Digital Remittance
The digital remittance market is expected to grow from $61.73 billion in 2018 to $74.54 billion in 2026, with a CAGR of 2.38% from 2019 to 2026.
The increase in smartphone penetration and the growing number of digitally savvy customers opting for digital remittance are expected to drive the market during the forecast period. Additionally, the increasing internet penetration enables customers to access financial remittance services. Furthermore, the rise of payment automation and digitalization is expected to create growth opportunities in the market during the forecast period. Moreover, the increasing number of economic migrants seeking better job opportunities and moving from developing to developed countries is expected to increase, which will drive the need for cross-border transactions. Additionally, the use of digital remittance services offers users high security and privacy.
As financial institutions are opting for transparent and data-driven ecosystems, digital remittance is expected to emerge as a preferred mode of transaction.
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