Market Insights Digital FinTech Digital Payments

Digital Remittances - Bolivia

Bolivia

The [currentlayername] market bolivia is expected to witness significant growth in the coming years.
According to projections, the transaction value in this market is set to reach [revenueyeartoday] by 2024.
Furthermore, it is anticipated that the market will experience an annual growth rate of 9.99% between 2024 and 2028, resulting in a total transaction value of US$117.70m by 2028.
In terms of user base, the number of users in the [currentlayername] market is expected to reach 18.20k users by 2028.
When considering the average transaction value per user, it is projected to amount to US$6.38k in 2024.
From a global perspective, it is worth noting that the highest transaction value in the [currentlayername] market is reached by 0 in 2024.
Bolivia is experiencing a surge in digital remittances as more individuals are turning to online platforms for convenient and secure money transfers.

Key regions: India, China, United States, Japan, Germany

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Analyst Opinion

Currently, the digital remittances market is experiencing significant growth due to the increasing adoption of digital payment solutions and the rising number of migrants across the world. The COVID-19 pandemic has further accelerated this trend as people are increasingly relying on digital channels to send money to their loved ones, especially in countries where traditional brick-and-mortar remittance channels have been disrupted. Mobile wallets, online money transfer platforms, and blockchain-based solutions are among the popular digital remittance options being adopted by consumers.
The growth in the digital remittances market is being driven by various factors, including the increasing adoption of smartphones and internet connectivity, the growing demand for fast, secure, and cost-effective cross-border payment solutions, and the rising number of migrant workers around the world. Additionally, the implementation of favorable government regulations aimed at promoting digital payments and financial inclusion is also fueling the growth of the digital remittances market.
The global digital remittances market is expected to grow positively in the coming years Other key factors driving market growth include the increasing adoption of mobile and online payment platforms, government initiatives to promote digital payments, and the growing use of blockchain technology in the remittance industry.

Methodology

Data coverage:

The data encompasses B2C enterprises. Figures are based on transaction values / revenues / assets under management and user data of relevant services and products offered within the FinTech market.

Modeling approach / Market size:

Market sizes are determined through a combined top-down and bottom-up approach, building on a specific rationale for each market segment. As a basis for evaluating markets, we use annual financial reports of key players, industry reports, third-party reports, publicly available databases, and survey results from primary research (e.g., the Statista Global Consumer Survey). In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, consumer spending, population, internet penetration, smartphone penetration, credit card penetration, and online banking penetration. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the S-curve function and exponential trend smoothing are well suited for forecasting digital products and services due to the non-linear growth of technology adoption.

Additional notes:

The market is updated twice a year in case market dynamics change. The impact of the COVID-19 pandemic and the Russia-Ukraine war is considered at a country-specific level.