Bharat Book Bureau Provides the Treding Market Research Report on "Global Digital Remittance Market By Type (Outward and Inward) By End Use (Personal, Small Businesses, Migrant Labor Workforce and Others) By Channel (Money Transfer Operators, Online Platforms, Banks and Others) By Region, Industry Analysis and Forecast, 2020 - 2026" under Media & Technology Category. The report offers a collection of superior market researach, market analysis, competitive intelligence and Market reports.

The Global Digital Remittance Market size is expected to reach $33.9 billion by 2026, rising at a market growth of 17.2% CAGR during the forecast period. Digital Remittance is known to be one of the most effective monitoring solutions that has the potential to bring successful changes to the global economy. A variety of economic problems can be efficiently solved by identity banking, networking and literacy problems.

A vast majority of remittances go to developed countries, most of which have a shortage of technology that will allow digital remittances to help cost savings for people. The global demand for digital remittances is projected to expand over the forecast period due to a growing need for easier, more reliable and quicker cross-border monetary transactions.

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Global Digital Remittance Market - BBB

Migrant labor force is the most significant driver of globalization. In the future, blockchain technology will have a far-reaching impact on the remittance market. Many traditional banks, fintech and other financial institutions have studied and tested the blockchain technologies used in the amount of money transfers. Around the same time, several firms, such as Ant Financial/Alipay, Coins.ph, Auxesis, Bitspark, Rebit and Cashaa, have launched their offerings into remittances.

These remittances are a lifeline for countless people around the world. In 2016 alone, the World Bank reported that more than $600 billion in remittances would be sent by immigrants. Remittances have traditionally been expensive due to threats and inefficiencies in handling and transferring capital across borders. However, for the first time, there is a clear direct link to how digital technologies not only aim to make money flowing across boundaries more accessible for people, but also how they have the ability to minimize global poverty rates on a macro scale.

Some of the main remittance countries – the United States, Switzerland, Germany, France and Italy – are trapped in the COVID-19 pandemic, and service-sector jobs have been hard hit since the start of the health crisis. Migrants working in hotels, restaurants, and salons have lost their jobs without future government help. At worst, they cannot even go back to their country of birth due to travel limits. This group needs to receive targeted support.

Based on Type, the market is segmented into Outward and Inward. Based on End Use, the market is segmented into Personal, Small Businesses, Migrant Labor Workforce and Others. Based on Channel, the market is segmented into Money Transfer Operators, Online Platforms, Banks and Others. Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa.

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