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Digital Remittance Market Rising at 13.5% CAGR to Hit $83.2 Billion by 2034 | Fact.MR Analysis
Outward Digital Remittance Services to Drive Major Revenue Generation for Companies
ROCKVILLE, Md., May 22, 2024 /PRNewswire/ — According to a recently updated industry report published by Fact.MR, the global Digital Remittance Market will hit $23.4 billion in 2024 and surpass $83.2 billion by 2034, growing at a CAGR of 13.5% from 2024 to 2034.
The ever-increasing use of smartphones and other electronic devices for international payments and remittance services will boost the global market growth over the next 10 years. Quick, easy, and safe transfer of funds is increasing the popularity of digital remittance services.
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The advanced remittance platforms are offering their users a secure and fast transaction experience. The conventional way of transferring funds is time-consuming and expensive, while digital remittance platforms are comparatively inexpensive, faster, and offer value-added services. The growing increasing competition among market players is leading to low costs associated with money transfer.
International remittances are aiding in revenue generation at a maximum level. The immigration of individuals in search of jobs, the surge in international business activities, and the trend of getting an education from overseas are contributing to the growing adoption of digital remittance solutions for fund transfer. The immigrant people make use of outward digital remittance services to transfer money to their families. The rising number of customers of international banks and financial institutions is further increasing the use of outward digital remittance services.
Key Takeaways from the Market Study:
- Global demand for digital remittance services is forecasted to reach a market value of US$ 83.2 billion by 2034.
- The United States market is set to register a CAGR of 13.3% through 2034.
- Japan is expected to capture 28.9% of the East Asia market share in 2024.
- Revenue from outward digital remittance services has been evaluated at US$ 12.9 billion in 2024.
“Integration of artificial intelligence and machine learning will enhance the capabilities and increase the adoption of digital remittance solutions in the years ahead”, says a Fact.MR analyst.
Winning Strategy:
The global digital remittance market is offering lucrative opportunities for both prominent service providers and new companies. The established players are adopting strategies such as collaborations, mergers, partnerships, and acquisitions to increase their product offerings and market reach. New companies are investing in the production of digital remittance solutions integrated with the latest technologies. This move is aiding start-ups to earn high profits and attract early adopters.
- The UAE-based fintech start-up Go F5 offers a mobile application to perform financial transactions. The company uses blockchain technology for secure and quick fund transfers. The app F5 offers services for both individuals and businesses.
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U.S. and South Korea: Key Players and Growing Markets in Digital Remittance Services
The United States hosts prominent financial service and communication companies such as Continental Exchange Solutions, Inc., Western Union Holdings, Inc., and MoneyGram. Many individuals migrate to the U.S. for better education, job opportunities, and business prospects.
The increasing number of immigrants in the country is expected to create significant growth opportunities for digital remittance service providers. Additionally, the trend toward faster money transfers is driving high demand for advanced payment applications.
South Korea: Rapidly Growing Digital Remittance Market in East Asia
South Korea is emerging as the fastest-growing market in the East Asia region. Many South Koreans use digital remittance platforms to transfer funds annually to colleagues, business partners, and family members abroad. The increasing adoption of online banking and financial services in South Korea is expected to propel the demand for digital remittance services. The growing focus on mobile banking, cashless payments, and mobile-based payment solutions is also contributing to the growth of the digital remittance market in South Korea.
More Valuable Insights on Offer:
Fact.MR, in its new offering, presents an unbiased analysis of the global digital remittance market, presenting historical demand data (2019 to 2023) and forecast statistics for the period (2024 to 2034). Download a Sample Report
The study divulges essential insights on the market based on type (inward, outward), channel (banks, money transfer operators, online platforms), and end use (migrant labor workforce, personal, small businesses, others), across seven major regions of the world (North America, Latin America, Western Europe, Eastern Europe, East Asia, South Asia & Pacific, and MEA).
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Fact.MR is a distinguished market research company renowned for its comprehensive market reports and invaluable business insights. As a prominent player in business intelligence, we deliver deep analysis, uncovering market trends, growth paths, and competitive landscapes. Renowned for its commitment to accuracy and reliability, we empower businesses with crucial data and strategic recommendations, facilitating informed decision-making and enhancing market positioning.
With its unwavering dedication to providing reliable market intelligence, FACT.MR continues to assist companies in navigating dynamic market challenges with confidence and achieving long-term success. With a global presence and a team of experienced analysts, FACT.MR ensures its clients receive actionable insights to capitalize on emerging opportunities and stay ahead in the competitive landscape.
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Latest News
Reserve Bank of Australia set to conduct “holistic review” of retail payments regulation
The Reserve Bank of Australia (RBA) is set to review the nation’s retail payments regulation, aiming to encourage the payments industry to address efficiency, competition, and safety issues independently.
Ellis Connolly, head of payments policy at the RBA, announced this review during his speech at the Merchant Risk Council Conference in Melbourne this week.
The review will commence after the Australian government completes its evaluation of the current Payment Systems Regulation Act 1998 (PSRA), which defines the RBA’s regulatory powers.
The initial phase will update the definitions of a payment system and participant to ensure newer players can be regulated if needed. It will also assess prominent systems and participants in online retail payments, such as payment gateways, facilitators, digital wallet providers, and buy now, pay later (BNPL) services.
Following this, the RBA will conduct a comprehensive review of retail payments regulation, focusing on the transparency and cost of payment services for consumers and merchants, surcharging frameworks, mobile wallets, and cross-border payments, Connolly confirmed.
The central bank plans to address policy issues related to card payments, including the cost of card payments for end users, least-cost routing for online debit card transactions, competitive payment services among e-commerce platforms, and the introduction of tokenization standards for online card payments.
Regarding BNPL services, Connolly disclosed the RBA’s intention to revisit no-surcharge rules, potentially allowing retailers to pass operational costs on to BNPL consumers.
“In 2021, the RBA concluded that merchants should be allowed to surcharge BNPL services,” Connolly stated. “The RBA’s view was that the benefits of no-surcharge rules for supporting new market entrants were outweighed by the costs in terms of efficiency and competition in the payments system. However, it was unclear if the RBA had the authority to require the removal of these rules. After the PSRA reforms, the RBA plans to reexamine this issue as part of a broader review to determine if the surcharging framework remains fit for purpose.”
Source: fintechfutures.com
The post Reserve Bank of Australia set to conduct “holistic review” of retail payments regulation appeared first on HIPTHER Alerts.
The Reserve Bank of India (RBI) has finalized the framework for recognizing self-regulatory organizations (SROs) in the fintech sector.
On January 15, the RBI released a draft framework for public comment, which has now been reviewed and finalized as the “Framework for Recognizing Self-Regulatory Organizations for the FinTech Sector.”
This initiative aims to encourage fintech companies to establish and adhere to their own industry standards and best practices through SROs. To be recognized as an SRO, entities must be set up as not-for-profit companies, meet specific net worth and infrastructure requirements, and maintain a non-discriminatory membership fee structure. Additionally, SROs are responsible for monitoring and enforcing compliance among members, establishing standards, and implementing grievance redressal mechanisms.
SROs will serve as a bridge between the industry and the RBI, providing sectoral insights, updating the RBI on developments, and helping to create a regulatory environment that fosters innovation while ensuring consumer protection. Interested entities can apply for recognition through the RBI’s official website.
Source: law.asia
The post RBI finalises fintech self-regulation framework appeared first on HIPTHER Alerts.
Treasury Prime, a leading embedded banking software company, has announced a strategic partnership with FS Vector, a regulatory advisory firm.
This collaboration will integrate FS Vector’s regulatory compliance training platform, Headmaster
, into the Treasury Prime Partner Marketplace.
The partnership aims to bolster the compliance capabilities of fintechs and banks within Treasury Prime’s network. By focusing on compliance, this collaboration will provide valuable training resources and ensure reliable consulting support as needed.
Treasury Prime connects banks and enterprise partners seamlessly, offering embedded banking software and a robust partner marketplace. FS Vector specializes in building, launching, and scaling Banking-as-a-Service (BaaS) platforms, providing compliance support and regulatory training.
Through this partnership, Treasury Prime will offer FS Vector’s Headmaster platform, which delivers comprehensive regulatory education and tracking for fintech companies. The platform ensures that fintechs are well-prepared for compliance obligations, fostering successful BaaS relationships.
Kyle Costello, Treasury Prime’s head of partnerships, stated, “FS Vector’s team has worked with fintechs and banks in Treasury Prime’s network over the past few years and has played a vital role in ensuring they are ready for their BaaS journey. With sponsor banks more focused on compliance than ever, we’re thrilled to officially partner with FS Vector to bring valuable compliance training resources to our network and peace of mind for our customers that a reliable consulting firm is ready to step in when needed.”
FS Vector Principal Justin Muscolino emphasized the importance of compliance in BaaS relationships. “Successful BaaS relationships hinge on a shared understanding of and respect for the compliance obligations that a bank and their fintech program are subject to. Our Headmaster platform provides fintechs with the education that sets these relationships up for success in a cost-effective way. We believe that compliance and risk management training should be something that employees enjoy taking, and with the Headmaster, fintechs have a user-friendly platform that makes training relevant, accurate, and role-specific.”
Source: fintech.global
The post Treasury Prime and FS Vector team up to enhance BaaS compliance appeared first on HIPTHER Alerts.
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