Published On : 29 Jan 2019
The demand within the global market for digital remittance has been rising on account of the need to transfer money over long distances. Digital remittance has emerged as an important mode for transferring money to people as it does involve currency notes, and most people prefer this mode over other forms of payments. The digitisation of several key industries has brought digital transactions under the spotlight of attention, and this factor has also contributed towards the growth of the global market for digital remittance. It is expected that the demand within the global market for digital remittance would expand at a robust rate in the years to follow.
The global market for digital remittance has gradually transformed into a million-dollar industry. This owes to the adoption of digital technologies across various sectors and the promotion of digital remittance methods. The market vendors in the global digital remittance market have generated commendable investor confidence in recent times. The vendors have demonstrated their proactive streak to persuade investors and venture capitalists towards putting their money in this market. It is projected that the demand dynamics of the global digital remittance market would rely on the rate of adoption of digital technologies across the world.
This article by QYResearchReports on the global market for digital remittance sheds value on some of the key demand drivers. The article sheds value on the digital transformations that have offset over the past decade. Furthermore, the article gives a geographical outlook on the global market for digital remittance.
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1. Digital Transformations
The contemporary times are an era of digital transformations wherein new every sector, industry, and area of operation has assimilated digital technologies. Banking and finance are at the helm of all the industries and sectors, and there is a need for effective digital systems to manage these services across industries. Hence, the demand within the global market for digital remittance is projected to expand at a stellar rate in the years to come. Moreover, people are reluctant to use currency notes for transactions due to the possibility counterfeiting. This factor has also given an impetus to the growth of the global market for digital remittance.
2. Swift and Remote Transfers
The advent of globalisation has connected businesses spread across the wide expanse of the world. This has in turn created the need for making cross-border and cross-country money transfers. Hence, the demand within the global market for digital remittance is projected to escalate to new heights in the years to come. Furthermore, the security and safety offered by digital payments has also given an impetus to the growth of the global market for digital remittance.
Some of the key players in the global market for digital remittance are TransferWise, Western Union (WU), and InstaReM.
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