Digital Money Transfer and Remittance Market:
Executive Summary
Digital Money Transfer & Remittance market is projected to prosper at a CAGR of about 11.75% during the forecast period 2019–2024. Digital money transfers & remittance is the modern procedure of sending money to another person/sales organization via digital platforms. This convenient platform has made transferring funds much easier and quicker. Digital Money Transfer & Remittance platforms enable remote find traversing and are extremely reliable, secure, and efficient. International Remittance has prospered invariably over the past few years. Digital Money Transfer & Remittance platforms can enable financial organisations to launch their personal state-of-the-art digital, reliable, and secure money transfer service. Thus prevent the organization’s existing user base from abandoning FinTech players evolving at an instantaneous pace.
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Digital Money Transfer & Remittance service is way more secure and affordable due to its direct-to-consumer asset-line model. Using Digital Money Transfer & Remittance platforms, organisations can add value to their existing offerings and can further effectively compete with their potential rivals to sustain and succeed in the financial industry. Also, by using Digital Money Transfer & Remittance platforms, organizations can tap a new segment of clients for their existing business. Organizations primarily adopt Digital Money Transfer & Remittance platforms to boost profits from augmenting a unique revenue stream. Digital money transfer is an advanced kind of financial transaction that takes place over a dedicated computer network.
Digital money transfer and remittance procedure enable clients to securely transfer money between accounts within the same bank as well across distinct financial organizations. Digital money transfer and remittance systems include several services, such as wire transfers, direct –debits, online bill payment solutions, direct deposits, ATM cash withdrawals, point-of-sale financial transactions and many more. In a typical Digital money transfer and remittance, an Automated Clearing House network securely executes and processes several financial transactions. Digital money transfer and remittance solutions help in transferring funds electronically from a buyer’s account and into the seller’s account. This is possibly the most prominent form of money transfer systems due to its flexibility and convenience.
Market Segmentation
The global digital money transfer and remittance market can be analyzed on the basis of service types, market applications, and regional markets.
Based on service types, digital money transfer and remittance market can be segmented into-
- Domestic money transfer
- International money transfer
Based on applications/end-users, digital money transfer and remittance market can be segmented into-
- Consumer
- Enterprise
The advanced digital money transfer and remittance solutions are extremely critical for all the small, large, and medium-sized financial and other major organizations. The digital money transfer and remittance solutions help organizations and individuals to save on unnecessary costs, such as printing checks and time to collect or provide checks and deposit them in the banks for further processing. Using these solutions, funds securely move to the recipient’s account much faster since there is no manual processing of checks from banks.
Regional Overview
North America, Europe, and the Asia Pacific are the major regions driving the growth of the digital money transfer and remittance market. The countries, including the United States, Canada, the U.K, Germany, India, and China, on account of having a large number of banking and financial organizations, and technologically aware consumers, are expected to contribute considerably to the growth of digital money transfer and remittance market. Other factors, such as ongoing technological advancements in financial sectors, rising government initiatives to educate people regarding the benefits of digital fund transfer systems, and economic development are expected to drive the demand for digital money transfer and remittance solutions in the above-mentioned countries. The financial organizations operating in these regions are expected to offer potential growth opportunities to the digital money transfer and remittance software vendors.
Industry News
PayPal Inc., the prominent American organization is known for operating a global online money transfer and remittance system that supports digital fund transfers and serves as an electronic alternative to conventional manual money transfer procedures, such as checks, money orders, and cash transfer. The organization operates as a payment processor for several well-established online vendors, auction sites, and many other commercial industries and individuals. PayPal charges a fixed fee in exchange for benefits it offers, including password memory and one-click transfer.
Continuous…
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