Global Digital Remittance Market: Market Driver and Restraint
Migrant labor workforce is the most important drivers to promote the global development. In future, the blockchain technology will exert far-reaching influence on the remittance market. Most of traditional bank, fintech and other financial firms have researched and tested the blockchain technology used in remittance volume. In the same time, some companies like Ant Financial/Alipay, Coins.ph, Auxesis, Bitspark, Rebit and Cashaa, have introduced their products in remittance.
Digital remittances have the potential to engender positive development outcomes. The pure feebased cost savings that result from digital remittances could have a significant impact on immigrant workers, as well as families back home.
Beyond the pure fee costs, important time, reach, and security benefits accrue from digital remittances. The cost savings from digital remittances could be a meaningful boost to global GDP and have a noteworthy impact on poverty. In order for all of these positive developments to be realized, and enabling environment for digital remittances must be created.
Identity, connectivity, banking, and literacy solutions for all must be developed by the public and private sectors in collaboration. With the current refugee crisis, the time is ripe for digital remittances to provide enhanced economic opportunity for those that need it most.
In the foreseeable future, Digital Remittance will show an optimistic upward trend. Although Digital Remittance bring a lot of opportunities, the study group recommends the new entrants who just have money but without technical advantage and financial support, do not enter the Digital Remittance field hastily.
Global Digital Remittance Market: Forecast by Region
According to the data from WorldBank, India is the largest country of Migrant remittance inflows, with 68968 million USD and percentage of 11.2% in the world. China, Philippines, Mexico, France, Nigeria, Pakistan, Germany, Vietnam and Bangladesh, also are top players which receive significant amounts of remittance volume.
Nowdays the players from North America and Europe are dominating the Digital Remittance, the top three players occupy for nearly 50 % of global market.
Global Digital Remittance Market: Key Players
Currently, the global Digital Remittance market is dominated by several traditional global money transfer operators (MTOs) like Western Union (WU), Ria Financial Services and MoneyGram. But the fintech like start-ups Xoom, TransferWise, WorldRemit, Remitly and Azimo, have significant impact on the global Digital Remittance market.
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