Mobile Remittance Service Global Market Report 2024

The mobile remittance service market size has grown rapidly in recent years. It will grow from $24.83 billion in 2023 to $24.83 billion in 2024 at a compound annual growth rate (CAGR) of 29.83%. The expansion observed in the historical period can be attributed to several factors. These include the rise in adoption of cloud-based technology, an increase in mobile penetration, minimal administration and operational costs associated with cloud solutions, enhanced transparency among cloud service providers, as well as the horizontal and vertical scalability offered by cloud computing platforms.

The mobile remittance service market size is expected to see rapid growth in the next few years. It will grow to $55.89 billion in 2028 at a compound annual growth rate (CAGR) of 17.7%. The anticipated growth in the forecast period can be attributed to several factors. These include the rise of contactless payments, a heightened focus on user experience, the continued growth of mobile wallets, the emergence of decentralized finance (DeFi), and an increased emphasis on data security measures. Major trends expected in the forecast period include the integration of artificial intelligence (AI) and machine learning technologies, the adoption of blockchain technology, enhanced regulatory support for fintech innovations, expansion of financial inclusion initiatives, and the growth of peer-to-peer (P2P) payment systems.

The anticipated growth of the mobile remittance service market is driven by the increasing penetration of smartphones. Smartphone penetration, denoting the percentage of individuals within a specific population who own and utilize smartphones, serves as a key indicator of smartphone adoption within a region or demographic. The upward trajectory in smartphone penetration is fueled by factors such as growing affordability, spurred by economies of scale, fierce competition among manufacturers, and the availability of cost-effective smartphone models. Mobile remittance services leverage the capabilities of smartphones to offer users convenience, accessibility, speed, security, and cost-effectiveness in transferring funds both domestically and internationally. These services often incorporate features such as real-time tracking and notifications, empowering senders and recipients to monitor the status of their transactions closely. For instance, data from the Department of Telecommunications under Vietnam's Ministry of Information and Communications (MIC) in April 2022 revealed that Vietnam witnessed a notable increase in smartphone subscribers, reaching 91.3 million in 2021, with an additional 2 million subscribers by the end of March 2022, totaling 93.5 million subscribers. Consequently, smartphone penetration emerges as a pivotal driver propelling the growth of the mobile remittance service market.

Leading players in the mobile remittance service market are augmenting their existing portfolios by integrating advanced technological features such as international remittance to bolster profitability in this dynamic landscape. International remittance, encompassing the movement of funds between countries for various purposes such as supporting family members, funding education expenses, or facilitating cross-border business transactions, holds significant appeal for individuals and businesses alike. For instance, in July 2023, OMPay, a financial technology service company based in Oman, introduced a new feature for international remittance to its mobile application, OMPay's Digital Wallet. Tailored to cater to the diverse population of the country, this feature delivers convenient payment solutions, enabling users to conduct international payments across nine countries seamlessly. The feature offers multiple options for recipients, including cash pickup or direct transfer to their digital wallets or bank accounts. Particularly beneficial for students and families residing abroad, this functionality enables efficient money transfers, bypassing travel and service fees while accessing competitive exchange rates through OMPay.

In February 2024, Digital Wallet Corporation, a Japanese financial technology firm, finalized the acquisition of Seven Global Remit Ltd. for an undisclosed sum. This strategic acquisition sees Seven Global Remit Co. Ltd. transferring its shares to Digital Wallet Corporation. Additionally, Seven Bank and Digital Wallet have entered into an ATM partnership agreement aimed at enhancing financial accessibility for foreign residents in Japan. Under this agreement, foreign residents can deposit funds at any Seven Bank ATM and promptly initiate worldwide fund transfers through Digital Wallet's Smiles mobile remittance service. Seven Global Remit Ltd., a Japan-based financial services company operating Sendy, an international remittance service, adds valuable expertise and resources to Digital Wallet Corporation's portfolio, positioning the company for further growth and innovation within the mobile remittance service market.

Major companies operating in the mobile remittance service market are PayPal Holdings Inc., The Western Union Company, Zeepay Company Limited, Toast Inc., 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, Mobetize Corp., Monty Global Payments S.A.U., Avenues India Pvt Ltd, Digital Wallet Corporation, 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 2023. The regions covered in the mobile remittance service market report are Asia-Pacific, 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, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Mobile remittance service entails the digital exchange and storage of money through mobile money accounts, facilitated by a network of mobile money agents. These services allow users to efficiently send money globally, facilitating fast and secure transactions for cross-border business activities.

The primary types of mobile remittance services include inward digital remittance and outward digital remittance. Inward digital remittance involves the secure transfer of funds into a bank account via digital channels, primarily utilized for international transactions. Various channels, such as banks, money transfer operators, and online platforms, cater to different applications, including support for migrant labor workforces, low-income households, small businesses, and other segments.

The mobile remittance service market research report is one of a series of new reports that provides mobile remittance service market statistics, including mobile remittance service industry global market size, regional shares, competitors with a mobile remittance service market share, detailed mobile remittance service market segments, market trends and opportunities, and any further data you may need to thrive in the mobile remittance service industry. This mobile remittance service market research report delivers a complete perspective on everything you need, with an in-depth analysis of the current and future scenarios of the industry.

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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