Digital remittances to rise by 21%

Global cross country digital remittances are expected to  rise by 21% in 2020 according to a report by Statistica. The report takes stock of money sent by individuals from one country to another and excludes domestic exchanges. It estimates the average value of transactions to be US$95,959m with the number of users of digital remittance services users expected to reach 13.2m by 2023. The average value of transaction  pers user is US$11,233.2.

Digital remittances are typically used by migrants to send money back home. The report notes that in 2019, a significant 32.3% of users of the services were aged 25-34 years . While users have traditionally used Western Union, Moneygram, banks and postal fintech companies are increasing providing these services.