Skip to main content

Digital Money Transfer will Reach $525 Billion by 2024

The World Bank estimates that remittance flows to low- and middle-income countries reached $529 billion in 2018, an increase of 9.6 percent over the previous record high of $483 billion in 2017. All global remittances -- including money transfer flows to high-income countries -- reached $689 billion in 2018.

Mobile and online (digital) money transfer offerings will continue to transform the market. New technologies, such as blockchain, will further accelerate the trend.

Money Transfer Market Development

According to the latest worldwide market study by Juniper Research, international digital remittances will reach $525 billion by 2024 -- that's up from an estimated $332 in 2019.

The mobile channel will become increasingly popular; accounting for 41 percent of international digital money transfers by volume in 2024 -- that's up from 33 percent in 2019.

Meanwhile, blockchain-based payments have the potential to increase digital payments further, as the technology has a high possibility of disrupting existing business models.

Juniper recommends that traditional money transfer operators aggressively pursue partnerships to effectively leverage blockchain technologies for future transformation.


According to the Juniper assessment, by utilizing a blockchain-powered network, operators can offer their customers a much faster, cheaper and more transparent service.

Solutions such as RippleNet and IBM Blockchain World Wire are set to transform the sector, by connecting diverse sets of partners in different markets to enable more effective payments.

This is an opportunity for traditional money transfer operators to change the way they operate -- reorienting their business models around the inherent benefits that blockchain enables.

The rise of fintech players -- such as TransferWise and WorldRemit -- has meant that traditional money transfer operators have had to evolve rapidly, with Western Union and MoneyGram both focusing on digital strategies going forward.

Outlook for Digital Money Transfer Apps

However, mere digitization of strategies is not sufficient. Juniper found that fintech players offer a superior user experience, with heightened transparency on fees a crucial differentiator.

"While traditional operators have launched digital solutions, they have yet to adopt transparent pricing of transfers. Unless operators accept this requirement, they will continue to lose market share. Innovation must be the number one priority," said Nick Maynard, senior analyst at Juniper Research.

Popular posts from this blog

Digital Transformation for the Oil and Gas Sector

The savvy CEOs of multinational organizations will accelerate their investment in digital transformation projects in 2022, and beyond, to improve their competitiveness. Every industry leader that is forward-looking will act swiftly to grasp the upside opportunity. Global oil & gas companies face a myriad of operational, commercial, and existential security threats. According to the latest worldwide market study by ABI Research, oil & gas firms apply digitalization to combat these threats and will spend $15.6 billion on digital technologies by 2030. Oil & Gas Digital Apps Market Development Investments in digitalization can help to analyze a supply pipeline’s condition, prepare for fluctuations in the changing prices for oil and gas, as well as aid action plans to create more sustainable operations and transfer to producing renewable energy sources. "Safety and Security are top priorities for oil & gas operators. Data analytics allied with IoT platforms have become

The Fastest-Growing Mobile Opportunity in 2022

The number of mobile communication subscriptions worldwide is currently estimated at 8 billion, with 6 billion on smartphone connections, from a user base of 5.9 billion unique subscribers among a global population of 7.9 billion. Fifth-generation (5G) mobile service subscriptions using a compatible device significantly grew during the COVID-19 pandemic, but 4G connections remain the dominant force within the global telecom service provider sector. While the use of mobile phones is common throughout developing nations, 4G services are still an emerging technology in many parts of the world. Overall, 5G subscriptions will likely grow from 580 million at the end of 2021 to 3.5 billion by the end of 2026. 5G Mobile Market Development According to the latest worldwide market study by Juniper Research, revenue generated from 5G mobile services will reach $600 billion by 2026 -- representing 77 percent of global network operator-billed revenue. The adoption of 5G services across consumer and

2022 Tech Trends Outlook: What Happens Next?

This year may very well be another period of unprecedented challenges and opportunities. In 2022, several highly anticipated technology-related advancements will NOT happen, according to the predictions by ABI Research. Their analysts identify many trends that will shape the technology market and some others that, although attracting huge amounts of pundit speculation and commentary, are less likely to advance rapidly over the next twelve months. "The fallout from COVID-19 prevention measures, the process of transitioning from pandemic to endemic disease, and global political tensions weigh heavily on the coming year's fortunes," said Stuart Carlaw, chief research officer at ABI Research . What Won’t Happen in 2022? Despite all the headlines and investments, the metaverse will not arrive in 2022 or, for that matter, within the typical 5-year forecast window. The metaverse is still more of a buzzword and vision than a fully-fledged end goal with a clearly defined arrival d