Global Mobile Remittance Service Market Overview

Global Mobile Remittance Service Market size is expected to grow from USD 20581.03 Million in 2022 to USD 63397.14 Million by 2030, at a CAGR of 15.1% during the forecast period (2023–2030)

  • A mobile remittance service allows you to send and receive money electronically using a mobile phone. It's a convenient and accessible way to transfer funds without needing to visit a physical location like a bank or money transfer agent. Mobile remittance services are used for domestic and international transactions, facilitating peer-to-peer transactions and bill payments. They cater to the growing demand for cross-border remittances and facilitate transactions between traditional bank accounts and mobile wallets, offering users flexibility in managing their finances. The market also extends to traditional bank accounts.

  • Mobile remittance services offer convenience, speed, cost-effectiveness, and financial inclusion. They eliminate the need for physical visits to banks or remittance centers, allowing users to initiate transactions anytime, anywhere. They provide near-instantaneous transfers, making them ideal for urgent financial situations. Digital transactions often incur lower fees than traditional methods, further enhancing financial inclusion for those without easy access to traditional banking.

  • The mobile remittance service market caters to tech-savvy, globally connected populations by providing a convenient, efficient, and cost-effective alternative to traditional remittance methods. Its growth is fueled by continuous innovation in digital financial solutions, making it a crucial part of modern financial ecosystems.

Mobile Remittance Service Market Trend Analysis:

Rising Smartphone Penetration

  • The growing use of smartphones is driving the growth of the mobile remittance service market, as their affordability and accessibility have revolutionized financial services, enabling users from diverse socio-economic backgrounds to engage in seamless and convenient mobile remittance transactions.

  • Smartphones are the primary interface for mobile remittance applications, allowing users to initiate transactions, track payments, and receive real-time updates. These user-friendly interfaces make financial services accessible to a broader demographic, including those without traditional banking access. The convenience of smartphones and easy app downloads have significantly contributed to the democratization of global financial services.

  • Smartphones' sophistication has improved mobile remittance services through advanced security features, biometric authentication, and encrypted communication channels, enhancing safety and trust among users and thereby enhancing transactions. The growing smartphone adoption globally is driving the growth of the mobile remittance services market. This shift aligns with consumer preferences, emphasizing user-friendly, on-the-go solutions. This growth not only drives existing services but also opens opportunities for innovation and the development of new financial technologies, accelerating the market's growth in digital finance.

Partnering with Other Businesses

  • Mobile remittance service providers can expand their service offerings by partnering with banks and fintech companies. This allows them to offer comprehensive financial ecosystems, including mobile banking, bill payments, and investment options, attracting a wider user base seeking a one-stop shop for their financial needs. Partnerships with local banks, mobile network operators, or payment processors can enhance the global reach of mobile remittance services by facilitating market penetration and overcoming regulatory barriers and cultural nuances, especially in regions with established footholds.

  • Collaborative efforts in the financial ecosystem, such as partnering with payment networks or mobile wallet providers, aim to promote interoperability and connectivity between different financial systems, enhance convenience and reduce cross-border transaction friction. Partnering with technology firms and fintech innovators allows for the integration of advanced technologies like blockchain for secure transactions, artificial intelligence for fraud detection, and data analytics for personalized user experiences, ensuring mobile remittance services remain at the forefront of digital financial solutions.

  • Mobile remittance services can enhance their regulatory compliance by partnering with established financial institutions. These partnerships help them navigate complex international regulations, reducing the legal and operational risks associated with cross-border transactions. This strategic opportunity allows mobile remittance service providers to offer a wider range of services, expand their global footprint, and leverage technological advancements. This ultimately fosters sustained growth and relevance in the evolving landscape of mobile remittance services.

Mobile Remittance Service Market Segment Analysis:

Mobile Remittance Service Market Segmented on the basis of Type and Application

By Application, Migrant Labor Workforce segment is expected to dominate the market during the forecast period

  • The migrant labor workforce is the most dominant segment in the mobile remittance service market, largely due to their unique financial needs. They rely on mobile remittance services for efficient and cost-effective cross-border money transfers, often working in regions different from their home countries. This dominance significantly influences the industry's growth trajectory.

  • The migrant labor workforce, known for their need for secure remittances, is a significant user of mobile remittance services. They often use smartphones and user-friendly interfaces to send funds to their families. The global migrant workforce generates a large volume of transactions, driving the expansion and adoption of these services. As the demand for seamless cross-border transactions grows, service providers must tailor solutions to meet the specific financial requirements of this demographic.

Mobile Remittance Service Market Regional Insights:

Asia-Pacific is Expected to Dominate the Market Over the Forecast Period

  • The Asia-Pacific region is the leading market in the mobile remittance service sector due to its robust digital financial services landscape. Factors such as widespread smartphone adoption, a dynamic fintech ecosystem, and a significant migrant labour force contribute to its dominance. The region's diverse and tech-savvy population is increasingly inclined towards digital financial solutions, making it a prime market for the growth of mobile remittance services.

  • The Asia-Pacific region's migrant labor force, particularly from India, the Philippines, and Bangladesh, drives the demand for cross-border remittance services. The dynamic fintech landscape in countries like India, China, and Singapore fosters innovation and collaboration, promoting the growth of mobile remittance services. As governments in the region embrace digital finance and financial inclusion initiatives, the mobile remittance market in the Asia-Pacific is poised for continued dominance, reflecting its pivotal role in shaping global financial services.

Key Players Covered in Mobile Remittance Service Market:

  • Mobetize Corp. (U.S.)

  • MoneyGram (U.S.)

  • Remitly (U.S.)

  • Regalii (U.S.)

  • Flywire (U.S.)

  • PayPal. (U.S.)

  • Ria Financial Services (U.S)

  • Western Union Holdings, Inc. (U.S)

  • Currency Cloud (UK)

  • Azimo (UK)

  • WorldRemit (UK)

  • TransferWise (UK)

  • Ripple (UK)

  • TransferGo (UK)

  • WorldRemit (UK)

  • OrbitRemit (New Zealand)

  • TNG Wallet (Hong Kong)

  • InstaReM (Singapore)

  • Smiles Mobile Remittance (Japan)

  • Avenues India Pvt Ltd (India) and Other Major Players

Key Industry Developments in the Mobile Remittance Service Market:

  • In November 2022, MoneyGram International, Inc. announced a new partnership with Beyond Money, the first financial super app in Bahrain, owned by leading telecommunications company Batelco. Through this partnership with MoneyGram, consumers in Bahrain will be able to use the Beyond Money app to send money in near real-time to over 200 countries and territories around the world.

Global Mobile Remittance Service Market

Base Year:

2022

Forecast Period:

2023-2030

Historical Data:

2017 to 2022

Market Size in 2022:

USD 20581.03 Mn.

Forecast Period 2023-30 CAGR:

15.1%

Market Size in 2030:

USD 63397.14 Mn.

Segments Covered:

By Type

  • Banks
  • Money Transfer Operators

By Application

  • Migrant Labor Workforce
  • Low-income Households
  • Small Businesses

By Region

  • North America (U.S., Canada, Mexico)
  • Eastern Europe (Bulgaria, The Czech Republic, Hungary, Poland, Romania, Rest of Eastern Europe)
  • Western Europe (Germany, UK, France, Netherlands, Italy, Russia, Spain, Rest of Western Europe)
  • Asia Pacific (China, India, Japan, South Korea, Malaysia, Thailand, Vietnam, The Philippines, Australia, New-Zealand, Rest of APAC)
  • Middle East & Africa (Turkey, Bahrain, Kuwait, Saudi Arabia, Qatar, UAE, Israel, South Africa)
  • South America (Brazil, Argentina, Rest of SA)

Key Market Drivers:

  • Rising Smartphone Penetration

Key Market Restraints:

  • Competition from Traditional Remittance Providers

Key Opportunities:

  • Partnering with Other Businesses

Companies Covered in the report:

  • MoneyGram, Currency Cloud, WorldRemit, Flywire, Ripple, and Other Major Players
  1. INTRODUCTION
    1. RESEARCH OBJECTIVES
    2. RESEARCH METHODOLOGY
    3. RESEARCH PROCESS
    4. SCOPE AND COVERAGE
      1. Market Definition
      2. Key Questions Answered
    5. MARKET SEGMENTATION
  2. EXECUTIVE SUMMARY
  3. MARKET OVERVIEW
  4. GROWTH OPPORTUNITIES BY SEGMENT
  5. MARKET LANDSCAPE
    1. PORTER’S FIVE FORCES ANALYSIS
      1. Bargaining Power Of Supplier
      2. Threat Of New Entrants
      3. Threat Of Substitutes
      4. Competitive Rivalry
      5. Bargaining Power Among Buyers
    2. INDUSTRY VALUE CHAIN ANALYSIS
    3. MARKET DYNAMICS
      1. Drivers
      2. Restraints
      3. Opportunities
      4. Challenges
    4. MARKET TREND ANALYSIS
    5. REGULATORY LANDSCAPE
    6. PESTLE ANALYSIS
    7. PRICE TREND ANALYSIS
    8. PATENT ANALYSIS
    9. TECHNOLOGY EVALUATION
    10. MARKET IMPACT OF THE RUSSIA-UKRAINE WAR
      1. Geopolitical Market Disruptions
      2. Supply Chain Disruptions
      3. Instability in Emerging Markets
    11. ECOSYSTEM
  6. MOBILE REMITTANCE SERVICE MARKET BY TYPE (2016-2030)
    1. MOBILE REMITTANCE SERVICE MARKET SNAPSHOT AND GROWTH ENGINE
    2. MARKET OVERVIEW
    3. BANKS
      1. Introduction And Market Overview
      2. Historic And Forecasted Market Size in Value (2016 – 2030F)
      3. Historic And Forecasted Market Size in Volume (2016 – 2030F)
      4. Key Market Trends, Growth Factors And Opportunities
      5. Geographic Segmentation Analysis
    4. MONEY TRANSFER OPERATORS
  7. MOBILE REMITTANCE SERVICE MARKET BY APPLICATION (2016-2030)
    1. MOBILE REMITTANCE SERVICE MARKET SNAPSHOT AND GROWTH ENGINE
    2. MARKET OVERVIEW
    3. MIGRANT LABOR WORKFORCE
      1. Introduction And Market Overview
      2. Historic And Forecasted Market Size in Value (2016 – 2030F)
      3. Historic And Forecasted Market Size in Volume (2016 – 2030F)
      4. Key Market Trends, Growth Factors And Opportunities
      5. Geographic Segmentation Analysis
    4. LOW-INCOME HOUSEHOLDS
    5. SMALL BUSINESSES
  8. COMPANY PROFILES AND COMPETITIVE ANALYSIS
    1. COMPETITIVE LANDSCAPE
      1. Competitive Positioning
      2. Mobile Remittance Service Market Share By Manufacturer (2022)
      3. Industry BCG Matrix
      4. Heat Map Analysis
      5. Mergers & Acquisitions
    2. MOBETIZE CORP.
      1. Company Overview
      2. Key Executives
      3. Company Snapshot
      4. Role of the Company in the Market
      5. Sustainability and Social Responsibility
      6. Operating Business Segments
      7. Product Portfolio
      8. Business Performance (Production Volume, Sales Volume, Sales Margin, Production Capacity, Capacity Utilization Rate)
      9. Key Strategic Moves And Recent Developments
      10. SWOT Analysis
    3. MONEYGRAM (U.S.)
    4. REMITLY (U.S.)
    5. REGALII (U.S.)
    6. FLYWIRE (U.S.)
    7. PAYPAL. (U.S.)
    8. RIA FINANCIAL SERVICES (U.S)
    9. WESTERN UNION HOLDINGS, INC. (U.S)
    10. CURRENCY CLOUD (UK)
    11. AZIMO (UK)
    12. WORLDREMIT (UK)
    13. TRANSFERWISE (UK)
    14. RIPPLE (UK)
    15. TRANSFERGO (UK)
    16. WORLDREMIT (UK)
    17. ORBITREMIT (NEW ZEALAND)
    18. TNG WALLET (HONG KONG)
    19. INSTAREM (SINGAPORE)
    20. SMILES MOBILE REMITTANCE (JAPAN)
    21. AVENUES INDIA PVT LTD (INDIA)
  9. GLOBAL MOBILE REMITTANCE SERVICE MARKET BY REGION
    1. OVERVIEW
    2. NORTH AMERICA
      1. Key Market Trends, Growth Factors And Opportunities
      2. Key Manufacturers
      3. Historic And Forecasted Market Size By Type
      4. Historic And Forecasted Market Size By Application
      5. Historic And Forecasted Market Size By Country
        1. USA
        2. Canada
        3. Mexico
    3. EASTERN EUROPE
      1. Key Market Trends, Growth Factors And Opportunities
      2. Key Manufacturers
      3. Historic And Forecasted Market Size By Segments
      4. Historic And Forecasted Market Size By Country
        1. Russia
        2. Bulgaria
        3. The Czech Republic
        4. Hungary
        5. Poland
        6. Romania
        7. Rest Of Eastern Europe
    4. WESTERN EUROPE
      1. Key Market Trends, Growth Factors And Opportunities
      2. Key Manufacturers
      3. Historic And Forecasted Market Size By Segments
      4. Historic And Forecasted Market Size By Country
        1. Germany
        2. United Kingdom
        3. France
        4. The Netherlands
        5. Italy
        6. Spain
        7. Rest Of Western Europe
    5. ASIA PACIFIC
      1. Key Market Trends, Growth Factors And Opportunities
      2. Key Manufacturers
      3. Historic And Forecasted Market Size By Segments
      4. Historic And Forecasted Market Size By Country
        1. China
        2. India
        3. Japan
        4. South Korea
        5. Malaysia
        6. Thailand
        7. Vietnam
        8. The Philippines
        9. Australia
        10. New-Zealand
        11. Rest Of APAC
    6. MIDDLE EAST & AFRICA
      1. Key Market Trends, Growth Factors And Opportunities
      2. Key Manufacturers
      3. Historic And Forecasted Market Size By Segments
      4. Historic And Forecasted Market Size By Country
        1. Turkey
        2. Bahrain
        3. Kuwait
        4. Saudi Arabia
        5. Qatar
        6. UAE
        7. Israel
        8. South Africa
    7. SOUTH AMERICA
      1. Key Market Trends, Growth Factors And Opportunities
      2. Key Manufacturers
      3. Historic And Forecasted Market Size By Segments
      4. Historic And Forecasted Market Size By Country
        1. Brazil
        2. Argentina
        3. Rest of South America
  10. INVESTMENT ANALYSIS
  11. ANALYST VIEWPOINT AND CONCLUSION
    1. Recommendations and Concluding Analysis
    2. Potential Market Strategies

Global Mobile Remittance Service Market

Base Year:

2022

Forecast Period:

2023-2030

Historical Data:

2017 to 2022

Market Size in 2022:

USD 20581.03 Mn.

Forecast Period 2023-30 CAGR:

15.1%

Market Size in 2030:

USD 63397.14 Mn.

Segments Covered:

By Type

  • Banks
  • Money Transfer Operators

By Application

  • Migrant Labor Workforce
  • Low-income Households
  • Small Businesses

By Region

  • North America (U.S., Canada, Mexico)
  • Eastern Europe (Bulgaria, The Czech Republic, Hungary, Poland, Romania, Rest of Eastern Europe)
  • Western Europe (Germany, UK, France, Netherlands, Italy, Russia, Spain, Rest of Western Europe)
  • Asia Pacific (China, India, Japan, South Korea, Malaysia, Thailand, Vietnam, The Philippines, Australia, New-Zealand, Rest of APAC)
  • Middle East & Africa (Turkey, Bahrain, Kuwait, Saudi Arabia, Qatar, UAE, Israel, South Africa)
  • South America (Brazil, Argentina, Rest of SA)

Key Market Drivers:

  • Rising Smartphone Penetration

Key Market Restraints:

  • Competition from Traditional Remittance Providers

Key Opportunities:

  • Partnering with Other Businesses

Companies Covered in the report:

  • MoneyGram, Currency Cloud, WorldRemit, Flywire, Ripple, and Other Major Players

LIST OF TABLES

TABLE 001. EXECUTIVE SUMMARY
TABLE 002. MOBILE REMITTANCE SERVICE MARKET BARGAINING POWER OF SUPPLIERS
TABLE 003. MOBILE REMITTANCE SERVICE MARKET BARGAINING POWER OF CUSTOMERS
TABLE 004. MOBILE REMITTANCE SERVICE MARKET COMPETITIVE RIVALRY
TABLE 005. MOBILE REMITTANCE SERVICE MARKET THREAT OF NEW ENTRANTS
TABLE 006. MOBILE REMITTANCE SERVICE MARKET THREAT OF SUBSTITUTES
TABLE 007. MOBILE REMITTANCE SERVICE MARKET BY TYPE
TABLE 008. BANKS MARKET OVERVIEW (2016-2028)
TABLE 009. MONEY TRANSFER OPERATORS MARKET OVERVIEW (2016-2028)
TABLE 010. OTHERS MARKET OVERVIEW (2016-2028)
TABLE 011. MOBILE REMITTANCE SERVICE MARKET BY APPLICATION
TABLE 012. APPLICATION A MARKET OVERVIEW (2016-2028)
TABLE 013. APPLICATION B MARKET OVERVIEW (2016-2028)
TABLE 014. APPLICATION C MARKET OVERVIEW (2016-2028)
TABLE 015. NORTH AMERICA MOBILE REMITTANCE SERVICE MARKET, BY TYPE (2016-2028)
TABLE 016. NORTH AMERICA MOBILE REMITTANCE SERVICE MARKET, BY APPLICATION (2016-2028)
TABLE 017. N MOBILE REMITTANCE SERVICE MARKET, BY COUNTRY (2016-2028)
TABLE 018. EUROPE MOBILE REMITTANCE SERVICE MARKET, BY TYPE (2016-2028)
TABLE 019. EUROPE MOBILE REMITTANCE SERVICE MARKET, BY APPLICATION (2016-2028)
TABLE 020. MOBILE REMITTANCE SERVICE MARKET, BY COUNTRY (2016-2028)
TABLE 021. ASIA PACIFIC MOBILE REMITTANCE SERVICE MARKET, BY TYPE (2016-2028)
TABLE 022. ASIA PACIFIC MOBILE REMITTANCE SERVICE MARKET, BY APPLICATION (2016-2028)
TABLE 023. MOBILE REMITTANCE SERVICE MARKET, BY COUNTRY (2016-2028)
TABLE 024. MIDDLE EAST & AFRICA MOBILE REMITTANCE SERVICE MARKET, BY TYPE (2016-2028)
TABLE 025. MIDDLE EAST & AFRICA MOBILE REMITTANCE SERVICE MARKET, BY APPLICATION (2016-2028)
TABLE 026. MOBILE REMITTANCE SERVICE MARKET, BY COUNTRY (2016-2028)
TABLE 027. SOUTH AMERICA MOBILE REMITTANCE SERVICE MARKET, BY TYPE (2016-2028)
TABLE 028. SOUTH AMERICA MOBILE REMITTANCE SERVICE MARKET, BY APPLICATION (2016-2028)
TABLE 029. MOBILE REMITTANCE SERVICE MARKET, BY COUNTRY (2016-2028)
TABLE 030. MOBETIZE CORP.: SNAPSHOT
TABLE 031. MOBETIZE CORP.: BUSINESS PERFORMANCE
TABLE 032. MOBETIZE CORP.: PRODUCT PORTFOLIO
TABLE 033. MOBETIZE CORP.: KEY STRATEGIC MOVES AND DEVELOPMENTS
TABLE 033. REMITLY: SNAPSHOT
TABLE 034. REMITLY: BUSINESS PERFORMANCE
TABLE 035. REMITLY: PRODUCT PORTFOLIO
TABLE 036. REMITLY: KEY STRATEGIC MOVES AND DEVELOPMENTS
TABLE 036. REGALII: SNAPSHOT
TABLE 037. REGALII: BUSINESS PERFORMANCE
TABLE 038. REGALII: PRODUCT PORTFOLIO
TABLE 039. REGALII: KEY STRATEGIC MOVES AND DEVELOPMENTS
TABLE 039. PEERTRANSFER: SNAPSHOT
TABLE 040. PEERTRANSFER: BUSINESS PERFORMANCE
TABLE 041. PEERTRANSFER: PRODUCT PORTFOLIO
TABLE 042. PEERTRANSFER: KEY STRATEGIC MOVES AND DEVELOPMENTS
TABLE 042. CURRENCY CLOUD: SNAPSHOT
TABLE 043. CURRENCY CLOUD: BUSINESS PERFORMANCE
TABLE 044. CURRENCY CLOUD: PRODUCT PORTFOLIO
TABLE 045. CURRENCY CLOUD: KEY STRATEGIC MOVES AND DEVELOPMENTS
TABLE 045. AZIMO: SNAPSHOT
TABLE 046. AZIMO: BUSINESS PERFORMANCE
TABLE 047. AZIMO: PRODUCT PORTFOLIO
TABLE 048. AZIMO: KEY STRATEGIC MOVES AND DEVELOPMENTS
TABLE 048. WORLDREMIT: SNAPSHOT
TABLE 049. WORLDREMIT: BUSINESS PERFORMANCE
TABLE 050. WORLDREMIT: PRODUCT PORTFOLIO
TABLE 051. WORLDREMIT: KEY STRATEGIC MOVES AND DEVELOPMENTS
TABLE 051. TRANSFERWISE: SNAPSHOT
TABLE 052. TRANSFERWISE: BUSINESS PERFORMANCE
TABLE 053. TRANSFERWISE: PRODUCT PORTFOLIO
TABLE 054. TRANSFERWISE: KEY STRATEGIC MOVES AND DEVELOPMENTS
TABLE 054. RIPPLE: SNAPSHOT
TABLE 055. RIPPLE: BUSINESS PERFORMANCE
TABLE 056. RIPPLE: PRODUCT PORTFOLIO
TABLE 057. RIPPLE: KEY STRATEGIC MOVES AND DEVELOPMENTS
TABLE 057. MONEYGRAM: SNAPSHOT
TABLE 058. MONEYGRAM: BUSINESS PERFORMANCE
TABLE 059. MONEYGRAM: PRODUCT PORTFOLIO
TABLE 060. MONEYGRAM: KEY STRATEGIC MOVES AND DEVELOPMENTS

LIST OF FIGURES

FIGURE 001. YEARS CONSIDERED FOR ANALYSIS
FIGURE 002. SCOPE OF THE STUDY
FIGURE 003. MOBILE REMITTANCE SERVICE MARKET OVERVIEW BY REGIONS
FIGURE 004. PORTER'S FIVE FORCES ANALYSIS
FIGURE 005. BARGAINING POWER OF SUPPLIERS
FIGURE 006. COMPETITIVE RIVALRYFIGURE 007. THREAT OF NEW ENTRANTS
FIGURE 008. THREAT OF SUBSTITUTES
FIGURE 009. VALUE CHAIN ANALYSIS
FIGURE 010. PESTLE ANALYSIS
FIGURE 011. MOBILE REMITTANCE SERVICE MARKET OVERVIEW BY TYPE
FIGURE 012. BANKS MARKET OVERVIEW (2016-2028)
FIGURE 013. MONEY TRANSFER OPERATORS MARKET OVERVIEW (2016-2028)
FIGURE 014. OTHERS MARKET OVERVIEW (2016-2028)
FIGURE 015. MOBILE REMITTANCE SERVICE MARKET OVERVIEW BY APPLICATION
FIGURE 016. APPLICATION A MARKET OVERVIEW (2016-2028)
FIGURE 017. APPLICATION B MARKET OVERVIEW (2016-2028)
FIGURE 018. APPLICATION C MARKET OVERVIEW (2016-2028)
FIGURE 019. NORTH AMERICA MOBILE REMITTANCE SERVICE MARKET OVERVIEW BY COUNTRY (2016-2028)
FIGURE 020. EUROPE MOBILE REMITTANCE SERVICE MARKET OVERVIEW BY COUNTRY (2016-2028)
FIGURE 021. ASIA PACIFIC MOBILE REMITTANCE SERVICE MARKET OVERVIEW BY COUNTRY (2016-2028)
FIGURE 022. MIDDLE EAST & AFRICA MOBILE REMITTANCE SERVICE MARKET OVERVIEW BY COUNTRY (2016-2028)
FIGURE 023. SOUTH AMERICA MOBILE REMITTANCE SERVICE MARKET OVERVIEW BY COUNTRY (2016-2028)

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Frequently Asked Questions :

What would be forecast period in the market research report?

The forecast period in the market research report is 2023–2030.

Who are the key players in Mobile Remittance Service market?

Mobetize Corp. (U.S.), MoneyGram (U.S.), Remitly (U.S.), Regalii (U.S.), Flywire (U.S.), PayPal (U.S.), Ria Financial Services (U.S), Western Union Holdings, Inc. (U.S), Currency Cloud (UK), Azimo (UK), WorldRemit (UK), TransferWise (UK), Ripple (UK), TransferGo (UK), WorldRemit (UK), OrbitRemit (New Zealand), TNG Wallet (Hong Kong), InstaReM (Singapore), Smiles Mobile Remittance (Japan), Avenues India Pvt Ltd (India), and Other Major Players

What are the segments of Mobile Remittance Service market?

The Mobile Remittance Service Market is segmented into Type, Application, and region. By Type, the market is categorized into Banks and Money Transfer Operators. By Application, the market is categorized into Migrant Labor Workforce, Low-income Households, and Small Businesses. By region, it is analyzed across North America (U.S.; Canada; Mexico), Eastern Europe (Bulgaria; The Czech Republic; Hungary; Poland; Romania; Rest of Eastern Europe), Western Europe (Germany; UK; France; Netherlands; Italy; Russia; Spain; Rest of Western Europe), Asia-Pacific (China; India; Japan; Southeast Asia, etc.), South America (Brazil; Argentina, etc.), Middle East & Africa (Saudi Arabia; South Africa, etc.).

What is the Mobile Remittance Service market?

A mobile remittance service allows you to send and receive money electronically using a mobile phone. It's a convenient and accessible way to transfer funds without needing to visit a physical location like a bank or money transfer agent. Mobile Remittance Services are used for domestic and international transactions, facilitating peer-to-peer transactions and bill payments.

How big is the Mobile Remittance Service market?

Global Mobile Remittance Service Market size is expected to grow from USD 20581.03 Million in 2022 to USD 63397.14 Million by 2030, at a CAGR of 15.1% during the forecast period (2023–2030).