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Digital Remittance Market Share

Report ID: GMI10034
Published Date: Jun 2024
Report Format: PDF

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Digital Remittance Market Share

Western Union Holdings, Inc. and PayPal Holdings, Inc. hold a significant share of over 20% in the market. The digital remittance industry is fiercely contested by major players including Western Union Holdings, PayPal, MoneyGram, TransferWise, Remitly, WorldRemit Ltd, and Ria Financial Services Ltd. These companies compete based on factors such as brand reputation, global reach, service offerings, pricing, and technological innovation.

Western Union and PayPal are market leaders in the digital remittance market, offering services including online transfers, mobile payments, and cash pickup. Western Union has a vast agent network spanning over 200 countries, while PayPal uses its digital platform to provide secure, convenient cross-border payment solutions. With the acquisition of Xoom Corporation, PayPal expanded its international remittance capabilities, offering users seamless integration with their existing accounts and competitive exchange rates and low fees. Both companies continue to innovate and adapt to changing consumer preferences and technological advancements, shaping the competitive landscape of the market.

Digital Remittance Market Companies

Major players operating in the digital remittance industry are:

Western Union Holdings, Inc.
PayPal Holdings, Inc.
MoneyGram
TransferWise
Remitly, Inc.
WorldRemit Ltd.
Ria Financial Services Ltd.

Authors: Suraj Gujar , Deeksha Vishwakarma

Frequently Asked Questions (FAQ) :

The market size of digital remittance reached USD 19.8 billion in 2023 and is set to witness over 18% CAGR from 2024 to 2032, due to the increasing interconnectedness of economies and the growth of international trade.

The inward remittance type segment in the digital remittance industry accounted for over 55% share in 2023, due to migration patterns and economic dynamics as workers seek employment opportunities in stronger economies.

The business end-use segment in the digital remittance market is projected to grow at over 20% CAGR between 2024 and 2032, led by the increasing globalization of businesses and expansion of cross-border trade.

North America market recorded over 30% share in 2023 and is estimated to grow at notable rate between 2024 and 2032, on account of the huge presence of large immigrant population and robust economy.