International digital remittances to reach USD 525 bln by 2024

Monday 10 June 2019 10:30 CET | News

According to Juniper Research, international digital remittances will reach USD 525 billion by 2024, up from an estimated USD 332 in 2019.

The new research, Digital Money Transfer & Remittances: Domestic & International Markets 2019-2024, shows that the mobile channel will account for 41% of international digital money transfers by volume in 2024, up from 33% in 2019.

Other key findings of the research:

  • blockchain-based payments have the potential to increase digital payments further

  • by utilising a blockchain-powered network, operators can offer their users a much faster, and more transparent service;

  • in order to succeed, blockchain platforms must focus on gaining as many partners as possible to increase the reach of their networks;

  • the rise of fintech players has meant that traditional players have had to evolve rapidly, with Western Union and MoneyGram both focusing on digital strategies going forward.

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Keywords: Juniper Research, digital remittance, money transfer, blockchain
Countries: World