It removes many unnecessary layers and sub-agents and sends the money directly to the receiver.Ĭross-border payments have become accessible to everyone owing to the use of online transfer networks such as digital currencies, mobile money, and mobile technology. Mobile money transfers via digital wallets or other electronic payment systems are the fastest and cheapest method of sending remittances worldwide. This in turn is fueling the remittance market. Cross-border transactions and mobile payment solutions are dominating the global payment trends.
Migration is continuing to increase as more people seek out better job opportunities and education in metropolitan areas.
TRENDS INFLUENCING THE GROWTH OF THE GLOBAL REMITTANCE MARKET In addition, the increase in the adoption of banking & financial services across the globe fuels the market growth.įurthermore, benefits like transparency and covid 19 impact have accelerated the remittance market.īrowse The Table of Contents And List of Figures At The rise in mobile-based payment channels and cross-border transactions and the decrease in remittance transfer time & cost will drive the growth of the market. Major Factors Driving The Growth Of The Remittance Market The global remittance market size is estimated to be USD 720 billion in 2022, and the number is forecast to reach USD 850 billion by 2028, with a CAGR of 2.8% during the forecast period 2022-2028.
#WESTERN UNION MONEY TRANSFER SOFTWARE#
It is published in Valuates Reports under the Software Category. Global Opportunity Analysis and Industry Forecast, 2022–2028.
BANGALORE, India, J/PRNewswire/ - The global Remittance Market size is segmented by Type - Bank Money Transfer Services, Money Transfer App, Others, by Application - Personal Remittances, Business Remittances, Public Services.