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Global Remittances Forecast 2023

How the Industry Is Tackling Threats—and Finding Opportunities—in Digital Transformation

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About This Report
Digitization has reduced consumers’ remittances costs worldwide, reshaping the competitive battlefield. Money transfer operators must follow new playbooks to monetize this $800 billion market.
Table of Contents

Executive Summary

Digital transformation has upended the global remittance market, thereby pressuring consumer pricing, reshaping the competitive battlefield, and creating new playbooks for traditional money transfer operators.

Scroll on to learn about:

  • The size the of global remittance payments opportunity
  • The major established and emerging brands fighting for share
  • Key funding methods—from cards to cash—and their growth trajectory
  • Technological innovations that are driving business upheaval

Key Question: How can money transfer operators (MTOs) monetize digital disruption?

KEY STAT: Even while consumers’ remittance costs continue to decline overall, the pricing advantage held by digital-only MTOs is narrowing—which could reinvigorate competition from traditional MTOs.

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Table of Contents

  1. Executive Summary
  2. Remittances are set to surpass $800 billion in volume, but pricing is pressuring revenues.
  3. Digitization is transforming the global remittance landscape.
  4. Digitization reshuffles MTO revenue growth in upstarts’ favor.
  1. Digital funding methods are growing—but cash still reigns.
  2. Digital pricing is losing its edge, shifting the battleground.
  3. Digital wallets hold promise—but consumers want physical touchpoints.
  4. What does it all mean for MTOs?
  1. Sources
  2. Media Gallery

authors

David Morris

Contributors

Eleni Digalaki
Principal Analyst
Melissa Rosenberg
Senior Researcher
Jaime Toplin
Senior Analyst
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