Remittance Market Report 2025 (Global Edition)

Global Remittance Market Report 2025 Market Size Split by Remittance channel (Banks, Money Transfer Operator, Others), by End-user (Personal, Businesses, Migrant Labor Workforce, Others), by Applicati...

Remittance Market Report Description

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Remittance Market Insights Video

Competitive Landscape of the Remittance Market

The competitive landscape in the remittance market gives room to a wide array of players: traditional banks, well-established money transfer operators, and innovative FinTech companies. Such institutions compete by offering a variety of services to meet different consumer needs, especially as FinTech solutions win strength for speedier transactions at reduced fees through mobile applications. The regulatory environment, overseen by central banks, offers consumer protection but often puts a damper on the establishment of new market entrants. Looking ahead, with these trends to drive, including growing migration and cross-border e-commerce, the evolution into an even more convenient, efficient, dynamic, and competitive market is underway.

April 2024, MoneyGram International, Inc., a leading global financial technology firm that links communities around the world, today announced a new cooperation with Tencent Financial Technology, Tencent's fintech division. Consumers can now send funds directly to recipients' Weixin Pay wallets via MoneyGram Online, the company's premier direct-to-consumer website and app. Weixin Pay is China's leading payment and digital wallet service. (Source: https://www.aninews.in/news/business/moneygram-announces-new-partnership-with-tencent-financial-technology-to-enable-digital-remittances-to-weixin-pay-wallet-users-across-china20240403101820/) May 2021, Ria Money Transfer In announced the expansion of its distribution network through a strategic partnership with Mooney, one of Italy's leading proximity banking and payment providers. This collaboration enables Ria to bring its core values of ease, simplicity, and value for money to Mooney's nationwide coverage in Italy, which includes roughly 45,000 points of sale and 20 million clients who conduct more than 200 million transactions every year. (Source: https://dailynewspk.com/ria-money-transfer-partners-with-mooney/)

Top Companies Market Share in Remittance Industry: (In no particular order of Rank)

• Western Union Holdings Inc.
• JPMorgan Chase & Co
• MoneyGram.
• UAE Exchange Centre Co.
• Bank of America Corporation
• Wells Fargo
• Wise Payments Limited
• Citigroup Inc
• Ria Financial Services
• Xoom
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*List of Second Tier Companies, List of Third Tier/ Start-up Companies (Inquire with sales executive) Request Any Company Profile for Preview Purpose OR Data Validation!

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Regional Analysis of the Remittance Market

Which Region Dominates the Remittance Market in 2024?

According to Cognitive Market Research, North America dominated the market in 2024. It accounted for around 40% of the global revenue. The dominance might be due to the presence of some major market participants, such as Bank of America Corporation and Citigroup, Inc. Furthermore, fintech businesses in North American countries are aggressively collaborating with established players to harness their strengths.

Which Region is Expanding at the Fastest CAGR?

Asia Pacific stands out as the fastest-growing region in the Remittance market. The growth is likely linked to the fact that the biggest remittance recipient countries, such as India, the Philippines, and China, are in Asia Pacific. Furthermore, several significant competitors from around the world are attempting to seize the thriving regional sector.

The current report Scope analyzes Remittance Market on 5 major region Split (In case you wish to acquire a specific region edition (more granular data) or any country Edition data then please write us on info@cognitivemarketresearch.com

• North America (United States, Canada, Mexico)
• Europe (United Kingdom, France, Germany, Italy, Russia, Spain, Sweden, Denmark, Netherlands, Switzerland, Belgium)
• Asia-Pacific (China, Japan, Korea, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest of APAC)
• South America (Brazil, Argentina, Colombia, Peru, Chile, Rest of South America)
• Middle East and Africa (Saudi Arabia, Turkey, Nigeria, UAE, Egypt, South Africa, GCC Countries, Rest of MEA)

The above graph is for illustrative purposes only.

North America Remittance Market

According to Cognitive Market Research, the global Remittance market size was estimated at USD 812421.6 Million, out of which North America held the major market share of more than 40% of the global revenue with a market size of USD 324968.64 million in 2024 and will grow at a compound annual growth rate (CAGR) of 4.2% from 2024 to 2031.

• According to Cognitive Market Research, the US had a major share in the Remittance market with a market size of USD 256400.26 million in 2024 and is projected to grow at a CAGR of 4.0% during the forecast period. The US has a well-developed financial infrastructure that supports remittance services.
• The Canada Remittance market had a market share of USD 38996.24 million in 2024 and is projected to grow at a CAGR of 5.0% during the forecast period. the Canadian government has been promoting financial inclusion and access to banking services.
• The Mexico Remittance market is projected to witness growth at a CAGR of 4.7% during the forecast period, with a market size of USD 29572.15 million in 2024.

Europe Remittance Market

According to Cognitive Market Research, the global Remittance market size was estimated at USD 812421.6 Million, out of which Europe held the market share of more than 30% of the global revenue with a market size of USD 243726.48 million in 2024 and will grow at a compound annual growth rate (CAGR) of 4.5% from 2024 to 2031.

• The United Kingdom Remittance market had a market share of USD 40946.05 million in 2024 and is projected to grow at a CAGR of 5.3% during the forecast period. In the UK, Remittance sales witness an upswing due to the increasing number of immigrants.
• The France Remittance market is projected to witness growth at a CAGR of 3.7% during the forecast period, with a market size of USD 22422.84 million in 2024.
• According to Cognitive Market Research, the German Remittance market size was valued at USD 48257.84 million in 2024 and is projected to grow at a CAGR of 4.7% during the forecast period. In Germany, Remittance surged due to advancements in technology.
• The Italy Remittance market is projected to witness growth at a CAGR of 3.9% during the forecast period, with a market size of USD 20960.48 million in 2024.
• The Russia Remittance market is projected to witness growth at a CAGR of 3.5% during the forecast period, with a market size of USD 37777.60 million in 2024.
• The Spain Remittance market is projected to witness growth at a CAGR of 3.6% during the forecast period with a market size of USD 19985.57 million in 2024
• The Luxembourg Remittance market is projected to witness growth at a CAGR of 4.6% during the forecast period, with a market size of USD 7555.52 million in 2024.
• The Portugal Remittance market is projected to witness growth at a CAGR of 4.3% during the forecast period, with a market size of USD 5118.26 million in 2024.
• The Greece Remittance market is projected to witness growth at a CAGR of 4.8% during the forecast period, with a market size of USD 2924.72 million in 2024.
• Rest of Europe's Remittance market is projected to witness growth at a CAGR of 3.2% during the forecast period, with a market size of USD 37777.60 million in 2024.

Asia Pacific Remittance Market

According to Cognitive Market Research, the global Remittance market size was estimated at USD 812421.6 Million, out of which Asia Pacific held the market share of around 23% of the global revenue with a market size of USD 186856.97 million in 2024 and will grow at a compound annual growth rate (CAGR) of 8.0% from 2024 to 2031.

• According to Cognitive Market Research, the China Remittance market size was valued at USD 84085.64 million in 2024 and is projected to grow at a CAGR of 7.5% during the forecast period. Remittance surged in China due to the rapid development of digital payment platforms.
• The Japan Remittance market is projected to witness growth at a CAGR of 6.5% during the forecast period, with a market size of USD 25786.26 million in 2024.
• The India Remittance market had a market share of USD 22422.84 million in 2024 and is projected to grow at a CAGR of 9.8% during the forecast period. India's strong economic growth.
• The South Korean Remittance market is projected to witness growth at a CAGR of 7.1% during the forecast period, with a market size of USD 18685.70 million in 2024.
• The Australian Remittance market is projected to witness growth at a CAGR of 7.7% during the forecast period, with a market size of USD 9716.56 million in 2024.
• The South East Asia Remittance market is projected to witness growth at a CAGR of 9.0% during the forecast period, with a market size of USD 12893.13 million in 2024.
• The Rest of Asia Pacific Remittance market is projected to witness growth at a CAGR of 7.8% during the forecast period, with a market size of USD 13266.84 million in 2024.

South America Remittance Market

According to Cognitive Market Research, the global Remittance market size was estimated at USD 812421.6 Million, out of which Latin America held the market share of around 5% of the global revenue with a market size of USD 40621.08 million in 2024 and will grow at a compound annual growth rate (CAGR) of 5.4% from 2024 to 2031. .

• According to Cognitive Market Research, the Brazil Remittance market size was valued at USD 17385.82 million in 2024 and is projected to grow at a CAGR of 6.0% during the forecast period. Remittances flourished in Brazil due to the large immigrant community.
• Argentina's Remittance market had a market share of USD 6824.34 million in 2024 and is projected to grow at a CAGR of 6.3% during the forecast period. Argentina's technological advancements.
• Colombia Remittance market is projected to witness growth at a CAGR of 5.2% during the forecast period, with a market size of USD 3615.28 million in 2024.
• Peru Remittance market is projected to witness growth at a CAGR of 5.6% during the forecast period, with a market size of USD 3330.93 million in 2024.
• Chile Remittance market is projected to witness growth at a CAGR of 5.7% during the forecast period, with a market size of USD 2924.72 million in 2024.
• The Rest of Latin America's Remittance market is projected to witness growth at a CAGR of 4.5% during the forecast period, with a market size of USD 6539.99 million in 2024.

Middle East Remittance Market

According to Cognitive Market Research, the global Remittance market size was estimated at USD 812421.6 Million, out of which the Middle East and Africa held the major market share of around 2% of the global revenue with a market size of USD 16248.43 million in 2024 and will grow at a compound annual growth rate (CAGR) of 5.7% from 2024 to 2031..

• The GCC Countries Remittance market is projected to witness growth at a CAGR of 6.5% during the forecast period, with a market size of USD 6954.33 million in 2024. Remittance sales flourish due to economic opportunities.
• The Egypt Remittance market is projected to witness growth at a CAGR of 6.0% during the forecast period, with a market size of USD 1706.09 million in 2024.
• The South African remittance market is projected to witness growth at a CAGR of 6.7% during the forecast period, with a market size of USD 2567.25 million in 2024. Remittance sales flourish in South Africa due to access to financial services.
• The Turkey Remittance market is projected to witness growth at a CAGR of 5.2% during the forecast period, with a market size of USD 1397.37 million in 2024.
• The Nigeria Remittance market is projected to witness growth at a CAGR of 4.8% during the forecast period, with a market size of USD 1706.09 million in 2024.
• The Rest of MEA Remittance market is projected to witness growth at a CAGR of 4.7% during the forecast period, with a market size of USD 1917.31 million in 2024.

Remittance Market Analysis

Remittance Market Remittance channel Segment Analysis

According to Cognitive Market Research, the money transfer operators segment generated the most income in 2023. Bank fees vary depending on where consumers send money and the specific policies of each bank. On the other hand, some money transfer services charge a set rate regardless of the transfer's destination.

The other segment is expected to experience a considerable increase during the forecast period. The segment's rise is due to the fact that online platforms save a significant amount of time. People no longer have to stand in queues, write checks, or wait for paper banknotes, nor do they have to wait for banks to clear their checks before they can access the funds.

The above Chart is for representative purposes and does not depict actual sale statistics. Access/Request the quantitative data to understand the trends and dominating segment of Remittance Industry. Request a Free Sample PDF!

Remittance Market End-user Segment Analysis

According to Cognitive Market Research, the personal segment dominated the remittance market share in 2023 and is expected to continue this trend throughout the forecast period, owing to the increased use of digital payment channels and mobile money services, which have made it easier and more convenient for individuals to send money to loved ones across borders.

The business segment is predicted to grow significantly in the next years because of an increase in the usage of digital methods to collect money from clients overseas.

The above Graph is for representation purposes only. This chart does not depict actual Market share.

Remittance Application Segment Analysis

Remittance Market Application Segment Analysis

According to Cognitive Market Research, consumption is the dominant component in the remittance industry, as the majority of funds are sent home for immediate use on daily needs like food, housing, and education. This part is critical for assisting families and communities in recipient nations.

Savings is frequently the fastest increasing sector. As financial literacy increases and more people realize the value of saving for the future, there is a noticeable increase in transfers to savings accounts or investment opportunities. This shift reflects an increasing trend among recipients to use remittances for more than just consumption, such as building financial security and investing in long-term assets.

• Consumption
• Savings
• Investment

Remittance Type Segment Analysis

• Inward Remittance
• Outward Remittance

Remittance Mode of Transfer Segment Analysis

• Digital
• Traditional (Non-digital)

Author's Detail

Swasti Dharmadhikari

Research associate at Cognitive Market Research

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Swasti Dharmadhikari, an agile and achievement-focused market researcher with an innate ardor for deciphering the intricacies of the Service & Software sector. Backed by a profound insight into technology trends and consumer dynamics, she has committed herself to meticulously navigating the ever-evolving terrain of digital Services and software solutions.

Author's Conclusion