Digital Remittance Industry To Grow By $23 Billion During 2025-2029 - Mobile And Internet Penetration Boosts Digital Remittance Market Prospects

(MENAFN- GlobeNewsWire - Nasdaq) Asia-Pacific is set to be the fastest-growing region, with innovation and digital solutions driving market expansion

Dublin, Sept. 12, 2025 (GLOBE NEWSWIRE) -- The "Digital Remittance Market Report 2025" has been added to ResearchAndMarkets's offering.

The digital remittance market is on a trajectory of significant growth, expected to surge from $25.11 billion in 2024 to $28.9 billion in 2025, reflecting a compound annual growth rate (CAGR) of 15.1%. This expansion is driven by globalization, increased digital connectivity, mobile and smartphone proliferation, and the demand for faster money transfers.

Looking ahead, the market is anticipated to grow to $51.85 billion by 2029, with a slightly higher CAGR of 15.7%. This growth will be fueled by regulatory reforms, secure online payment development, rising adoption of cryptocurrencies, and innovations in payment security.

The forecast period reveals a minor reduction in growth expectations due to US trade tariffs, impacting cross-border transaction costs and affecting markets globally. These tariffs elevate operational expenses for software and compliance services, especially those from the UK and Singapore.

Notably, the digital remittance market's expansion aligns with the increasing number of international transactions. Digital remittances herald faster transfers, often bypassing traditional banking networks. For instance, the World Bank predicts a 4.2% rise in money transfers to low- and middle-income countries, reaching $630 billion in 2022, underlining the growing significance of digital solutions in this realm.

Mobile and internet service penetration is further propelling market growth. With the UK witnessing a 3.8% increase in mobile connections in early 2022, and over 65% global internet accessibility, the landscape is ripe for digital transformation in money transfers. According to Demand Sage, global internet users are expected to jump to 6.54 billion by 2025.

Furthermore, product innovation is rife within the sector. Companies are debuting advanced products to capture market share. For example, Velmie launched a white-label international remittance platform in June 2023, offering efficient, cost-effective solutions. This platform supports over 38 currencies, emphasizing flexibility and real-time market data integration.

Digital service offerings, particularly in remittance services, are critical for competitive advantage. TNG Digital Sdn Bhd introduced "GOremit" in July 2023, integrating it within the Touch 'n Go eWallet, enabling secure transfers with speedy delivery options.

Strategic acquisitions are reshaping the landscape, as seen with Remitly's $80 million acquisition of Rewire in August 2022, enhancing service flexibility and expanding expertise.

Prominent companies in the arena include Remitly Inc., Citigroup Inc., American Express Company, and others. North America emerged as the largest player in 2024, while Asia-Pacific is projected for the fastest growth in the forecast period.

However, the sector faces challenges from trade tensions and tariffs, underscoring the need for diversification and digital transformation initiatives to manage economic uncertainties.

Report Scope

Markets Covered:

1) By Type: Inward Digital Remittance; Outward Digital Remittance.

2) By Channel: Banks; Money Transfer Operators; Online Platforms; Other Channels.

3) By End Use: Migrant Labor Workforce; Individual; Small Businesses; Other End Uses.

Subsegments:

1) By Inward Digital Remittance: Person-to-Person (P2P) Inward Remittances; Business-to-Person (B2P) Inward Remittances; Government-to-Person (G2P) Inward Remittances.

2) By Outward Digital Remittance: Person-to-Person (P2P) Outward Remittances; Business-to-Business (B2B) Outward Remittances; Person-to-Business (P2B) Outward Remittances.

Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa.

Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain.

Time Series: Five years historic and ten years forecast.

Data: Includes market size and growth ratios, GDP proportions, and expenditure per capita.

Data Segmentation: Provides historic and forecast data by country and region, along with market share of competitors and market segments.

Key Attributes

Report Attribute	Details
No. of Pages	250
Forecast Period	2025-2029
Estimated Market Value (USD) in 2025	$28.9 Billion
Forecasted Market Value (USD) by 2029	$51.85 Billion
Compound Annual Growth Rate	15.7%
Regions Covered	Global

The companies featured in this Digital Remittance market report include:

• Remitly Inc.
• Citigroup Inc.
• American Express Company
• PayPal Holdings Inc.
• Mastercard Inc.
• Western Union Holdings Inc.
• MoneyGram International Inc.
• Ria Money Transfer
• Wise Payments Limited
• WorldRemit Corp.
• Flywire Payments Corporation
• OzForex Limited.
• Xoom Corporation
• GoCardless Ltd.
• Nium Pte. Ltd.
• PaySend
• OrbitRemit Limited
• Taptap Send
• TransferGo Ltd.
• CurrencyFair
• Currencycloud
• Pangea Money Transfer
• Azimo Ltd.
• Remitbee
• InstaReM Pvt. Ltd.
• Digital Wallet Corporation
• SingX Pte. Ltd.

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