Global Digital Money Transfer and Remittance Market - Analysis By Type (Domestic, International), By Application (Consumer, Enterprise): Sizing, Growth, Opportunities and Forecast (2019-2024)

Date: 30 September 2019

According to a research report published by Azoth Analytics in October 2019, the Global Digital Money Transfer and Remittance Market was valued at USD 3693.73 billion the year 2018. Global Digital Money Transfer & Remittance market is expected to grow due to a number of factors which includes rapid urbanization in emerging economies, growing young population in the world backed with increasing personal disposable income with changing consumers’ preferences to shop more and to eat out more often. 
Global Digital Money Transfer and Remittance Market is primarily driven by growing urbanization and escalating application of POS systems in a number of industries such as retail, restaurants, healthcare, transportation and e-commerce.

Money Transfer market is growing due to convenience and rise in e-commerce industry. In addition, increasing adoption of digital marketing and rising adoption of cashless payment modes like debit and credit cards are some other factors which propel the market growth of digital money transfer across the world. Moreover, the government initiatives to promote cashless transaction will propel the growth for the digital money transfer market. The Asia Pacific region holds the largest market of digital money transfer and remittance Market and it is estimated that APAC region will continue to dominate market share in forecasted period. Moreover, the APAC region is also likely to  grow with highest growth rate among the regions.

Adoption of digital transfer network such as mobile phone technology, mobile money, digital currencies, distributed ledgers, electronic identification, and others to remit money has made cross-border payments negligible in cost, instant, auditable, and accessible to everyone. Additionally, growing dominance of ecommerce market or online market place and changing consumer preferences to shop online with major e-commerce giants such as Amazon, Flipkart, Alibaba among others which are investing in adoption of cashless and contactless money systems will be facilitating growth in the digital money transfer market.