According to the report published by Allied Market Research, the Asia-Pacific digital remittance market garnered $49.85 billion in 2018, and is expected to generate $269.78 billion by 2026, growing at a CAGR of 23.5% from 2019 to 2026. The report provides an extensive analysis of changing market dynamics, market size & projections, key investment pockets, major segments, and competitive performance.
Increase in cross-border transactions & mobile-based payment channels, less cost & transfer time for remittance, and surge in adoption of banking & financial services drive the growth of the Asia-Pacific digital remittance market. However, low awareness regarding digital remittance hinders the market growth. On the other hand, surge in penetration of Internet & smartphones along with technological innovations create new opportunities in the coming years.
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Based on remittance type, the inward digital remittance segment accounted for more than two-thirds of the total market share in 2018, and is expected to continue its lead position during the forecast period. However, the outward digital remittance segment is estimated to witness the largest CAGR of 24.4% from 2019 to 2026.
Based on remittance channel, the money transfer operator segment accounted for the highest market share with nearly half of the total share in 2018, and is expected to continue its leadership position during the forecast period. On the other hand, the banks segment is estimated to witness the highest CAGR of 24.7% from 2019 to 2026.
Based on country, China contributed to the highest market share with more than one-fourth of total share of the Asia-Pacific digital remittance market in 2018, and is estimated to maintain its highest contribution by 2026. This is due to the major shift toward digital payments in the country. However, Singapore is expected to witness the highest CAGR of 27.1% from 2019 to 2026. On the other hand, India is projected to register a CAGR of 22.3% during the forecast period. The research also analyzes countries including Japan, Hong Kong, Taiwan, Indonesia, and rest of Asia-Pacific.
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Key players of the Asia-Pacific digital remittance market analyzed in the report include InstaReM, Flywire, Remitly, Inc., Azimo Limited, SingX Pte Ltd., TransferWise Ltd., WorldRemit Ltd., MoneyGram, Ripple, and TNG Wallet. They have adopted various strategies including collaborations, partnerships, mergers and acquisitions, new product launches, joint ventures, and others to gain a strong position in the coming years.
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