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 2019
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
av. Transaction Value per User
in the Digital Remittances market in US$
Global Comparison - Transaction Value
in the Digital Remittances market in million US$
Here you can find more studies and statistics about "Digital Remittances".