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Digital Domestic Money Transfers to Surpass 300 Billion Globally by 2026

A new study revealed that the volume of digital domestic money transfer transactions will exceed 300 billion globally in 2026

 

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A new study from Juniper Research has revealed that the volume of digital domestic money transfer payments will exceed 300 billion globally for the first time in 2026. It will represent growth of nearly 50% from 207 billion in 2022.

The key drivers of digitisation of previously cash-based payments are superapps.  Those applications provide not only payment and financial transaction processing but also messaging and access to multiple services.

In addition, the research predicts the top three countries being China, US, and India will account for about 74% of global digital domestic money transfer transactions in 2026. Integrating payments into social platforms has driven transactions in these countries. WeChat Pay in China and Venmo in the US are examples of how social payments are driving domestic money transfer. 

Thus, the report recommends money transfer vendors to identify the most popular social platforms in their target countries and create partnerships that enable social payments. Moreover, money transfer providers should focus on highest growth markets such as  Latin America and West Europe.

Finally, the study identified differentiation as a key challenge for money transfer apps. Given the highly competitive market landscape, the superapp approach is a key to offer greater value for users. Therefore, Juniper Research recommends vendors onboard other financial service providers and eCommerce merchants, to boost the unique user value their apps represent.

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Nina Bobro

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https://payspacemagazine.com/

Nina is passionate about financial technologies and environmental issues, reporting on the industry news and the most exciting projects that build their offerings around the intersection of fintech and sustainability.