Global Remittance Market

Remittance Market Size, Share, Growth Analysis, By Type(Inward and Outward), By Mode of Transfer(Digital and Traditional), By Region - Industry Forecast 2024-2031

Report ID: SQMIG40D2019 | Region: Global | Published Date: February, 2024
Pages: 207 | Tables: 59 | Figures: 77

Remittance Market News

  • In March 2023, Western Union announced that it had partnered with the Central Bank of Nigeria (CBN) to launch a new mobile money remittance service in Nigeria. The service, called Quickteller, allows users to send money to friends and family in Nigeria using their mobile phones.
  • In February 2023, PayPal announced that it had acquired the digital remittance company Xoom for $4.4 billion. The acquisition will give PayPal a major foothold in the global remittance market.
  • In January 2023, Wise announced that it had raised $1.7 billion in a Series D funding round. The funding will be used to expand Wise's global reach and develop new products and services.
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Remittance Market size was valued at USD 49.21 billion in 2021 and is poised to grow from USD 54.67 billion in 2022 to USD 114.14 billion by 2030, at a CAGR of 11.09% during the forecast period (2023-2030).

To obtain a competitive edge in the market, prominent firms are adopting a variety of strategies, including mergers and acquisitions, joint ventures, product developments, and research and development activities. Players in the market are concentrating on utilizing the skills of recently founded fintech firms to provide their clients with the highest level of confidence while sending money. 'Western Union (United States)', 'MoneyGram International (United States)', 'Ria Financial Services (United States)', 'PayPal (United States)', 'TransferWise (United Kingdom)', 'WorldRemit (United Kingdom)', 'Paytm (India)', 'Remitly (United States)', 'Azimo (United Kingdom)', 'Xoom (United States)', 'InstaReM (Singapore)', 'Wise (United Kingdom)', 'Venmo (United States)', 'Skrill (United Kingdom)', 'OFX (Australia)', 'OrbitRemit (New Zealand)', 'Transfast (United States)', 'CurrencyFair (Ireland)', 'Pangea Money Transfer (United States)', 'Remit2India (India)', 'WorldFirst (United Kingdom)', 'Small World Financial Services (United Kingdom)'

The development of a robust remittance infrastructure is essential for the market's growth. Collaborations between financial institutions, remittance service providers, mobile network operators, and other stakeholders contribute to expanding the reach and accessibility of remittance services. Partnerships with payment networks and technology providers enable seamless cross-border transfers, contributing to market expansion.

Mobile wallets have emerged as a preferred method for receiving remittances. These digital wallets allow users to store, send, and receive money through their mobile devices. Mobile wallets offer added convenience by enabling users to access funds directly, make purchases, and pay bills without the need for a traditional bank account. The integration of mobile wallets with remittance services provides seamless and instant transactions.

In 2022, North America had a revenue share of more than 24.0% and led the remittance business. The market's dominance can be ascribed to the presence of some well-known competitors, like Bank of America Corporation and Citigroup, Inc. Additionally, to take use of their capabilities, fintech businesses in North American nations are actively collaborating with well-known players.

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Global Remittance Market

Report ID: SQMIG40D2019

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