Digital remittance share 2016-2023

Digital remittances are estimated to make up nearly half of all remittances worldwide in 2023, with a growing market share being exclusively performed online. This is according to a model that tries to map out the market share of digital remittances worldwide, a cross-border payments topic that increasingly gained attention after the coronavirus pandemic. The original source observes, however, that such digital money transfers were still relatively small in early 2023. It especially looks at the high costs of cash-initiated remittances, but it also hopes future innovation may help improve cross-border payments in general.

Share of digitally initiated remittances across the world from 2nd quarter of 2016 to 3rd quarter of 2023

Characteristic	Traditionally initiated	Digitally initiated	Digital end-to-end
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Release date

January 2024

More information

Region

Worldwide

Survey time period

September 2023

Special properties

See the "Details" tab for more information on the categorization

Supplementary notes

The categorization originally stems from a graphic made by Visa's VEEI, which was quoted in a report from the OMFIF. Statista continued said categorization. The categories indicate the following:

Traditionally initiated: The payment instrument that initiates the remittance involves either cash or a bank account, while the pickup method can be anything;
Digitally initiated: The payment instrument that initiates the remittance is either a credit/debit/prepaid card, or another digital method that is not a bank account. However, the pickup method only involves cash;
Digital end-to-end: The payment instrument that initiates the remittance is either a credit/debit/prepaid card, or another digital method that is not a bank account. However, the pickup method involves either a bank account or other cashless payment instruments.

Missing percentage points to 100 percent are probably due to rounding.

The figures are based off reported remittance channels found in specific countries. It is possible that the distribution changes as the World Bank expands its country coverage over time. As of Q3 2023, the 49 countries that are involved in these figures are: Angola, Australia, Austria, Bahrain, Belgium, Brazil, Cameroon, Canada, Chile, Costa Rica, Czechia, Dominican Republic, France, Germany, Ghana, India, Israel, Italy, Ivory Coast, Japan, Jordan, Kenya, Kuwait, Malaysia, Netherlands, New Zealand, Nigeria, Norway, Oman, Pakistan, Portugal, Qatar, Russia, Rwanda, Saudi Arabia, Senegal, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Tanzania, Thailand, Turkey, United Arab Emirates, United Kingdom, United States.

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