Remittance market to grow by $38.2B

The global remittance market is expected to grow by $38.2 billion from 2023 to 2027, according to research from Technavio. It will also grow at a compound annual growth rate of 10.55% during the period, according to a press release.

Digital banking is driving market growth, which enables money transfers through online banking or ATMs. Mobile wallets and blockchain solutions are also emerging trends in the market.

The North American market will see significant growth during the forecasted period, but other markets are also expected to grow, such as India, Mexico and Brazil due to government digital payment initiatives, including the Digital India and BHIM app and the Brazilian Instant Payment Scheme.

Despite these trends, the market is also facing challenges from illegal activities, such as money laundering, terrorism funding and tax evasion.

Source: ATM Marketplace