global and major regions, and splits the Digital Remittance market by product and Application/end industries.
Digital remittances have the potential to engender positive development outcomes. The pure feebased cost savings that result from digital remittances could have a significant impact on immigrant workers, as well as families back home.
Beyond the pure fee costs, important time, reach, and security benefits accrue from digital remittances. The cost savings from digital remittances could be a meaningful boost to global GDP and have a noteworthy impact on poverty. In order for all of these positive developments to be realized, and enabling environment for digital remittances must be created.
Identity, connectivity, banking, and literacy solutions for all must be developed by the public and private sectors in collaboration. With the current refugee crisis, the time is ripe for digital remittances to provide enhanced economic opportunity for those that need it most.
In 2017, the global Digital Remittance Market Size was valued at 1536 million USD, and it will reach 8590 million USD in 2025, with a CAGR of 23.3% between 2018 and 2025.
According to the data from WorldBank, India is the largest country of Migrant remittance inflows, with 68968 million USD and percentage of 11.2% in the world. China, Philippines, Mexico, France, Nigeria, Pakistan, Germany, Vietnam and Bangladesh, also are top players which receive significant amounts of remittance volume.
Migrant labor workforce is the most important drivers to promote the global development. In future, the blockchain technology will exert far-reaching influence on the remittance market. Most of traditional bank, fintech and other financial firms have researched and tested the blockchain technology used in remittance volume. In the same time, some companies like Ant Financial/Alipay, Coins.ph, Auxesis, Bitspark, Rebit and Cashaa, have introduced their products in remittance.
Currently, the global Digital Remittance market is dominated by several traditional global money transfer operators (MTOs) like Western Union (WU), Ria Financial Services and MoneyGram. But the fintech like start-ups Xoom, TransferWise, WorldRemit, Remitly and Azimo, have significant impact on the global Digital Remittance market.
The report has profiled various noteworthy players in the global Digital Remittance market. This includes the analysis of various strategies adopted for expansion and an upper hand over their rivals.
The major players in global market include
Western Union (WU)
Ria Financial Services
Smiles/Digital Wallet Corporation
Avenues India Pvt Ltd
The report on WGR has included a detailed study of the Digital Remittance market for various segments that are based on different aspects such as types, application, end-user, and region, among others. This analysis is provided to enable the reader to gain a better insight into the market. Such regional analysis has been carried out for the segments of Asia Pacific (APAC), North America, Latin America, Europe, and the Middle East & Africa (MEA).
On the basis of product, the Digital Remittance market is primarily split into
Banks Digital Remittance
Digital Money Transfer Operators
On the basis on the end users/Application, this report covers
Migrant Labor Workforce
Study Abroad and Travel
The report has explored several factors that are attributable to the accelerated growth noted in the global Digital Remittance market. This includes various volume trends, pricing history of the product/service, and the value of this product/service. Some prominent factors contributing to the ascension of the global Digital Remittance market include a mounting worldwide population, fast-paced technological innovations noted in the market, and the demand and supply dynamics influencing the growth of the market. Other than that, the report has discussed various policies introduced by the government that are either in favor of or against the upscaling of the market. Alternatively, the global Digital Remittance market has been studied for different restraints that are hindering the growth during the forecast period of 2019 to 2025.
Table of Contents
1 Industry Overview 1
1.1 Digital Remittance Market Overview 1
1.1.1 Digital Remittance Product Scope 1
1.1.2 Market Status and Outlook 1
1.2 Global Digital Remittance Market Size and Analysis by Regions (2013-2018) 2
1.2.1 United States Digital Remittance Market Status and Outlook 3
1.2.2 Europe Digital Remittance Market Status and Outlook 4
1.2.3 Middle East & Africa Digital Remittance Market Status and Outlook 5
1.2.4 China Digital Remittance Market Status and Outlook 6
1.2.5 India Digital Remittance Market Status and Outlook 6
1.2.6 Southeast Asia Digital Remittance Market Status and Outlook 7
1.3 Classification of Digital Remittance by Product 8
1.3.1 Global Digital Remittance Revenue (Million USD) and Growth (%) Comparison by Product (2013-2025) 8
1.3.2 Global Digital Remittance Revenue (Million USD) Market Share (%) by Product in 2017 9
1.3.3 Bank Digital Remittance 9
1.3.4 Digital Money Transfer Operators 10
1.4 Digital Remittance Market by End Users/Application 11
1.4.1 Migrant Labor Workforce 12
1.4.2 Study Abroad and Travel 12
1.4.3 Small Businesses 13
3 Company (Top Players) Profiles and Key Data 20
3.1 Western Union (WU) 20
3.1.1 Company Profile 20
3.1.2 Main Business/Business Overview 20
3.1.3 Products, Services and Solutions 21
3.1.4 Western Union (WU) Digital Remittance Revenue (Million USD) (2013-2018) 22
3.2 Ria Financial Services 23
3.3 PayPal/Xoom 27
3.4 TransferWise 31
3.5 WorldRemit 36
3.6 MoneyGram 39
3.7 Remitly 42
3.8 Azimo 45
3.9 TransferGo 48
3.10 InstaReM 52
3.11 TNG Wallet 56
3.12 Coins.ph 60
3.13 Toast 63
3.14 OrbitRemit 67
3.15 Smiles/Digital Wallet Corporation 70
3.16 Avenues India Pvt Ltd 74
3.17 FlyRemit 77
3.18 WeChat Payment 80
3.19 Ant Financial/Alipay 82
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