Quarterly market share of outgoing digital remittances in Canada 2016-2024

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Aug 20, 2024

The share of digital remittances leaving Canada was slightly higher in 2024 than in previous years, taking up the majority of money transfers. This is according to a custom-made calculation from Statista, based on the number of reported remittance channels going away from Canada. The three countries Canada sends the highest value of remittances include India, the Philippines, and China. Remittances are a relatively uncharted topic, though. While figures exist on the total traffic between individual countries ("corridors"), exact numbers on how much of this comes from banks, money transfer organizations (MTOs), or digital sources (blockchain, etc.) is typically not known. All figures on remittances are therefore estimates.

Share of digitally initiated remittances in Canada from 2nd quarter 2016 to 1st quarter 2024, based on remittance outflow towards any other country

Characteristic	Traditionally initiated	Digitally initiated	Digital end-to-end
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Statistic: Share of digitally initiated remittances in Canada from 2nd quarter 2016 to 1st quarter 2024, based on remittance outflow towards any other country

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Release date

July 2024

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Region

Canada

Survey time period

Q2 2016 to Q1 2024

Special properties

Figures are based on the remittance channels that exist in a remittance sending and/or receiving country; See the "Details" tab for more information on the categorization

Supplementary notes

The figures provided have been calculated by Statista based off the Remittance Prices Worldwide from the World Bank and a methodology shared in a report from the OMFIF. This source reports the remittance channels that exist in a remittance sending and/or receiving country. The figures are shown are therefore not based off the number of remittances or the transaction value of remittances.

The categorization originally stems from a graphic made by Visa's VEEI, which was quoted in the aforementioned 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 World Bank launched a work group in 2023 to standardize remittance data in the future and better map out the topic. This includes an attempt at providing more detailed remittance flow information. The initial results of this work group are expected in the second half of 2024. More information can be found here.

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