Crossborder digital money transfer: 5 years forecast

Over the next 5 years, the growth is expected to reach by 78%

Digital money transfer

Crossborder digital money transfer: 5 years forecast. Source: shutterstock.com

Juniper Research revealed that by 2024 global international digital money transfer transaction volume will reach 2 billion, compared to 1.1 billion in 2019.
Both online and mobile channels are achieving strong growth, with fintech disruptors and market incumbents rapidly gaining traffic. But still, a big part of the growth will be at the expense of unofficial transfers, such as funds sent with traveling family members.

The mobile channel will account for 68% of transaction volume in 2024, increasing up from 63% in 2019. The research also found that superior mobile app-based experiences affect that dominance.

Mobile has become the go-to channel for international money transfer; dominating the digital landscape. This means that incumbents in the area, such as Western Union and MoneyGram, must relentlessly focus on their app experiences; fully embracing digital transformation. A failure to do so will result in a steady erosion of market share by digitally-native disruptors
Nick Maynard, research author 

The research found that international digital money transfer requires effective partnerships in recipient countries to ensure success. Both ends of the money transfer transaction are expected to be digital over time.

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