Digital Remittances

Singapore

(Please note: algorithm-based calculation without in-depth analysis) Beta

Highlights
Market definition
in-scope / out-of-scope
Reports special
  • Transaction value in the Digital Remittances segment is projected to reach US$549m in 2021.
  • Transaction value is expected to show an annual growth rate (CAGR 2021-2025) of 12.0% resulting in a projected total amount of US$865m by 2025.
  • In the Digital Remittances segment, the number of users is expected to amount to 0.06m by 2025.
  • The average annual transaction value per user in the Digital Remittances segment is expected to amount to US$13,557.3 in 2021.
  • The highest transaction value in this segment in the world is reached in the United States (US$23,335m in 2021).
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Digital Remittances are cross-border money transfers made over the internet by the migrant population. Remittances in general include fund transfers between residents and non-residents and earnings transfer from short-time workers from other countries to their country of origin. Remittances often occur on a regular basis and most of the user groups are not prone to switching their fund transfer provider often.
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.
in-scope
  • 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
out-of-scope
  • 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 2021

Personal Finance report 2021

Statista Digital Market Outlook
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Transaction Value (2021)
+22.8% yoy
US$549m
Users (2021)
+17.9% yoy
0.0m
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Transaction Value Users av. Transaction Value per User Users by age Global Comparison Key Market Indicators
Prices & Access

Transaction Value Transaction Value Growth

in the Digital Remittances market in million US$ in percent

Reading Support Total Transaction Value in the Digital Remittances segment is projected to US$549m in 2021. Reading Support The Digital Remittances segment is expected to show a transaction value growth of 16.6% in 2022.

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  • Transaction Value
  • Transaction Value Growth
Info

Transaction Value:

The ""Transaction Value"" box shows the forecasted value of transactions in the selected market (market segment, region) for each year. The figures do not refer to the actual revenue that is generated by the processing companies.


Transaction Value Growth:

The ""Transaction Value Growth"" box shows the year-over-year development of the transaction value in the selected market (market segment, region) in percentage terms.

A definition and detailed explanation of the displayed markets can be found here. ×

Users Penetration Rate

in the Digital Remittances market in millions in percent

Reading Support In the Digital Remittances segment, the number of users is expected to amount to 0.06m by 2025. Reading Support User penetration in the Digital Remittances segment will be at 0.7% in 2021.

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  • Users
  • Penetration Rate
Info

User:

The “User” box shows the number of active paying customers (or accounts) of the selected market (market segment, region) in millions for each year.


Penetration Rate:

The “Penetration Rate” box shows the share of active paying customers (or accounts) from the total population of the selected market (market segment, region) for each year.

A definition and detailed explanation of the displayed markets can be found here. ×

Analyst Opinion

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.

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av. Transaction Value per User

in the Digital Remittances market in US$

Reading Support The average transaction value per user in the Digital Remittances segment is projected to amount to US$13,557.3 in 2021.

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Info

Average Transaction Value per User:

The box shows the average annual transaction value per user (or potential user) of the selected market (market segment, region) for each year.

A definition and detailed explanation of the displayed markets can be found here. ×

Users by age Users by gender Users by income

in the Digital Remittances market in percent in percent in percent

Reading Support In the year 2020 a share of 26.3% of users is 35-44 years old. Reading Support In the year 2020 a share of 57.7% of users is male. Reading Support In the year 2020 a share of 38.8% of users is in the high income group.

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  • Users by age
  • Users by gender
  • Users by income
Info

Users by age:

The Users by age box shows the age distribution of users of the selected market (market segment, region) in age groups. The data is based on Statista's Global Consumer Survey.

Users by gender:

The Users by gender box shows the gender distribution of users of the selected market (market segment, region). The data is based on Statista's Global Consumer Survey.

Users by income:

The Users by income box shows the income distribution of users of the selected market (market segment, region) in tertiles. The data is based on Statista's Global Consumer Survey. Values shown are only based on survey respondents who answered the question regarding their income.

A definition and detailed explanation of the displayed markets can be found here. ×

Global Comparison - Transaction Value

in the Digital Remittances market in million US$

Reading Support With a projected total transaction value of US$23,335m in 2021, the highest value worldwide is reached in the United States.

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Top 5
1. United States
2. Saudi Arabia
3. Switzerland
4. Germany
5. China
31. Singapore
Info

Global Comparison – Transaction Value:

The box shows a comparison of transaction values for 150 of the world's leading digital economies in the selected market (market segment, region) and year.


A definition and detailed explanation of the displayed markets can be found here. ×
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Key Market Indicators

The following Key Market Indicators give an overview of the social and economic outlook of the selected region and provide additional insights into relevant market-specific developments. These indicators, together with data from statistical offices, trade associations and companies serve as the foundation for the Statista market models.

201720182019202020212022202320242025 CAGR
(2017-2025)
Population in m
Number of individuals (all ages) living in the selected region, the data is based on the United Nations' medium variant of World Population Prospects as well as similar projections by national statistical offices | Source: Statista, based on UN DESA and national statistical offices
0-14 years in m
Number of individuals (age 0-14) living in the selected region, the data is based on the United Nations' medium variant of World Population Prospects as well as similar projections by national statistical offices | Source: Statista, based on UN DESA and national statistical offices
15-24 years in m
Number of individuals (age 15-24) living in the selected region, the data is based on the United Nations' medium variant of World Population Prospects as well as similar projections by national statistical offices | Source: Statista, based on UN DESA and national statistical offices
25-34 years in m
Number of individuals (age 25-34) living in the selected region, the data is based on the United Nations' medium variant of World Population Prospects as well as similar projections by national statistical offices | Source: Statista, based on UN DESA and national statistical offices
35-44 years in m
Number of individuals (age 35-44) living in the selected region, the data is based on the United Nations' medium variant of World Population Prospects as well as similar projections by national statistical offices | Source: Statista, based on UN DESA and national statistical offices
45-54 years in m
Number of individuals (age 45-54) living in the selected region, the data is based on the United Nations' medium variant of World Population Prospects as well as similar projections by national statistical offices | Source: Statista, based on UN DESA and national statistical offices
55+ years in m
Number of individuals (age 55 and older) living in the selected region, the data is based on the United Nations' medium variant of World Population Prospects as well as similar projections by national statistical offices | Source: Statista, based on UN DESA and national statistical offices
Consumer spending, per capita (current prices)
Average consumer spending per capita of private households in the selected region (in current prices, constant exchange rate) | Source: Statista, based on IMF, UN, World Bank, Eurostat and national statistical offices
Foodstuffs, beverages
Consumer spending per capita for food and non-alcoholic beverages (according to the Classification of Individual Consumption Purposes, COICOP) in the selected region (in current prices, constant exchange rate). The COICOP definition varies from the market definitions employed in the Consumer Market Outlook. It covers all private household spendings meant for consumption at home. In contrast, the Food market in the Consumer Market Outlook covers only certain segments of processed food and excludes for example fresh food, oils and fats and some other items. The markets for Alcoholic, Non-Alcoholic and Hot Drinks in turn not only include sales for at-home consumption (off-trade) but also sales to the on-trade sector (restaurants, bars, cafés). | Source: Statista, based on IMF, UN, World Bank, Eurostat and national statistical offices
Alcohol, tobacco
Consumer spending per capita for alcoholic beverages, tobacco and narcotics (according to the Classification of Individual Consumption Purposes, COICOP) in the selected region (in current prices, constant exchange rate). The COICOP definition varies from the market definitions employed in the Consumer Market Outlook. It covers all private household spendings meant for consumption at home. The market for Alcoholic, Non-Alcoholic and Hot Drinks not only include sales for at-home consumption (off-trade) but also sales to the on-trade sector (restaurants, bars, cafés). | Source: Statista, based on IMF, UN, World Bank, Eurostat and national statistical offices
Clothing, footwear
Consumer spending per capita for clothing and footwear (according to the Classification of Individual Consumption Purposes, COICOP) in the selected region (in current prices, constant exchange rate). Included are both consumption of goods as well as services (cleaning and cobblers). | Source: Statista, based on IMF, UN, World Bank, Eurostat and national statistical offices
Housing
Consumer spending per capita for housing, water, electricity, gas and other fuels (according to the Classification of Individual Consumption Purposes, COICOP) in the selected region (in current prices, constant exchange rate) | Source: Statista, based on IMF, UN, World Bank, Eurostat and national statistical offices
Household
Consumer spending per capita for furnishings, household equipment and routine maintenance of the house (according to the Classification of Individual Consumption Purposes, COICOP) in the selected region (in current prices, constant exchange rate) | Source: Statista, based on IMF, UN, World Bank, Eurostat and national statistical offices
Health
Consumer spending per capita for health (according to the Classification of Individual Consumption Purposes, COICOP) in the selected region (in current prices, constant exchange rate) | Source: Statista, based on IMF, UN, World Bank, Eurostat and national statistical offices
Transport
Consumer spending per capita for transport (according to the Classification of Individual Consumption Purposes, COICOP) in the selected region (in current prices, constant exchange rate). This group inlcudes the purchase of vehicles, maintenenace of vehicles as well as transportation services. | Source: Statista, based on IMF, UN, World Bank, Eurostat and national statistical offices
Communication
Consumer spending per capita for communication (according to the Classification of Individual Consumption Purposes, COICOP) in the selected region (in current prices, constant exchange rate) | Source: Statista, based on IMF, UN, World Bank, Eurostat and national statistical offices
Recreation, culture
Consumer spending per capita for recreation and culture (according to the Classification of Individual Consumption Purposes, COICOP) in the selected region (in current prices, constant exchange rate) | Source: Statista, based on IMF, UN, World Bank, Eurostat and national statistical offices
Education
Consumer spending per capita for education (according to the Classification of Individual Consumption Purposes, COICOP) in the selected region (in current prices, constant exchange rate) | Source: Statista, based on IMF, UN, World Bank, Eurostat and national statistical offices
Restaurants, hotels
Consumer spending per capita for restaurants and hotels (according to the Classification of Individual Consumption Purposes, COICOP) in the selected region (in current prices, constant exchange rate) | Source: Statista, based on IMF, UN, World Bank, Eurostat and national statistical offices
Other
Consumer spending per capita for miscellaneous goods and services (according to the Classification of Individual Consumption Purposes, COICOP) in the selected region (in current prices, constant exchange rate). These include personal care products and services, personal items like watches and jewellery as well as all other products and services not mentioned elsewhere. | Source: Statista, based on IMF, UN, World Bank, Eurostat and national statistical offices
Telecommunication
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Broadband subscriptions per 100 capita in #
The indicator shows the number of-fixed broadband subscriptions per 100 inhabitants in the selected region. | Source: Statista, based on ITU
Smartphone penetration in %
Estimated share of the total population using a smartphone | Source: Statista
Internet users in m
Number of people in the selected region using the internet | Source: Statista, based on ITU and national statistical offices
Smartphone users in m
Estimated number of persons using a smartphone in the selected region | Source: Statista
Hardware market
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Per-capita volume laptops in units
Average per capita sales of laptops and tablets in units | Source: Statista Consumer Market Outlook
Per-capita revenue laptops
Average revenue of laptops and tablets per capita | Source: Statista Consumer Market Outlook
Per-capita volume desktop PCs in units
The indicator shows the estimated average per capita sales of Desktop-PCs in units. | Source: Statista Consumer Market Outlook
Per-capita revenue desktop PCs
The indicator shows the estimated average revenue of Desktop-PCs per capita. | Source: Statista Consumer Market Outlook
Per-capita volume mobile phones in units
The indicator shows the estimated average per capita sales of mobile phones in units. | Source: Statista Consumer Market Outlook
Per-capita revenue mobile phones
The indicator shows the estimated average revenue of mobile phones per capita. | Source: Statista Consumer Market Outlook
Finance
Click arrow to expand
Banking penetration in %
Population share using a bank account | Source: Statista, based on World Bank
Credit card penetration in %
Percentage of the total population who own at least one credit card | Source: Statista, based on World Bank
Debit card penetration in %
Percentage of the total population who own at least one debit card | Source: Statista, based on World Bank
POS terminals in k
Total number of point-of sale terminals located in the selected region | Source: Statista, based on BIS
Payment transactions at terminals in bn
Number of non-cash transactions at point-of-sale terminals (EFTPOS) located in the selected region | Source: Statista, Bank for International Settlements
Online banking penetration in %
Estimated population share that uses the internet for accessing banking services | Source: Statista, based on World Bank and Eurostat
Number of debit cards in use
Total number of credit cards (including delayed debit cards) in circulation in the selected region | Source: Statista, based on BIS
Number of credit cards in use
Total number of credit cards (including delayed debit cards) in circulation in the selected region | Source: Statista, based on BIS
Savings rate (% of GDP) in %
The savings rate shown here refers to the gross national saving that is composed of gross disposable incomes less final consumption expenditure after taking account of an adjustment for pension funds. | Source: Statista, based on IMF WEOD
Households in m
The indicator shows the total number of private households in the selected region. Households denote residential communties of people living and keeping house together. Business facilities as well as institutional housholds (like unversity dormitories or retire homes) are not counted as households. | Source: Statista, based on national and international statistical offices
GDP, per capita (current prices)
Gross domestic product (in current prices, constant exchange rate) of the selected region per capita | Source: Statista, based on IMF, World Bank, European Commission, OECD, ADB
Internet penetration in %
Estimated share of the total population in the selected region using the internet | Source: Statista, based on ITU and national statistical offices
Total investment (% of GDP) in %
Total investment or gross capital formation refers to the total value of the gross fixed capital formation and changes in inventories and acquisitions less disposals of valuables for a unit or sector. | Source: Statista, based on IMF WEOD
Source: Statista, January 2021
Source: Statista, January 2021, based on IMF, World Bank, UN and Eurostat

Methodology

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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Personal Finance report 2021
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