84% growth in international digital remittances will be driven by accelerated adoption
International Digital Remittances To Surpass 2 Billion Transactions Globally By 2027: Juniper Research. Source: shutterstock.com
A new study from Juniper Research has revealed that the total volume of international digital remittances will exhibit a meteoric rise from 1.1 billion in 2022 to over 2 billion globally in 2027.
The research predicts this growth will be accelerated by the increasing speed of digital remittances. Besides, they have a lower cost compared to traditional agent-based services. The report revealed that costs are being driven down rapidly by a very competitive environment. That, on the other hand, makes differentiation difficult for vendors in the space.
Juniper Research identified the world’s leading digital remittance providers as follows:
- Western Union
- Wise
- Ria
- MoneyGram
- InstaReM
The role of mobile remittances
Additionally, the research found that mobile remittances will prevail in the global digital remittance segment, accounting for over 73% by 2027. Today, they constitute 67%. Moreover, mobile remittances will be key to future growth, with funding via digital wallets and integration within superapps becoming key differentiators.
Analysing the study results, the research recommends that cross-border remittance providers focus on offering a compelling user experience. This can be done by providing easy tracking of payments and convenient funding options, as the commoditisation of services increases. Partnerships with superapps are the clearest way to ensure success in markets where superapps dominate.
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