The Digital remittance is mentioned as the transfer of money by the foreign migrants to their native regions by utilizing the digital transfer network such as easy-to-use mobile application, digital wallets, and several others. The remittance industries is fluctuating its aim on being digitally remastered.
Aspects such as growth in base of consumers comfortable with utilizing the mobile devices across Asia-Pacific, growth in the competition from new entrants, and margin pressures owing to an increasing consensus on depressing remittance transaction fees propels the penetration of digital channels. Prevailing remittance service providers in this region implement the digital channels to accompaniment their present services network whilst fresh entrants. Several benefits of utilizing the digital channels for sending money such as high speed, accessibility of the digital channels throughout the day, transparency, ease of usage, high security, and several others, generate the several opportunities for the market.
According to the report analysis, ‘Asia-Pacific Digital Remittance Market by Remittance Type (Inward Digital Remittance, and Outward Digital Remittance), and Remittance Channel (Banks, Money Transfer Operators (MTOs), and Others): Opportunity Analysis and Industry Forecast, 2019-2026’ states that in the Asia-Pacific region digital remittance market there are several companies which presently operating more effectively for leading the highest market growth and dominating the great value of market share around the region more effectively during the short span while delivering the better consumer satisfaction, increasing the applications of the digital remittance, spreading the awareness related to the digital remittance, implementing the profitable strategies and policies of profit making, analyzing and studying the strategies of the competitors and employing the young work force includes InstaReM, Remitly, Inc., Flywire, SingXPte Ltd., Azimo Limited, WorldRemit Ltd, TransferWise Ltd, Ripple, MoneyGram, and TNG Wallet.The other players of the digital remittance market (not included in this report) are Western Union (WU), Ria Financial Services, Coins.ph, Toast, OrbitRemit, Avenues India Pvt Ltd, FlyRemit, and WeChat Payment.
In addition, the implementation of digital remittance is predicted to decrease the dependency on cash agents in both the sending and receiving regions, who presently contributes to supporting great transaction fees. This is also an aspect to boost the digital remittance market. Furthermore, augment in the cross-border transactions and move towards cashless, mobile banking, and mobile-based payment solutions register the payment trends across Asia-Pacific, which propels the growth of the digital remittance market. However, shortage of awareness of usage of digital technology is projected to hamper the market growth. On the contrary, the technological innovations in the digital remittance industry in this economy primarily to deliver the user-friendly apps and smarter ways to link to domestic payment systems is projected to deliver the growth opportunities for the market.
Furthermore, growing regulatory initiatives which boost all the financial authorizations to become more translucent and governments’ initiatives in cultivating richer ecosystems of data and partners are also underwriting growth in the worldwide digital remittance market. Apart from these, increasing internet penetration rate and augmenting access to financial services amongst remittance recipients are also propelling growth in the worldwide digital remittance market. Therefore, in the coming years, it is predicted that the market of digital remittance will increase around the Asia Pacific region more effectively over the coming years.
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Ankur Gupta, Head Marketing & Communications