The North America Digital Remittance Market would witness market growth of 15.7% CAGR during the forecast period (2020-2026). The opportunities presented by digital remittances are currently limited to those who have access to these solutions. It is also important for public sector, private sector and non-governmental organisations to work in tandem on topics such as making it easier for people worldwide to receive government-issued I.D's; growing access to the Internet; innovating in online and offline banking; and raising awareness and understanding of digital technologies. Given the current state of socio-economic turmoil and the global refugee crisis, the time has come for digital remittances to play a greater role in creating improved economic mobility for those most in need.
There are currently two major but divergent developments in the global remittance industry: business expansion by big companies and the possible displacement by new development start-ups. The former could delay efforts to reduce the costs of remittances, while the latter could increase the cost reduction. Reducing remittance costs is an essential policy priority imposed by the Sustainable Development Goals (SDGs).
The retail remittance industry is currently fragmented and divided between Western Union, MoneyGram and, to a lesser degree, Ria and others. The majority of the industry is segregated, with smaller competitors facing increasing regulatory costs and enforcement requirements. However, the global money transfer market is experiencing a dramatic shift as a result of buoyant merger and acquisition (M&A) activities among the major players.
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 countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: Digital Remittance Market in North America is expected to register a CAGR of 15.7% during the forecast period (2020-2026)
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.
Scope of the North America Digital Remittance Market Analysis
Market Segmentation:
By Type
By End-Use
- Personal
- Small Businesses
- Migrant Labor Workforce
- Others
By Channel
- Money Transfer Operators
- Online Platforms
- Banks
- Others
By Country
- US
- Canada
- Mexico
- Rest of North America
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.
Chapter 1. Market Scope & Methodology
1.1 Market Definition
1.2 Objectives
1.3 Market Scope
1.4 Segmentation
1.4.1 North America Digital Remittance Market, by Type
1.4.2 North America Digital Remittance Market, by End Use
1.4.3 North America Digital Remittance Market, by Channel
1.4.4 North America Digital Remittance Market, by Country
1.5 Methodology for the research
Chapter 2. Market Overview
2.1 Introduction
2.1.1 Overview
2.1.2 Executive Summary
2.1.3 Market Composition and Scenario
2.2 Key Factors Impacting the Market
2.2.1 Market Drivers
2.2.2 Market Restraints
Chapter 3. Competition Analysis - Global
3.1 Recent Industry Wide Strategic Developments
3.1.1 Partnerships, Collaborations and Agreements
3.1.2 Product Launches and Product Expansions
3.1.3 Business Unit Expansions
3.1.4 Geographical Expansions
3.1.5 Mergers & Acquisitions
3.2 Top Winning Strategies
3.2.1 Key Leading Strategies: Percentage Distribution (2016-2020)
3.2.2 Key Strategic Move: (Partnerships, Collaborations, and Agreements : 2018, Feb – 2020,Apr) Leading Players
Chapter 4. North America Digital Remittance Market by Type
4.1 North America Digital Remittance Outward Market by Country
4.2 North America Digital Remittance Inward Market by Country
Chapter 5. North America Digital Remittance Market by End Use
5.1 North America Digital Remittance Personal Market by Country
5.2 North America Digital Remittance Small Businesses Market by Country
5.3 North America Digital Remittance Migrant Labor Workforce Market by Country
5.4 North America Other End Use Digital Remittance Market by Country
Chapter 6. North America Digital Remittance Market by Channel
6.1 North America Money Transfer Operators Digital Remittance Market by Country
6.2 North America Online Platforms Digital Remittance Market by Country
6.3 North America Banks Digital Remittance Market by Country
6.4 North America Others Digital Remittance Market by Country
Chapter 7. North America Digital Remittance Market by Country
7.1 US Digital Remittance Market
7.1.1 US Digital Remittance Market by Type
7.1.2 US Digital Remittance Market by End Use
7.1.3 US Digital Remittance Market by Channel
7.2 Canada Digital Remittance Market
7.2.1 Canada Digital Remittance Market by Type
7.2.2 Canada Digital Remittance Market by End Use
7.2.3 Canada Digital Remittance Market by Channel
7.3 Mexico Digital Remittance Market
7.3.1 Mexico Digital Remittance Market by Type
7.3.2 Mexico Digital Remittance Market by End Use
7.3.3 Mexico Digital Remittance Market by Channel
7.4 Rest of North America Digital Remittance Market
7.4.1 Rest of North America Digital Remittance Market by Type
7.4.2 Rest of North America Digital Remittance Market by End Use
7.4.3 Rest of North America Digital Remittance Market by Channel
Chapter 8. Company Profiles
8.1 Ripple Labs, Inc.
8.1.1 Company Overview
8.1.2 Recent strategies and developments:
8.1.2.1 Partnerships, Collaborations, and Agreements:
8.2 Remitly, Inc.
8.2.1 Company Overview
8.2.2 Recent strategies and developments:
8.2.2.1 Partnerships, Collaborations, and Agreements:
8.3 WorldRemit Ltd.
8.3.1 Company Overview
8.3.2 Recent strategies and developments:
8.3.2.1 Partnerships, Collaborations, and Agreements:
8.3.2.2 Product Launches and Product Expansions:
8.3.2.3 Geographical Expansions:
8.4 TransferWise Ltd.
8.4.1 Company Overview
8.4.2 Recent strategies and developments:
8.4.2.1 Partnerships, Collaborations, and Agreements:
8.4.2.2 Geographical Expansions:
8.5 TransferGo Ltd.
8.5.1 Company Overview
8.5.2 Recent strategies and developments:
8.5.2.1 Partnerships, Collaborations, and Agreements:
8.5.2.2 Product Launches and Product Expansions:
8.6 NIUM Pvt. Ltd.
8.6.1 Company Overview
8.6.2 Recent strategies and developments:
8.6.2.1 Partnerships, Collaborations, and Agreements:
8.6.2.2 Product Launches and Product Expansions:
8.7 Digital Wallet Corporation
8.7.1 Company Overview
8.7.2 Recent strategies and developments:
8.7.2.1 Partnerships, Collaborations, and Agreements:
8.7.2.2 Acquisition and Mergers:
8.8 Azimo Limited
8.8.1 Company Overview
8.8.2 Recent strategies and developments:
8.8.2.1 Partnerships, Collaborations, and Agreements:
8.8.2.2 Business Unit Expansions:
8.9 Mobetize Corporation
8.9.1 Company Overview
8.9.2 Recent strategies and developments:
8.9.2.1 Partnerships, Collaborations, and Agreements:
8.1 Arcus Financial Intelligence, Inc.
8.10.1 Company Overview
8.10.2 Recent strategies and developments:
8.10.2.1 Partnerships, Collaborations, and Agreements:
TABLE 1 North America Digital Remittance Market, 2016 - 2019, USD Million
TABLE 2 North America Digital Remittance Market, 2020 - 2026, USD Million
TABLE 3 Partnerships, Collaborations and Agreements– Digital Remittance Market
TABLE 4 Product Launches And Product Expansions– Digital Remittance Market
TABLE 5 Business Unit Expansions– Digital Remittance Market
TABLE 6 Geographical Expansions– Digital Remittance Market
TABLE 7 Mergers & Acquisitions – Digital Remittance Market
TABLE 8 North America Digital Remittance Market by Type, 2016 - 2019, USD Million
TABLE 9 North America Digital Remittance Market by Type, 2020 - 2026, USD Million
TABLE 10 North America Digital Remittance Outward Market by Country, 2016 - 2019, USD Million
TABLE 11 North America Digital Remittance Outward Market by Country, 2020 - 2026, USD Million
TABLE 12 North America Digital Remittance Inward Market by Country, 2016 - 2019, USD Million
TABLE 13 North America Digital Remittance Inward Market by Country, 2020 - 2026, USD Million
TABLE 14 North America Digital Remittance Market by End Use, 2016 - 2019, USD Million
TABLE 15 North America Digital Remittance Market by End Use, 2020 - 2026, USD Million
TABLE 16 North America Digital Remittance Personal Market by Country, 2016 - 2019, USD Million
TABLE 17 North America Digital Remittance Personal Market by Country, 2020 - 2026, USD Million
TABLE 18 North America Digital Remittance Small Businesses Market by Country, 2016 - 2019, USD Million
TABLE 19 North America Digital Remittance Small Businesses Market by Country, 2020 - 2026, USD Million
TABLE 20 North America Digital Remittance Migrant Labor Workforce Market by Country, 2016 - 2019, USD Million
TABLE 21 North America Digital Remittance Migrant Labor Workforce Market by Country, 2020 - 2026, USD Million
TABLE 22 North America Other End Use Digital Remittance Market by Country, 2016 - 2019, USD Million
TABLE 23 North America Other End Use Digital Remittance Market by Country, 2020 - 2026, USD Million
TABLE 24 North America Digital Remittance Market by Channel, 2016 - 2019, USD Million
TABLE 25 North America Digital Remittance Market by Channel, 2020 - 2026, USD Million
TABLE 26 North America Money Transfer Operators Digital Remittance Market by Country, 2016 - 2019, USD Million
TABLE 27 North America Money Transfer Operators Digital Remittance Market by Country, 2020 - 2026, USD Million
TABLE 28 North America Online Platforms Digital Remittance Market by Country, 2016 - 2019, USD Million
TABLE 29 North America Online Platforms Digital Remittance Market by Country, 2020 - 2026, USD Million
TABLE 30 North America Banks Digital Remittance Market by Country, 2016 - 2019, USD Million
TABLE 31 North America Banks Digital Remittance Market by Country, 2020 - 2026, USD Million
TABLE 32 North America Others Digital Remittance Market by Country, 2016 - 2019, USD Million
TABLE 33 North America Others Digital Remittance Market by Country, 2020 - 2026, USD Million
TABLE 34 North America Digital Remittance Market by Country, 2016 - 2019, USD Million
TABLE 35 North America Digital Remittance Market by Country, 2020 - 2026, USD Million
TABLE 36 US Digital Remittance Market, 2016 - 2019, USD Million
TABLE 37 US Digital Remittance Market, 2020 - 2026, USD Million
TABLE 38 US Digital Remittance Market by Type, 2016 - 2019, USD Million
TABLE 39 US Digital Remittance Market by Type, 2020 - 2026, USD Million
TABLE 40 US Digital Remittance Market by End Use, 2016 - 2019, USD Million
TABLE 41 US Digital Remittance Market by End Use, 2020 - 2026, USD Million
TABLE 42 US Digital Remittance Market by Channel, 2016 - 2019, USD Million
TABLE 43 US Digital Remittance Market by Channel, 2020 - 2026, USD Million
TABLE 44 Canada Digital Remittance Market, 2016 - 2019, USD Million
TABLE 45 Canada Digital Remittance Market, 2020 - 2026, USD Million
TABLE 46 Canada Digital Remittance Market by Type, 2016 - 2019, USD Million
TABLE 47 Canada Digital Remittance Market by Type, 2020 - 2026, USD Million
TABLE 48 Canada Digital Remittance Market by End Use, 2016 - 2019, USD Million
TABLE 49 Canada Digital Remittance Market by End Use, 2020 - 2026, USD Million
TABLE 50 Canada Digital Remittance Market by Channel, 2016 - 2019, USD Million
TABLE 51 Canada Digital Remittance Market by Channel, 2020 - 2026, USD Million
TABLE 52 Mexico Digital Remittance Market, 2016 - 2019, USD Million
TABLE 53 Mexico Digital Remittance Market, 2020 - 2026, USD Million
TABLE 54 Mexico Digital Remittance Market by Type, 2016 - 2019, USD Million
TABLE 55 Mexico Digital Remittance Market by Type, 2020 - 2026, USD Million
TABLE 56 Mexico Digital Remittance Market by End Use, 2016 - 2019, USD Million
TABLE 57 Mexico Digital Remittance Market by End Use, 2020 - 2026, USD Million
TABLE 58 Mexico Digital Remittance Market by Channel, 2016 - 2019, USD Million
TABLE 59 Mexico Digital Remittance Market by Channel, 2020 - 2026, USD Million
TABLE 60 Rest of North America Digital Remittance Market, 2016 - 2019, USD Million
TABLE 61 Rest of North America Digital Remittance Market, 2020 - 2026, USD Million
TABLE 62 Rest of North America Digital Remittance Market by Type, 2016 - 2019, USD Million
TABLE 63 Rest of North America Digital Remittance Market by Type, 2020 - 2026, USD Million
TABLE 64 Rest of North America Digital Remittance Market by End Use, 2016 - 2019, USD Million
TABLE 65 Rest of North America Digital Remittance Market by End Use, 2020 - 2026, USD Million
TABLE 66 Rest of North America Digital Remittance Market by Channel, 2016 - 2019, USD Million
TABLE 67 Rest of North America Digital Remittance Market by Channel, 2020 - 2026, USD Million
TABLE 68 Key Information – Ripple Labs, Inc.
TABLE 69 Key information – Remitly, Inc.
TABLE 70 Key Information – WorldRemit Ltd.
TABLE 71 Key Information –TransferWise Ltd.
TABLE 72 Key Information – TransferGo Ltd.
TABLE 73 Key Information – NIUM Pvt. Ltd.
TABLE 74 Key Information – Digital Wallet Corporation
TABLE 75 Key Information – Azimo Limited
TABLE 76 Key information – Mobetize Corporation
TABLE 77 Key information – Arcus Financial Intelligence, Inc.
List of Figures
FIG 1 Methodology for the research
FIG 2 Key Leading Strategies: Percentage Distribution (2016-2020)
FIG 3 Key Strategic Move: (Partnerships, Collaborations, and Agreements : 2018, Feb – 2020,Apr) Leading Players
FIG 4 Recent strategies and developments: WorldRemit Ltd.
FIG 5 Recent strategies and developments: TransferWise Ltd.
FIG 6 Recent strategies and developments: TransferGo Ltd.
FIG 7 Recent strategies and developments: NIUM Pvt. Ltd.
FIG 8 Recent strategies and developments: Digital Wallet Corporation
FIG 9 Recent strategies and developments: Azimo Limited