Mobile Remittance Service Market Report 2026

The mobile remittance service market size has grown rapidly in recent years. It will grow from $34.16 billion in 2025 to $40.2 billion in 2026 at a compound annual growth rate (CAGR) of 17.7%. The growth in the historic period can be attributed to growth in global migrant workforce, expansion of mobile money agent networks, increasing demand for fast remittance services, rising cross-border trade activities, growth of digital financial services.

The mobile remittance service market size is expected to see rapid growth in the next few years. It will grow to $72.8 billion in 2030 at a compound annual growth rate (CAGR) of 16%. The growth in the forecast period can be attributed to increasing regulatory support for digital remittances, rising adoption of blockchain-enabled transfers, expansion of mobile wallet ecosystems, growing demand for low-fee remittance solutions, increasing smartphone and internet penetration. Major trends in the forecast period include increasing adoption of mobile-based cross-border transfers, rising use of digital wallet remittances, growing integration of real-time payment systems, expansion of low-cost international transfer services, enhanced focus on transaction security.

The rapid growth in smartphone penetration is expected to drive the expansion of the mobile remittance service market in the coming years. Smartphone penetration refers to the proportion of individuals within a given population who own and actively use smartphones, reflecting the extent of smartphone adoption across regions or demographic groups. The increase in smartphone penetration is attributed to improved affordability and broader availability, supported by advancements in manufacturing, competitive pricing strategies, and the development of supportive digital infrastructure policies. Mobile remittance services facilitate financial transactions by delivering convenience, accessibility, speed, security, and cost efficiency for domestic and international money transfers, allowing users to send and receive funds quickly and monitor transactions in real time. For instance, in October 2023, according to the Global System for Mobile Communications Association (GSMA), a UK-based global industry organization, 54% of the world’s population, or approximately 4.3 billion people, owned a smartphone. Therefore, the rapid expansion of smartphone penetration is driving the growth of the mobile remittance service market.

Major companies operating in the mobile remittance service market are enhancing their current portfolio by adding advanced technological features such as international remittance to increase their profitability in this market. International remittance refers to the movement of funds between countries, conducted by individuals or businesses, and used for purposes such as supporting family members, education expenses, or cross-border business transactions. For instance, in July 2023, OMPay, an Oman-based financial technology service company, unveiled a new feature of international remittance to its mobile application, OMPay's Digital Wallet. The new feature is designed to serve the diverse population of the country by providing convenient payment services. It enables users to send and receive payments internationally in nine countries, offering options for cash pickup or direct transfer to recipients' digital wallets or bank accounts. This functionality is especially advantageous for students and families overseas, as it allows them to send money efficiently, bypassing travel and service fees, and accessing competitive exchange rates through OMPay.

In February 2024, Digital Wallet Corporation, a Japan-based financial technology company acquired Seven Global Remit Ltd. for an undisclosed amount. Through this acquisition, Seven Global Remit Co. Ltd. handed over its shares to Digital Wallet. Additionally, Seven Bank and Digital Wallet have forged an ATM partnership agreement to improve financial accessibility for foreign residents in Japan by allowing them to deposit money at any Seven Bank ATM and promptly send funds worldwide through Digital Wallet's Smiles mobile remittance service. Seven Global Remit Ltd. is a Japan-based financial service company that runs Sendy, an international remittance service.

Major companies operating in the mobile remittance service market are PayPal Holdings Inc., The Western Union Company, Zeepay Company Limited, Ria Financial Services Inc., MoneyGram International Inc., Wise Group Limited, Remitly Global Inc., Payoneer Inc., Zepz Group Limited, Flywire Corporation, OFX Group Limited, CurrencyFair Ltd., TransferGo Ltd., Currencycloud Limited, InstaReM Pte. Limited, Azimo Limited, TNG Wallet, Monty Global Payments S.A.U., Avenues India Pvt Ltd, OrbitRemit Global Money Limited, USSC Acquisition Corp. (USSC), Mobile Money Network Ltd.

Asia-Pacific was the largest region in the mobile remittance service market in 2025. The regions covered in the mobile remittance service market report are Asia-Pacific, South East Asia, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the mobile remittance service market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Taiwan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The mobile remittance service market consists of revenues earned by entities by providing services such as bill payments, bank deposits, and international money transfers. The market value includes the value of related goods sold by the service provider or included within the service offering. The mobile remittance service market also includes sales of mobile devices, such as smartphones, tablets, chip readers, card swipers, card readers and mobile payment terminals. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

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