Question 1

Which factors are driving the digital remittance industry growth in North America?

Accepted Answer

North America market recorded over 30% share in 2023 and is estimated to grow at notable rate between 2024 and 2032, on account of the huge presence of large immigrant population and robust economy.

Question 2

Why is the demand for digital remittance rising in business end-use?

Accepted Answer

The business end-use segment in the digital remittance market is projected to grow at over 20% CAGR between 2024 and 2032, led by the increasing globalization of businesses and expansion of cross-border trade.

Question 3

How big is the digital remittance market?

Accepted Answer

The market size of digital remittance reached USD 19.8 billion in 2023 and is set to witness over 18% CAGR from 2024 to 2032, due to the increasing interconnectedness of economies and the growth of international trade.

Question 4

Why is the demand for inward digital remittance high?

Accepted Answer

The inward remittance type segment in the digital remittance industry accounted for over 55% share in 2023, due to migration patterns and economic dynamics as workers seek employment opportunities in stronger economies.

Digital Remittance Market Size - By Type (Inward Remittance, Outward Remittance), By Payment Mode (Banks Transfer, Money Transfer Operators, Online Platforms, Others), By End User (Personal, Business) & Forecast, 2024 - 2032

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