The global digital remittance market is expected to reach $339.8 billion by 2030, driven by the increasing demand for transparency in remittances, according to a new market research report. 

The report, published by Allied Market Research, suggests that the market will grow at a CAGR of 14.5% between 2021 and 2030. The rising need for transparency remains a major driver of growth in the digital remittance market, the report identifies 

In recent years, there has been a growing demand for transparency in remittance transactions, particularly in developing countries where remittances are a major source of income. Digital remittance platforms offer a more transparent and efficient way to send money overseas, reducing the risk of fraud and improving the speed and reliability of transactions.

Rising mobile phones, internet drives digital remittance growth

The increasing adoption of mobile phones and internet connectivity, the report identifies, remain key factors driving the growth of the digital remittance market. With more people gaining access to smartphones and the internet, digital remittance platforms are becoming an increasingly popular way to send and receive money across borders.

One of the key findings of the report is the increasing adoption of blockchain technology in the digital remittance market. Blockchain technology offers a secure and transparent way to process remittance transactions, reducing the risk of fraud and increasing the speed and efficiency of transactions. The report predicts that the adoption of blockchain technology will continue to grow in the coming years, as more companies seek to improve the security and efficiency of their remittance services.

The Asia-Pacific region has the largest market for digital remittances, accounting for more than 50% of the global market share. The region is expected to continue to dominate the market in the coming years, due to the increasing adoption of mobile phones and internet connectivity in countries such as India, China, and Indonesia.

In addition to the Asia-Pacific region, the report identifies North America and Europe as key markets for digital remittances. It predicts that these regions will see significant growth in the coming years, driven by the increasing demand for transparency and efficiency in remittance transactions.

The report provides a detailed analysis of the global digital remittance market, including market size, growth rate, and key trends. The report also includes a comprehensive analysis of the competitive landscape of the market, with profiles of the leading companies in the industry.

Overall, the report suggests that the global digital remittance market is poised for significant growth in the coming years, driven by the increasing demand for transparency and efficiency in remittance transactions.