Top Companies in Digital Remittance Market | Major Players Comprehensive Report by VMR
The cross-border transfer of money or payment of a bill or invoice between two or more parties via the internet is referred to as digital remittance.
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Upcoming Trends in Digital Remittance Market
The Global Digital Remittance Market is valued at USD 17.5 Billion in the year 2021 and is projected to reach a value of USD 39.8 Billion by the year 2028. The Global Market is projected to grow to exhibit a Compound Annual Growth Rate (CAGR) of 14.7% over the forecast period. Digital Remittances are cross-border money transfers made over the internet by the migrant population. Remittances, in general, include fund transfers between residents and non-residents and earnings transfer from short-time workers from other countries to their country of origin.
The market growth can be attributed to the increasing fund transfers from migrant workers to their families. Moreover, the increasing number of cross-border transactions and the growing adoption of mobile-based payment channels are expected to propel market growth over the forecast period.
The proliferation of the digital platform for remittance is expected to encourage customers to move toward online transactions. Moreover, the rising penetration of mobile devices across the globe in recent years has encouraged the adoption of digital technology in remittance services and cross-border payments. Customers across the globe are also shifting toward Digital Remittance services as they help reduce the money transfer time and remittance costs. Moreover, Digital Remittance services offer high privacy and protection for consumers’ money.
Some of the Key Contributors in the Field of the Digital Remittance Market are as below:
|
Company Name |
Revenue in USD |
|
$1 Billion |
|
$2 Billion |
|
$75 Billion |
|
$4 Billion |
|
$93 Billion |
|
$130 Billion |
|
$16 Billion |
|
$5 Billion |
|
$159 Million |
MoneyGram International, Inc. is an American cross-border P2P payments and money transfer company based in the United States with headquarters in Dallas, Texas. It has an operations center in St. Louis Park, Minnesota, and regional and local offices around the world.
Ria Money Transfer is a subsidiary of Euronet Worldwide, Inc., which specializes in money remittances. Ria initiates transfers through a network of agents and company-owned stores located throughout North America, Latin America, Europe, Asia-Pacific, Africa, and online. Ria is one of the big four remittance companies.
Citigroup Inc. or Citi is a US-American multinational investment bank and financial services corporation headquartered in New York City. The company was formed by the merger of banking giant Citicorp and financial conglomerate Travelers Group in 1998; Travelers was subsequently spun off from the company in 2002. The company is listed in the New York stock market as C (NYSE). In 2020, the company had approximately 2,10,000 employees working.
Wise is a London-based financial technology company founded by Estonian businessmen Kristo Käärmann and Taavet Hinrikus in January 2011. The company is listed in the London stock market as WISE (LON). The company generated revenue of approximately USD 30.44 Billion in 2020 and has 2,243 employees working across the globe.
UAE Exchange is a United Arab Emirates-based company dealing primarily in remittance, foreign exchange, and bill payment services. The company is headquartered in Abu Dhabi, UAE, and operates through 800 locations across 31 countries either as UAE Exchange, or Unimoni.
The Bank of America Corporation is an American multinational investment bank and financial services holding company headquartered in Charlotte, North Carolina. The bank was founded in San Francisco and took its present form when NationsBank of Charlotte acquired it in 1998.
JPMorgan Chase & Co. is an American multinational investment bank and financial services holding company headquartered in New York City and incorporated in Delaware. The company is listed in the stock market as JPM (NYSE) and generated revenue of USD 127.2 Billion in 2021.
Wells Fargo & Company is an American multinational financial services company with corporate headquarters in San Francisco, California, operational headquarters in Manhattan, and managerial offices throughout the United States and around the world. The company is a privately held organization and is listed in the New York stock market as WFC (NYSE).
The Western Union Company is an American multinational financial services company, headquartered in Denver, Colorado.
Xoom Corporation is an electronic funds transfer or remittance provider that allows consumers to send money, pay bills, and reload mobile phones from the United States and Canada to 131 countries.
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