According to the latest study titled ‘Global Digital Money Transfer and Remittance Market - Analysis By Type (Domestic, International), By Application (Consumer, Enterprise): Sizing, Growth, Opportunities and Forecast (2019-2024)’ available with Market Study Report, the global digital money transfer and remittance market is expected to grow with a CAGR of 11.75%  by the year 2024. 
 

Digital money transfer is a convenient way of transferring funds as it is quicker, easier, and also facilitates remote transfer of money. The service operates through digital transfer network including an easy-to-use mobile application and eliminates the need for tedious form-filling process, agents, and codes.
 

Factors such as growth in automation & digitization, lower remittance cost, and reduced transfer time propel the growth of digital money transfer and remittance market. Increasing working population, sharp rise in per capita income, rapid urbanization, coupled with growing adoption of POS system across several industries such as retail, healthcare, restaurants, transportation, and ecommerce are compelling the global population to incorporate digital transactions, thereby aiding the market growth.
 

As per the study, emergence of e-wallets, along with growing instances of partnership between companies and banks will augment the digital money transfer & remittance market. However, rising concerns regarding cyber frauds and distrust towards online transfer among the older generation are some of restraints impeding the market growth.
 

The study analyzes digital money transfer & remittance market for revenue shares, growth rates, and concentration ratio for each segment. It also provides a detailed synopsis of trends, restraints, and drivers influencing the market growth.
 

Based on type, the digital money transfer and remittance market is segmented as international money transfer and domestic money transfer. While based on application spectrum, the market is divided into enterprise and consumers.
 

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Considering the geographical landscape, the global digital money transfer and remittance market is fragmented into regions, namely, Europe, North America, Asia Pacific, and rest of world, while the countries surveyed are Canada, UK, China, US, and Germany. China digital money transfer & remittance market is presumed to grow significantly over the analysis period, cites the report.
 

Some of the vendors that operate in digital money transfer & remittance market are Avenues Payments India Pvt. Ltd., PayPal Inc., Western Union Co., Ria Financial Co., and MoneyGram International Inc.