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Asia-Pacific Digital Remittance Market by Remittance Type, and Remittance Channel : Opportunity Analysis and Industry Forecast, 2019–2026

Asia-Pacific Digital Remittance Market by Remittance Type, and Remittance Channel : Opportunity Analysis and Industry Forecast, 2019–2026

  • March 2020
  • 138 pages
  • ID: 5897512
  • Format: PDF
  • Allied Market Research

Summary

Table of Contents

Asia-Pacific Digital Remittance Market by Remittance Type (Inward Digital Remittance, and Outward Digital Remittance), and Remittance Channel (Banks, Money Transfer Operators (MTOs), and Others): Opportunity Analysis and Industry Forecast, 2019–2026

The Asia-Pacific digital remittance market was valued at $49,851.9 million in 2018, and is estimated to reach $269,784.7 million by 2026, registering a CAGR of 23.4% from 2019 to 2026.
Digital remittance is referred as the transfer of money by foreign migrants to their native countries by using digital transfer network such as easy-to-use mobile application, digital wallets, and others.The remittance industry is shifting itsfocus on being digitally remastered. Factors such as growth in base of customers comfortable with using mobile devices in Asia-Pacific, rise in competition from new entrants, and margin pressures due to a growing consensus on lowering remittance transaction fees drives the penetration of digital channels. Existing remittance service providers in this region adopt digital channels to complement their existent services network whilst new entrants. Numerous benefits of using digital channels for sending money such as high speed, availability of digital channels throughout the day, transparency, ease of use, high security, and others, create numerous opportunities for the market
In addition, adoption of digital remittance is projected to reduce the dependency on cash agents in both the sending and receiving countries, who currently contributes to sustaining high transaction fees. This is also a factor to boost digital remittance market. Furthermore, increase in cross-border transactions and move towards cashless, mobile banking, and mobile-based payment solutions dominate payment trends in Asia-Pacific, which drives the growth of the digital remittance market. However, lack of awareness of use of digital technology is expected to hamper the market growth. On the contrary, technological innovations in the digital remittance industry in this region primarily to provide user-friendly apps and smarter ways to connect to domestic payment systems is expected to provide growth opportunities for the market.
The Asia-Pacific digital remittance market is studied on the basis of remittance type, remittance channel, and country. By remittance type, the market is divided intoinward digital remittance, and outward digital remittance. Depending onremittance channel,it is categorized into banks, money transfer operators (MTOs), and others. In-depth analysis of the Asia-Pacific digital remittance market is provided for China, IndiaHong Kong, Japan, Singapore, Indonesia, Taiwan and Rest of Asia-Pacific

KEY MARKET BENEFITS FOR STAKEHOLDERS
• This report entails a detailed quantitative analysis of the current market trends from 2019 to 2026 to identify the prevailing opportunities.
• Market estimations are based on a comprehensive analysis of the key developments in the industry.
• In-depth analysis based on region assists to understand the regional market to assist in strategic business planning.
• The development strategies adopted by key manufacturers are enlisted to understand the competitive scenario of the market.

KEY MARKET SEGMENTS

By Remittance Type
• Inward Digital Remittance
• Outward Digital Remittance
ByRemittance Channel
• Banks,
• Money Transfer Operators (MTOs)
• Others

By Country
• China
• India
• Hong Kong
• Japan
• Singapore
• Indonesia
• Taiwan
• Rest of Asia-Pacific

KEY PLAYERS PROFILED
• InstaReM,
• Remitly, Inc.,
• Flywire
• SingX Pte Ltd.
• Azimo Limited
• WorldRemit Ltd.
• TransferWise Ltd.
• Ripple
• MoneyGram
• TNG Wallet
Other players of digital remittance market (not included in this report) are :
• Western Union (WU)
• Ria Financial Services
• Coins.ph
• Toast
• OrbitRemit
• Avenues India Pvt. Ltd.
• FlyRemit
• WeChat Payment

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