A new study from Juniper Research has found the volume of digital domestic money transfer payments will exceed 300 billion globally for the first time in 2026, from 207 billion in 2022, representing a growth of nearly 50%.
Key Drivers Superapps, where multiple services, including payment and financial transaction processing, are available in one app, are driving the digitisation of previously cash-based payments by including messaging and access to other services alongside payments. To find out more, see full research Digital Money Transfer Remittances Key Trends, Competitor Leaderboards Market Forecasts 2022-2027.
Download the free whitepaper Three Key Trends Transforming Digital Money Transfer China, US and India to Account for 74% of Global Transactions by 2026. The research predicts the top three countries will account for just under 74% of global digital domestic money transfer transactions in 2026, identifying the top three markets for usage as 1. China 2. US 3. India.
The appeal of social payments, where payments are integrated into social platforms, has driven transactions in these three countries. WeChat Pay in China and Venmo in the US were cited by the research as examples of how social payments are driving domestic money transfers. The report recommends money transfer vendors identify the most popular social platforms in each country and aim to create partnerships that enable social payments.
Research co-author Damla Sat explained that money transfer vendors should focus on the highest growth markets to secure the best return on investment, with Latin America and West Europe having the strongest forecast growth rates. Differentiation Challenging in a Highly Competitive Market The research identified differentiation as a key challenge for money transfer apps, particularly given the highly competitive market landscape.
Written by: Supaporn Pholrach (Joom)
