Digital Remittances - Georgia | Statista Market Forecast

Transaction value in the Digital Remittances market is projected to reach US$23.32m in 2024.
Transaction value is expected to show an annual growth rate (CAGR 2024-2028) of 8.26% resulting in a projected total amount of US$32.04m by 2028.
In the Digital Remittances market, the number of users is expected to amount to 5.14k users by 2028.
The average transaction value per user in the Digital Remittances market is expected to amount to US$6.21k in 2024.
From a global comparison perspective it is shown that the highest transaction value is reached 0.0 (0.0 in 2024).

Definition:

Digital Remittances refer to the electronic transfer of money from one person or entity to another, typically across international borders. The transfers are made via online platforms, mobile apps, and other digital channels that allow individuals to send and receive money quickly and securely. The target users of these services are usually migrant population. Remittances in general include periodic fund transfers between residents and non-residents and earnings transfer from short-time workers from other countries to their country of origin. Digital remittances are becoming more and more popular due to their convenience, cost-effectiveness, and speed when compared to traditional methods such as wire transfers. Additionally, digital remittances can also provide increased transparency and security, as well as the ability to track transactions in real-time.

Additional Information:

Key players in this are market Wise, Remitly and Xoom.

Online cross-border payments and remittance sending
Money transfers processed by online-pure players (e.g. TransferWise)
Transaction value equals money transfers out of the selected region

Payments via social networks
Domestic payments and bill splitting services
Cross-border payments via traditional service providers (banks, post offices & Western Union, MoneyGram)

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.

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.

This report presents a comprehensive analysis and additional information on the Digital market, in a PDF format.