Global Remittance Market

Global Remittance Market Size, Share, Growth Analysis, By Type(Inward and Outward), By Mode of Transfer(Digital and Traditional) - Industry Forecast 2024-2031

Report ID: SQMIG40D2019 | Region: Global | Published Date: February, 2024
Pages: 207 | Tables: 59 | Figures: 77

Global Remittance Market Regional Insights

In 2022, North America had a revenue share of more than 24.0% and led the remittance business. The market's dominance can be ascribed to the presence of some well-known competitors, like Bank of America Corporation and Citigroup, Inc. Additionally, to take use of their capabilities, fintech businesses in North American nations are actively collaborating with well-known players.

Over the course of the projected period, Asia Pacific is anticipated to increase at the fastest rate. The fact that the primary recipients of remittances, including China, the Philippines, and India, reside in the Asia Pacific region is responsible for the growth. Additionally, a number of important players from around the globe are vying for the attention of the developing local sector.

$5,300
BUY NOW GET FREE SAMPLE
Want to customize this report?

Our industry expert will work with you to provide you with customized data in a short amount of time.

REQUEST FREE CUSTOMIZATION

FAQs

Global Remittance Market size was valued at USD 49.21 billion in 2021 and is poised to grow from USD 54.67 billion in 2022 to USD 114.14 billion by 2030, at a CAGR of 11.09% during the forecast period (2023-2030).

To obtain a competitive edge in the market, prominent firms are adopting a variety of strategies, including mergers and acquisitions, joint ventures, product developments, and research and development activities. Players in the market are concentrating on utilizing the skills of recently founded fintech firms to provide their clients with the highest level of confidence while sending money. 'Western Union (United States)', 'MoneyGram International (United States)', 'Ria Financial Services (United States)', 'PayPal (United States)', 'TransferWise (United Kingdom)', 'WorldRemit (United Kingdom)', 'Paytm (India)', 'Remitly (United States)', 'Azimo (United Kingdom)', 'Xoom (United States)', 'InstaReM (Singapore)', 'Wise (United Kingdom)', 'Venmo (United States)', 'Skrill (United Kingdom)', 'OFX (Australia)', 'OrbitRemit (New Zealand)', 'Transfast (United States)', 'CurrencyFair (Ireland)', 'Pangea Money Transfer (United States)', 'Remit2India (India)', 'WorldFirst (United Kingdom)', 'Small World Financial Services (United Kingdom)'

The development of a robust remittance infrastructure is essential for the market's growth. Collaborations between financial institutions, remittance service providers, mobile network operators, and other stakeholders contribute to expanding the reach and accessibility of remittance services. Partnerships with payment networks and technology providers enable seamless cross-border transfers, contributing to market expansion.

Mobile wallets have emerged as a preferred method for receiving remittances. These digital wallets allow users to store, send, and receive money through their mobile devices. Mobile wallets offer added convenience by enabling users to access funds directly, make purchases, and pay bills without the need for a traditional bank account. The integration of mobile wallets with remittance services provides seamless and instant transactions.

In 2022, North America had a revenue share of more than 24.0% and led the remittance business. The market's dominance can be ascribed to the presence of some well-known competitors, like Bank of America Corporation and Citigroup, Inc. Additionally, to take use of their capabilities, fintech businesses in North American nations are actively collaborating with well-known players.

Request Free Customization

Want to customize this report? This report can be personalized according to your needs. Our analysts and industry experts will work directly with you to understand your requirements and provide you with customized data in a short amount of time. We offer $1000 worth of FREE customization at the time of purchase.

Click here right-arrow
logo-images

Related Reports

Merchant Banking Services Market
Buy Now GET FREE SAMPLE
Digital Insurance Platform Market
Buy Now GET FREE SAMPLE
Global Cash Logistics Market
Buy Now GET FREE SAMPLE
Core Banking Solutions Market
Buy Now GET FREE SAMPLE

Feedback From Our Clients

Global Remittance Market

Product ID: SQMIG40D2019

$5,300
BUY NOW GET FREE SAMPLE