Nick Maynard

Recent findings from England-based Juniper Research has shown that international digital remittances will shoot up to $525 billion in 2020 from $332 (estimated) in 2019.

Their new research, Digital Money Transfer & Remittances: Domestic & International Markets 2019-2024, states the potential increase in mobile channel’s popularity, accounting for 41% of international digital money transfers by volume in 2024. The blockchain powered network shows a similar, if not equal, potential with a need to connect to a diverse set of partners for the enablement of effective payments.

Research author Nick Maynard explained: “While traditional operators have launched digital solutions, they have yet to adopt transparent pricing of transfers. Unless operators accept this requirement, they will continue to lose market share. Innovation must be the number one priority.”

The research has pointed out the digitization strategies adopted by fintech players such as TransferWise and WorldRemit which allows them to offer better consumer experience and transparency.

Established in 2001, Juniper Research provides research and analytical services to the global hi-tech communications sector; providing consultancy, analyst reports and industry commentary.

by Megha Bhattacharya
Market Analyst at IBS Intelligence