Southeast Asia Digital Remittance Market Size, Share, Growth, Trends, and Industry Analysis: By Application (Study Abroad and Travel, Small Businesses, Migrant Labor Workforce,), By Type (Digital Money Transfer Operators, Digital Remittance) and Country Forecast 2019-2030

Southeast Asia digital remittance market size was valued at US$ 49.85 billion in 2022 and is expected to reach US$ 269.78 billion by 2029, at a CAGR of 23.5% during 2023 to 2029. Digital remittance is the process of transferring money to the native countries by foreign migrants with the use of digital transfer networks like digital wallets, easy to hand mobile applications and others. There are several advantages of using digital remittance service such lower cost, speed, convenience, get rid of from those form filling processes, codes and agents.

Increase in competition from new entrants, increase in customers prefer using mobile devices in Asia Pacific and margin pressure because of the increasing agreement on reducing remittance transaction fees impel the penetration of digital channels. People living in Asian countries are growingly engaging with their abroad counterparts for different purposes like medical, business, education, entertainment related activities and leisure. Transferring money through facilities like banking and money transfer operators is expensive because of the high transfer charges. Hence, several people in Southeast Asia are opting for digital remittance service. This market report provides complete analysis and precise statistics about revenue for the forecasted period.

Market analysis also covers company description, total revenue gained by company and major business. This report further discuses about digital remittance product introduction and recent advances. In addition, remittance industries are growing day by day in developing countries and particularly in Asia-Pacific region, which is projected to propel the market growth. Increase in internet users and mobile access in Asia-pacific will bring several profit making opportunities for the market. Whereas, lack of guidance and awareness among people serve to be a significant factor to restrict people from using digital remittance transfer mode.