The Digital Remittance Market size valued USD 16.9 billion in 2021 and poised to grow at a CAGR of 13.7% during the forecast period 2021-2026. Digital remittance is a service provided by money transfer operators and other fintech companies to allow its users make cross-border payments to their, friend’s, families or personal account without any human intervention. Small businesses also use these services to allow their international customers to purchase goods or services from them. COVID-19 has caused losses of life, jobs, and business opportunities, reduction in savings, and slowdown of economies across the globe, resulting into reduced number of digital payments as compared to the pre COVID-19 period. Due to COVID-19 countries has to close their borders which has resulted in decreased cross border tourism and trade. This has negatively impacted the cross-border payments for both type of business models- Business to Business (B2B) and Business to Consumer (B2C). Lockdown by several countries due to COVID-19 pandemic has adversely impacted various industries across the globe including travel and tourism, transportation and logistics, hospitality, automotive, oil and gas, manufacturing, and retail. The lockdown played an important role in curbing the spread of the virus but this also resulted in declining revenue of businesses and employment losses.
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Players and their channel partners operating in the digital money industry are collaborating to facilitate money transfer through digital medium in safe and secure manner. Digital remittance solution providers are required to ensure money transfer as per global standards, and local regulations and monetary policies. Various regulations including Anti-Money Laundering (AML), Know Your Customer (KYC), and Anti-Terrorist Financing (ATF) have enabled secured environment for money transfer across countries. International Money Laundering Information Network (IMOLIN) empowers individuals, organizations, and governments to combat money laundering and terrorist financing. IMOLIN is managed by United Nations Office on Drugs and Crime (UNODC) on behalf of 11 partner organizations. Various international standards including PCI DSS (Payment Card Industry Data Security Standards) and ISO 20022 ensure a secure environment for storing, processing and transmitting digital payment related data. These monitoring agencies and standards have made cross-border payments convenient and secure.
North America accounted for largest revenue share in global digital remittance market owing to the presence of large migrant population and prominent digital remittance service providers. Middle East & Africa is expected to gain the significant market growth over the forecast years due to the increasing digitalization of the finance sector in the region.
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There are several industry players working in the Digital Remittance Market, which include Digital Wallet Corporation, InstaReM Pvt. Ltd., MoneyGram, PayPal Holdings, Inc. Ria Financial Services Ltd., TransferGo Ltd.
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