Southeast Asia digital remittance market was valued at $49.85 billion in the year 2018 and is anticipated to grow at $ 269.78 billion till the year 2026 recording the CAGR of 23.5% during the forecast period of 2019-2026.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.
Southeast Asia Digital Remittance Market Driving Factors
Increase in preference towards mobile-based payment options, cashless option, mobile banking and cross-border transactions dominate payment options in Asia-Pacific and lead towards driving the digital remittance market growth. Furthermore, implementation of digital transfer network like digital currencies, electronic identification, mobile money, distributed ledgers, mobile phone technology and other to remit money has made cross-border transferring payment easy in price, auditable, immediate and easy to get to everybody. This will be a significant factor to drive the Southeast Asia digital remittance market growth. 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.
Southeast Asia Digital Remittance Market Segmentation
By Remittance Channel
- Money Transfer Operators (MTOs)
By Remittance Type
- Outward Digital Remittance
- Inward Digital Remittance
By Region Type
- Hong Kong
- Rest of Asia-Pacific
This report analysis depicts the current Asia-Pacific digital remittance market tactics of the around various countries like India, China, Japan, Singapore and Taiwan. China holds the prominent position in the year 2018 amid all these countries because of a major preference given to digital payment and the industry players are giving more focus on bringing new digital remittance services. The digital remittance market is booming in China because fewer fees are charged by remittance service providers to send and receive money. Singapore is also anticipated to grow at high rate due to the growing use of communication applications and industry players are expanding their place in the region.
Southeast Asia Digital Remittance Market – Competitive Analysis
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.
- Western Union (WU)
- Ria Financial Services
- Avenues India Pvt Ltd
- Toast Me
- TNG Wallet
- Smiles Mobile Remittance