Digital Remittance Market

1. Digital Remittance Market to See Massive Growth by 2029 The global digital remittance market is anticipated to grow at a CAGR of 15.9% during the forecast period. Increasing use of digital remittance by various end user industries, especially in emerging d economic countries such as India, and China, is expected to drive the market growth in the forthcoming year. For instance, according to an Asian Development Bank report, Asia was the largest remittance-receiving region across the globe in 2019. The region received $325 billion in formal remittances or 45% of global flows in 2019. Further, as per the same source, by country, India is the largest receiver, totaling close to $80 billion, followed by the PRC, Pakistan, the Philippines, and VietNam. Moreover, for many Asian countries, remittances accounted for a significant proportion of gross domestic product (GDP), including Tonga 40%, Tajikistan at 26%, the Kyrgyz Republic 25%, Nepal 23%, and Samoa 17%. To Request a Sample of our Report on Digital Remittance Market https://www.omrglobal.com/request-sample/digital-remittance-market Moreover, new product development and launch by major players will further boost the market growth. For instance, in April 2021, Travelex, partnered with Nium to extend digital remittance services to their users. With this collaboration, Travelex users remit money to more than 50 markets globally, and the service will be further expanded to over 40 countries. Furthermore, in September 2021, Innovative Payment Solutions, Inc., and IPSIPay, announced that its filed company in London, IPSIPay (UK) Ltd., entered into a non- binding Letter of Intent (LOI) with BC Remittance Ltd., in a strategic partnership to provide electronic money transfers to the Philippines. BC Remit is an Authorized Payment Institution (API) and has the ability to rapidly and securely send money directly to the Philippines. In addition, BC Remit is a low-cost provider of remittances; money transfer fees are low at around 1%. Moreover, BC Remit will allow utilizing rail in sending remittances to the Philippines and provides with the ability to file for EMI (Electronic Money Institution) designation in other locations such as the UK and the EU. A full Report of Digital Remittance Market https://www.omrglobal.com/industry-reports/digital-remittance-market Market Coverage    The market number available for – 2021-2028 Base year- 2021 Forecast period- 2023-2029 Segment Covered-    By Type By Distribution Channel By End User Regions Covered-      North America Europe Asia-Pacific Rest of the World Competitive LandscapeMoneyGram International, Inc., PayPal, Remitly Inc., Western Union Holding Inc., Digital Wallet Corp., Flywire, and others. Key questions addressed by the report       What is the market growth rate? Which segment and region dominate the market in the base year? Which segment and region will project the fastest growth in the market? Who is the leader in the market? How players are addressing challenges to sustain growth? Where is the investment opportunity? Global Digital Remittance Market Report Segment By Type   Inward Digital Remittance Outward Digital Remittance By Distribution Channel     Oil and gas Banks Money Transfer Operators Online Platform Other Channels By End User   Business Personal For More Customized Data, Request for Report Customization https://www.omrglobal.com/report-customization/digital-remittance-market

2. About Orion Market Research Orion Market Research (OMR) is a market research and consulting company known for its crisp and concise reports. The company is equipped with an experienced team of analysts and consultants. OMR offers quality syndicated research reports, customized research reports, consulting and other research-based services. Media Contact Company Name: Orion Market Research Contact Person: Mr. Anurag Tiwari Email: info@omrglobal.com Contact no: +91 780-304-0404