Global Digital Cross-Border Remittance Market Accounted for US$ 19.69 Bn in 2022, Growing at a CAGR of 15.6% over the Forecast Period (2023 – 2031)

Digital cross-border remittance refers to the process of sending money electronically from one country to another. This is typically done through online platforms, mobile apps, or digital payment systems. It plays a crucial role in facilitating international money transfers and is becoming increasingly popular due to its convenience and cost-effectiveness.

The global digital cross-border remittance market is experiencing unprecedented growth and transformation, driven by technological advancements, changing consumer preferences, and the increasing demand for seamless international money transfers. As fintech companies continue to disrupt the traditional financial services landscape, the digital cross-border remittance market is poised for further expansion, providing individuals and businesses with more accessible, cost-effective, and efficient cross-border payment solutions.

Global Digital Cross-Border Remittance Market: COVID-19 Impact Analysis

The global digital cross-border remittance market, which has been thriving in recent years, underwent a significant transformation in the wake of the COVID-19 pandemic. As the world faced unprecedented challenges, the remittance industry, like many others, experienced notable shifts in market dynamics and user behavior.  However, the pandemic prompted a surge in digital remittance usage, as consumers turned to online platforms and mobile apps to send money to their loved ones abroad.

The convenience and safety of digital options became increasingly appealing. Fintech companies within the digital remittance space quickly adapted to the changing landscape, offering more competitive rates, lower fees, and improved user experiences to attract a growing customer base. The pandemic further accelerated the exploration of blockchain technology and cryptocurrencies for cross-border remittances, with some companies and financial institutions considering these options for faster, more cost-effective transfers. Key players in the digital cross-border remittance market, such as PayPal, Wise, and Western Union, expanded their services, formed strategic partnerships, and enhanced their digital platforms to meet the evolving needs of their customers.

The digital cross-border remittance market continues to evolve, with the outward segment emerging as a dominant force in 2022. This segment has accounted for a substantial share of the market, reflecting the growing trend of individuals and businesses seeking efficient and cost-effective solutions for sending money across international borders. The outward segment of the digital cross-border remittance market has asserted its dominance, showcasing a remarkable share of the market. This trend underscores the significance of facilitating international money transfers from the sender’s perspective. The user base within the outward segment is expanding rapidly, driven by the demand for accessible and efficient solutions to send money across borders. By 2027, the number of users is expected to reach 18.6 million.

North America emerged as a dominant force in the digital cross-border remittance market in 2022, underscoring the region’s pivotal role in the transformation of global money transfers. This market dominance is a testament to North America’s rapid adoption of digital remittance solutions and its leadership in shaping the industry’s evolution.

North America’s position at the forefront of the digital cross-border remittance market highlights its dominance, with the region playing a central role in driving the industry’s growth and innovation. Dominance is not limited to the region; its influence extends globally, with its fintech and financial institutions expanding their reach and services to users worldwide. Furthermore, the region is driving technological advancements in digital remittances, leveraging blockchain, cryptocurrency, and cutting-edge digital payment platforms to enhance the efficiency and security of cross-border transactions.

Global Digital Cross-Border Remittance Market

Key operating players in the global digital cross-border remittance market are:

• Azimo Ltd
• Coins.ph
• Currencycloud
• FlyRemit
• Flywire
• MoneyGram.
• NIUM, Inc (Instarem)
• OrbitRemit
• PayPal (Xoom)
• Remitly Global, Inc.
• Ria Financial Services.
• SingX Pte Ltd
• SMALL WORLD FINANCIAL SERVICES
• Smiles (Digital Wallet Corporation)
• TransferGo Ltd.
• Wise Payments Limited
• WorldRemit
• Zepz
• Other Market Participants

Global Digital Cross-Border Remittance Market Snapshot

Global Digital Cross-Border Remittance Market

By Remittance Type

• Inward
• Outward

By Remittance Channel

• Banking Institutions
• Non- Banking Institutions

By Platform

• Web based
• App based

By End User

• Business

• • Small and Medium Enterprises
  • Large Enterprises

• Personal

By Region

• North America (U.S., Canada, Mexico, Rest of North America)
• Europe (France, The UK, Spain, Germany, Italy, Nordic Countries (Denmark, Finland, Iceland, Sweden, Norway), Benelux Union (Belgium, The Netherlands, Luxembourg), Rest of Europe)
• Asia Pacific (China, Japan, India, New Zealand, Australia, South Korea, Southeast Asia (Indonesia, Thailand, Malaysia, Singapore, Rest of Southeast Asia), Rest of Asia Pacific)
• Middle East & Africa (Saudi Arabia, UAE, Egypt, Kuwait, South Africa, Rest of Middle East & Africa)
• Latin America (Brazil, Argentina, Rest of Latin America)

Global Digital Cross-Border Remittance Report Summary

Table of Contents

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Note: This ToC is tentative and can be changed according to the research study conducted during the course of report completion.

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**Exclusive for Multi-User and Enterprise User.

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Global Digital Cross-Border Remittance Market

By Remittance Type

By Remittance Channel

By Platform

By End User

By Region

**Note: The report covers cross-segmentation analysis by region further into countries

The Niche Research approach encompasses both primary and secondary research methods to provide comprehensive insights. While primary research is the cornerstone of our studies, we also incorporate secondary research sources such as company annual reports, premium industry databases, press releases, industry journals, and white papers.

Within our primary research, we actively engage with various industry stakeholders, conducting paid interviews and surveys. Our meticulous analysis extends to every market participant in major countries, allowing us to thoroughly examine their portfolios, calculate market shares, and segment revenues.

Our data collection primarily focuses on individual countries within our research scope, enabling us to estimate regional market sizes. Typically, we employ a bottom-up approach, meticulously tracking trends in different countries. We analyze growth drivers, constraints, technological innovations, and opportunities for each country, ultimately arriving at regional figures.Our process begins by examining the growth prospects of each country. Building upon these insights, we project growth and trends for the entire region. Finally, we utilize our proprietary model to refine estimations and forecasts.

Our data validation standards are integral to ensuring the reliability and accuracy of our research findings. Here’s a breakdown of our data validation processes and the stakeholders we engage with during our primary research:

• Supply Side Analysis: We initiate a supply side analysis by directly contacting market participants, through telephonic interviews and questionnaires containing both open-ended and close-ended questions. We gather information on their portfolios, segment revenues, developments, and growth strategies.
• Demand Side Analysis: To gain insights into adoption trends and consumer preferences, we reach out to target customers and users (non-vendors). This information forms a vital part of the qualitative analysis section of our reports, covering market dynamics, adoption trends, consumer behavior, spending patterns, and other related aspects.
• Consultant Insights: We tap into the expertise of our partner consultants from around the world to obtain their unique viewpoints and perspectives. Their insights contribute to a well-rounded understanding of the markets under investigation.
• In-House Validation: To ensure data accuracy and reliability, we conduct cross-validation of data points and information through our in-house team of consultants and utilize advanced data modeling tools for thorough verification.

The forecasts we provide are based on a comprehensive assessment of various factors, including:

• Market Trends and Past Performance (Last Five Years): We accurately analyze market trends and performance data from preceding five years to identify historical patterns and understand the market’s evolution.
• Historical Performance and Growth of Market Participants: We assess the historical performance and growth trajectories of key market participants. This analysis provides insights into the competitive landscape and individual company strategies.
• Market Determinants Impact Analysis (Next Eight Years): We conduct a rigorous analysis of the factors that are projected to influence the market over the next eight years. This includes assessing both internal and external determinants that can shape market dynamics.
• Drivers and Challenges for the Forecast Period:Identify the factors expected to drive market growth during the forecast period, as well as the challenges that the industry may face. This analysis aids in deriving an accurate growth rate projection.
• New Acquisitions, Collaborations, or Partnerships: We keep a close watch on any new acquisitions, collaborations, or partnerships within the industry. These developments can have a significant impact on market dynamics and competitiveness.
• Macro and Micro Factors Analysis:A thorough examination of both macro-level factors (e.g., economic trends, regulatory changes) and micro-level factors (e.g., technological advancements, consumer preferences) that may influence the market during the forecast period.
• End-User Sentiment Analysis: To understand the market from the end-user perspective, we conduct sentiment analysis. This involves assessing the sentiment, preferences, and feedback of the end-users, which can provide valuable insights into market trends.
• Perspective of Primary Participants: Insights gathered directly from primary research participants play a crucial role in shaping our forecasts. Their perspectives and experiences provide valuable qualitative data.
• Year-on-Year Growth Trend: We utilize a year-on-year growth trend based on historical market growth and expected future trends. This helps in formulating our growth projections, aligning them with the market’s historical performance.

Research process adopted by TNR involves multiple stages, including data collection, validation, quality checks, and presentation. It’s crucial that the data and information we provide add value to your existing market understanding and expertise. We have also established partnerships with business consulting, research, and survey organizations across regions and globally to collaborate on regional analysis and data validation, ensuring the highest level of accuracy and reliability in our reports.