Legacy providers in this segment are banks, post offices and specialized money transfer services such as Western Union and MoneyGram. These services charge comparatively high fees, and the digital companies such as Transferwise, Worldremit and Remitly have won their share of the market by offering reduced transfer fees. This is possible due to optimizing the use of digital infrastructures to bypass much of the costs.
Funds that are transferred domestically are not included in the Digital Remittances segment.
- Online cross-border payments and remittance sending
- Money transfers processed by online-pure players (e.g. TransferWise)
- Transaction value equals money transfers out of the selected region
- Payments via social networks
- Domestic payments and bill splitting services
- Cross-border payments via traditional service providers (banks, post offices & Western Union, MoneyGram)
Personal Finance report 2020
Statista Digital Market OutlookDownload
Transaction Value Transaction Value Growth
in the Digital Remittances market in million US$ in percent
- Transaction Value
- Transaction Value Growth
Users Penetration Rate
in the Digital Remittances market in millions in percent
- Penetration Rate
Digital remittance providers are of great benefit in financially underdeveloped countries. When it comes to cross-border money transfers, the feasibility of transferring money from one individual to another highly depends on the cost. Online remittance service providers charge lower fees and make the process of sending and receiving money much easier as visiting a bank branch is no longer necessary.
av. Transaction Value per User
in the Digital Remittances market in US$
Users by age Users by gender Users by income
in the Digital Remittances market in percent in percent in percent
- Users by age
- Users by gender
- Users by income
Global Comparison - Transaction Value
in the Digital Remittances market in million US$
The Digital Remittances data is based on Statista’s primary research (the Statista Global Consumer Survey), bottom-up modeling, market data from independent databases and third-party sources, the analysis of various key market and macroeconomic indicators, historical developments, current trends, the reported performance indicators of the key market players, and Statista interviews with market experts.
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