Digital Remittance Market:
Asia Pacific Digital Remittance Market – By Remittance Type (Inward Digital Remittance and Outward Digital Remittance); By Remittance Channel (Banks, Online Platforms, Money Transfer Operators and Others); By End-use (Personal, Small Businesses, Migrant Labor Workforce and Others]; and Regional Analysis of Market Size, Shares & Trends for 2016-2019 and Forecasts to 2030
Remittance is defined as the movement of capital among people in two separate regions, usually by foreign employees to people in their domestic region. Digital remittance is outlined as one of the most influential exemplary solutions that can have the capability to have progressive growth of the domestic and worldwide economy. Some economic circumstances can be controlled from side to side banking providing connectivity, uniqueness, and it also consists of knowledgeable solutions.
Asia Pacific digital remittance market is expected to exceed USD 251,792.33 million by 2030 from USD 43,644.67 million in 2019 at a CAGR of 23.73% throughout the forecast period i.e. 2020-2030. The market is anticipated to grow on the back of rising innovating technology.
Increasing smartphone dissemination, together with the growing number of digital-savvy customers choosing digital remittances, is estimated to push the market over the forecast period.
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Asia Pacific Digital Remittance Market: Segments
The Outward Digital Remittance segment to grow with the fastest CAGR of % during 2020-2030
Asia Pacific digital remittance market is segmented by Remittance Type into Inward Digital Remittance and Outward Digital Remittance. Among these, the outward digital remittance segment is estimated to hold the largest market share of xx% in 2019. Rising implementation of mobile payment technology for supply relocation among the refugees in the emerged regions is estimated to upsurge the segment growth in the coming years. This digital remittance type allows secure, quick, and safe transactions and provides optional services to the customers. In addition to this, it provides services to both resident and non-resident customers of the bank.
Asia Pacific Digital Remittance Market: Market Dynamics
Rising Advanced Technology
Artificial Intelligence (AI), Virtual Reality (VR) and Augmented Reality (AR) solutions are estimated to create a subst antial setback while reacting to the Covid-19 epidemic and attending ever-changing challenges. The present scenario as an outcome of the eruption of the pandemic will stimulate pharmaceutical dealers and healthcare institutions to enhance their R&D spending in AI, acting as a primary technology for facilitating several ingenuities.
Asia Pacific Digital Remittance Market: Regional Analysis
China to surge at the highest CAGR of % during 2020-2030
Region-wise, the market for Asia Pacific digital remittance across the region is segmented into China, Japan, India, Hong Kong, Singapore, Taiwan, Indonesia and Rest of Asia Pacific. Among these, China is witnessed to constitute xx% of the total market share in the year 2019, owing to a foremost shift toward digital payment, the market players of China are concentrating on introducing the electronic cross-boundary remittance services. Apart from this, the substantial rise of digital remittance in China based on lesser fees by the remittance service suppliers make the procedure of sending and receiving money much easier than the conventional technique.
Asia Pacific Digital Remittance Market: Key Players
o Company Overview
o Business Strategy
o Key Product Offerings
o Financial Performance
o Key Performance Indicators
o Risk Analysis
o Recent Development
o Regional Presence
o SWOT Analysis
• TNG Wallet
• Remitly Inc.
• Money Gram
• SingX Pte Ltd.
• Transfer Wise Ltd.
• Azimo Limited
• World Remit Ltd.
The market report on Asia Pacific digital remittance also contains the following in-depth analysis:
• Digital Remittance Market Segments:
o By Remittance Type
Inward Digital Remittance
Outward Digital Remittance
o By Remittance Channel
Money Transfer Operators
o By End-use Industries
Migrant Labor Workforce
o By Region
Rest of Asia Pacific
• Digital Remittance Market Dynamics
• Digital Remittance Market Size
• Supply & Demand
• Current Trends/Issues/Challenges
• Competition & Companies Involved in the Market
• Value Chain of the Market
• Market Drivers and Restraints
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NOTE : Our team is studying Covid19 and its impact on various industry verticals and wherever required we will be considering covid19 footprints for a better analysis of markets and industries. Cordially get in touch for more details.
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