Asia Pacific digital remittance market is expected to exceed USD 251,792.33 million by 2030 from USD 43,644.67 million in 2019 at a CAGR of 23.73% throughout the forecast period i.e. 2020-2030. The market is anticipated to grow on the back of rising innovating technology.
Increasing smartphone dissemination, together with the growing number of digital-savvy customers choosing digital remittances, is estimated to push the market over the forecast period. Furthermore, rising internet diffusion has facilitated customers to avail of financial remittance services. Additionally, growth in payment mechanization and digitalization is anticipated to generate growth prospects for the market over the forecast period. Additionally, the rising number of economic refugees moving from emerging economies to evolved economies in search of better job prospects is projected to provide to market growth.
Remittance is defined as the movement of capital among people in two separate regions, usually by foreign employees to people in their domestic region. Digital remittance is outlined as one of the most influential exemplary solutions that can have the capability to have progressive growth of the domestic and worldwide economy. Some economic circumstances can be controlled from side to side banking providing connectivity, uniqueness, and it also consists of knowledgeable solutions. The massive greater part of remittances reaches out to emerging countries, many of which have missing groundwork that would allow digital remittances to solve cost savings for citizens.
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Asia Pacific Digital Remittance Market: Key Players
- TNG Wallet
- Remitly Inc.
- Money Gram
- SingX Pte Ltd.
- Transfer Wise Ltd.
- Azimo Limited
- World Remit Ltd.
Asia Pacific Digital Remittance Market Opportunity Analysis
Asia Pacific Digital Remittance Market: Segments
The Outward Digital Remittancesegment to grow with the fastest CAGR during 2020-2030
Asia Pacific digital remittance market is segmented by Remittance Type into Inward Digital Remittance and Outward Digital Remittance. Among these, the outward digital remittance segment is estimated to hold the largest market share of xx% in 2019.The rising implementation of mobile payment technology for supply relocation among the refugees in the emerged regions is estimated to upsurge the segment growth in the coming years. This digital remittance type allows secure, quick, and safe transactions and provides optional services to the customers. In addition to this, it provides services to both resident and non-resident customers of the bank.
By Remittance Type (in %), Asia Pacific Digital Remittance Market, 2019
The Money Transfer Operators segment to boost at fastest CAGR during 2020-2030
Asia Pacific digital remittance market is segmented by Remittance Channel into Banks, Online Platforms, Money Transfer Operators, and Others. Among these, the money transfer operators’ segment is witnessed to hold the largest market share of xx% in the year 2019, owing to the rising implementation of mobile-based applications and mobile banking, which are brought together by financial organizations and money transfer operators. Also, digitization in the cross-border money transfer industry is predicted to generate growth prospects for mandatory workers. Furthermore, customers are broadly implementing the money transfer operator model as it provides several advantages, such as affordability, clearness, safe and secure operation, and suitability in money transfers.
By Remittance Channel (in %), Asia Pacific Digital Remittance Market, 2019
The Personal segment to boost at fastest CAGR during 2020-2030
Asia Pacific digital remittance market is segmented by End-use Industries into Personal, Small Businesses, Migrant Labor Workforce, and Others. Among these, the personal segment is witnessed to hold the largest market share of xx% in the year 2019, based on the huge number of fund relocation transported out by the refugees that are studying abroad. Digital remittance services facilitate customers to put down their cheques pulled out in foreign currencies and payable at foreign centers for crediting to their account. Raised smartphone and internet dissemination across the region is estimated to further boost the segment growth over the forecast period.
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Asia Pacific Digital Remittance Market: Market Dynamics
DriRising Advanced Technology
Artificial Intelligence (AI), Virtual Reality (VR), and Augmented Reality (AR) solutions are estimated to create a substantial setback while reacting to the Covid-19 epidemic and attending ever-changing challenges. The present scenario as an outcome of the eruption of the pandemic will stimulate pharmaceutical dealers and healthcare institutions to enhance their R&D spending in AI, acting as a primary technology for facilitating several ingenuities.
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The market report on Asia Pacific digital remittance also contains the following in-depth analysis:
Digital Remittance Market Segments:
- By Remittance Type
- Inward Digital Remittance
- Outward Digital Remittance
- By Remittance Channel
- Online Platforms
- Money Transfer Operators
- By End-use Industries
- Small Businesses
- Migrant Labor Workforce
- By Region
- Hong Kong
- Rest of Asia Pacific
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