Digital Remittance Market Size, Opportunity & Forecast 2026

Global Digital Remittance Market By Type (Outward and Inward) By End Use (Personal, Small Businesses, Migrant Labor Workforce and Others) By Channel (Money Transfer Operators, Online Platforms, Banks and Others) By Region, Industry Analysis and Forecast, 2020 - 2026

Published Date: June-2020 | Number of Pages: 215 | Format: PDF | Report ID: KBV-4278

Special Offering: Industry Insights | Market Trends | Highest number of Tables | 24/7 Analyst Support


Get in-depth analysis of the COVID-19 impact on the Digital Remittance Market

Market Report Description

The Global Digital Remittance Market size is expected to reach $33.9 billion by 2026, rising at a market growth of 17.2% CAGR during the forecast period. Digital Remittance is known to be one of the most effective monitoring solutions that has the potential to bring successful changes to the global economy. A variety of economic problems can be efficiently solved by identity banking, networking and literacy problems. A vast majority of remittances go to developed countries, most of which have a shortage of technology that will allow digital remittances to help cost savings for people. The global demand for digital remittances is projected to expand over the forecast period due to a growing need for easier, more reliable and quicker cross-border monetary transactions.

Global Digital Remittance Market Size

Digital Remittance Market Size

Migrant labor force is the most significant driver of globalization. In the future, blockchain technology will have a far-reaching impact on the remittance market. Many traditional banks, fintech and other financial institutions have studied and tested the blockchain technologies used in the amount of money transfers. Around the same time, several firms, such as Ant Financial/Alipay,, Auxesis, Bitspark, Rebit and Cashaa, have launched their offerings into remittances.

These remittances are a lifeline for countless people around the world. In 2016 alone, the World Bank reported that more than $600 billion in remittances would be sent by immigrants. Remittances have traditionally been expensive due to threats and inefficiencies in handling and transferring capital across borders. However, for the first time, there is a clear direct link to how digital technologies not only aim to make money flowing across boundaries more accessible for people, but also how they have the ability to minimize global poverty rates on a macro scale.

Digital Remittance Market Share

Digital Remittance Market Share

Some of the main remittance countries - the United States, Switzerland, Germany, France and Italy - are trapped in the COVID-19 pandemic, and service-sector jobs have been hard hit since the start of the health crisis. Migrants working in hotels, restaurants, and salons have lost their jobs without future government help. At worst, they cannot even go back to their country of birth due to travel limits. This group needs to receive targeted support.

Based on Type, the market is segmented into Outward and Inward. Based on End Use, the market is segmented into Personal, Small Businesses, Migrant Labor Workforce and Others. Based on Channel, the market is segmented into Money Transfer Operators, Online Platforms, Banks and Others. Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa.

Free Valuable Insights: Global Digital Remittance Market to reach a market size of $33.9 billion by 2026

The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Ripple Labs, Inc., Remitly, Inc., WorldRemit Ltd., TransferWise Ltd., TransferGo Ltd., NIUM Pvt. Ltd., Digital Wallet Corporation, Azimo Limited, Mobetize Corporation, and Arcus Financial Intelligence, Inc.

Recent Strategies Deployed in Digital Remittance Market

» Partnerships, Collaborations, and Agreements:

  • Apr-2020: Azimo came into partnership with Thailand’s Siam Commercial Bank (SCB). The partnership was aimed at delivering instant payments for customers from Europe to SCB bank accounts in Thailand.
  • Apr-2020: Digital Wallet Corporation collaborated with Aeon Bank following which the company would be offering Aeon Bank ATM Card. The card can be used at AEON Bank ATMs across Japan. This is a new and convenient service of Smiles Mobile Remittance, which is a mobile international money transfer service widely used mainly by foreigners living in Japan.
  • Apr-2020: NIUM came into partnership with Geoswift, a payment technology company. The partnership was focused on enabling overseas customers to remit money directly into bank accounts in China via UnionPay. The service allows users to make real-time fund transfers into UnionPay card accounts connected to 14 banks in China, while another 50 banks would be able to get funding into another 48 banks in that market.
  • Mar-2020: TransferWise announced partnership with China’s Alipay for international transfers. The partnership enabled TransferWise’s 7 million-plus users to send the Chinese Yuan from 17 currencies to users of Alipay.
  • Mar-2020: Arcus entered into a partnership with 7-Eleven, which is a global retail chain. Arcus introduced a range of modern fintech payment solutions to their mobile application that emphasizes on cash-dependent customers. 7-Eleven uses Arcus' technology to strengthen simplified, integrated payment experiences for Latin American customers that make cash payments. The partnership of Arcus with 7-Eleven determines Arcus' aim to provide access of exceptional financial services experience to everyone.
  • Mar-2020: Ripple entered into partnership with DeeMoney, a Fintech company specialized in digital cross-border money transfers. Through RippleNet, Ripple’s global financial payments network, DeeMoney aims to provide more efficient international money transfers at the lowest fees and best rates.
  • Feb-2020: Azimo partnered with Ripple, the enterprise blockchain solution for global payments. Following the partnership, Azimo launched its first service using Ripple’s On-Demand Liquidity solution (ODL) to send faster and cheaper cross-border payments to the Philippines.
  • Feb-2020: WorldRemit signed partnership agreement with Alipay, the third-party mobile and online payment platform. Through the partnership, the companies aimed to enable consumers to use the WorldRemit app or website for cross-border remittances to the Alipay app, bringing more convenient and inclusive transfer services to users around the world.
  • Feb-2020: WorldRemit entered into partnership with Neobank. Under this partnership, the latter company provided customers access to the digital remittance service from within the Varo app, allowing them to send money abroad via their mobile phones. WorldRemit offers fee-free remittances to a recipient network of over 150 countries.
  • Jan-2020: Digital Wallet Corporation announced its partnership with Cashway Money Transfer Pvt. Ltd. Following the partnership, the company introduced Smiles Mobile Remittance. The service would boost the demand for digital remittance in Japan and would also benefit Nepali workers who have difficulties accessing brick and mortar remittance establishments.
  • Jan-2020: TransferGo partnered with Currencycloud, the global payments platform. The partnership was focused on facilitating cross-border payments. With this partnership, the remittance service has access to Currencycloud’s network, not only making sending users’ funds easier and presumably faster but also allowing them to be sent to 19 new countries, including Kenya, Japan, Malaysia, the United Arab Emirates.
  • Jan-2020: Remitly collaborated with Alipay, the world’s leading payment and lifestyle platform. The collaboration allowed Remitly customers to send money from their smartphone or computer, and for funds to be received within the Alipay app,
  • Nov-2019: Remitly teamed up with Xpress Money, a Finablr company. The collaboration was focused on increasing cross-border payout options for customers in Asia and Africa. This collaboration leverages Xpress Money's global footprint and its omnichannel distribution capabilities, adding thousands of cash pick-up locations to the Remitly network in addition to enabling convenient money transfers to bank accounts and mobile wallets.
  • Sep-2019: Mobetize Corporation came into collaboration with Celero, a leading provider of digital technology and integration solutions to credit unions and financial institutions (FIs) across Canada. Under this collaboration, the former company was aimed to provide a digital international money transfer service for the latter company's credit union customers.
  • Aug-2019: Digital Wallet Corporation teamed up with Asia United Bank Corporation. The collaboration was aimed to enhance and improve the remittances services for Philippines users.
  • May-2019: RippleNet collaborated with Ria Money Transfer, a subsidiary of Euronet Worldwide. Through this collaboration, the latter company enabled instant, blockchain-powered global payments. By joining RippleNet’s network of 200+ financial institutions worldwide, Ria can settle transactions with increased speed, transparency, and efficiency and deliver a better experience to their customers.
  • Mar-2019: Remitly signed an agreement with Visa, an American multinational financial services corporation. Under this agreement, the former company was aimed to modernize the sending and receiving of funds internationally by adding another fast, secure and transparent channel to the Remitly digital money transfer platform through Visa Direct, Visa’s real-time push payments platform.

» Acquisition and Mergers:

  • Oct-2019: Digital Wallet Corporation acquired Speed Money Transfer Philippines (SMTP), a remittance and foreign exchange company. SMTP operates in the Philippines and Australia. After the acquisition, the company has been renamed as Digital Wallet Philippines. The acquisition helped the company in providing its digital wallet services in Asia and Europe.

» Product Launches and Product Expansions:

  • Dec-2019: NIUM (formerly known as InstaRem) announced an e-KYC feature for providing frictionless onboarding to Malaysian residents and expatriates in Malaysia who need to make regular payments overseas. With the help of NIUM's fully digital e-KYC process, which takes just a few minutes to complete, users from any part of Malaysia can get KYC done from the comfort of their home or office.
  • Nov-2019: TransferGo released its local money transfer service in Romania. The free service enables customers to send money to other TransferGo customers as well as to relatives or friends who have not yet installed the application, only needing a phone with an Internet connection.
  • Sep-2019: NIUM (formerly known as InstaRem) launched its services in Canada for strengthening its presence in North America. Its users in Canada can send money to more than 60 countries with 'zero-margin and low -fee' transfers.
  • Jun-2019: TransferGo unveiled a dedicated blockchain-based remittance corridor to India for supporting real-time cross-border transfers. The service would be available from all locations across the large European region.

Scope of the Digital Remittance Market Analysis

Market Segmentation:

By Type

  • Outward
  • Inward

By End-Use

  • Personal
  • Small Businesses
  • Migrant Labor Workforce
  • Others

By Channel

  • Money Transfer Operators
  • Online Platforms
  • Banks
  • Others

By Geography

  • North America
    • US
    • Canada
    • Mexico
    • Rest of North America
  • Europe
    • Germany
    • UK
    • France
    • Russia
    • Spain
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Singapore
    • Malaysia
    • Rest of Asia Pacific
    • Brazil
    • Argentina
    • UAE
    • Saudi Arabia
    • South Africa
    • Nigeria
    • Rest of LAMEA

Companies Profiled

  • Ripple Labs, Inc.
  • Remitly, Inc.
  • WorldRemit Ltd.
  • TransferWise Ltd.
  • TransferGo Ltd.
  • NIUM Pvt. Ltd.
  • Digital Wallet Corporation
  • Azimo Limited
  • Mobetize Corporation
  • Arcus Financial Intelligence, Inc.

Unique Offerings from KBV Research

  • Exhaustive coverage
  • Highest number of market tables and figures
  • Subscription based model available
  • Guaranteed best price
  • Assured post sales research support with 10% customization free

Digital Remittance Market Related Reports:

North America Market

Europe Market

Asia Pacific Market

LAMEA Market


The digital remittance market size is projected to reach USD 33.9 billion by 2026.

Ripple Labs, Inc., Remitly, Inc., WorldRemit Ltd., TransferWise Ltd., TransferGo Ltd., NIUM Pvt. Ltd., Digital Wallet Corporation, Azimo Limited, Mobetize Corporation, and Arcus Financial Intelligence, Inc.

The expected CAGR of the digital remittance market is 17.2% from 2020 to 2026.

The outward digital remittance segment dominated the market and is expected to remain in the lead over the forecast period.

The North America led the market, holding the market share in the regional segment. Several people are coming to North America in search of better work prospects and employment, as well as for business purposes, thereby accelerating regional demand growth.

Purchase Report


Special Pricing & Discounts

  • Buy Sections of This Report
  • Buy Country Level Reports
  • Request for Historical Data
  • Discounts Available for Start-Ups & Universities