Market Forecast By Type (Inward Digital Remittance, Outward Digital Remittance), By Channel (Banks, Money Transfer Operators, Online Platforms, Others), By End-use (Migrant Labor Workforce, Personal, Small Businesses, Others) And Competitive Landscape
Product Code: ETC420740 | Publication Date: Aug 2023 | Updated Date: Apr 2025 | Product Type: Market Research Report | |
Publisher: 6Wresearch | No. of Pages: 75 | No. of Figures: 35 | No. of Tables: 20 | |
Report Name | India Digital Remittance Market |
Forecast period | 2025-2031 |
CAGR | 20.5% |
Growing Sector | Banking, Financial Services, and Insurance |
The India Digital Remittance Market Report thoroughly covers the market by type, channel, and end use. The India Digital Remittance Market Outlook report provides an unbiased and detailed analysis of the ongoing India Digital Remittance Market trends, opportunities/high growth areas, and market drivers. This would help the stakeholders devise and align their market strategies according to the current and future market dynamics.
The India Digital Remittance Market is currently experiencing a rapid growth due to the increasing adoption of digital payment solutions and the rise in international migration. This market offers a convenient and secure way for individuals to transfer money across borders, eliminating the need for traditional methods such as bank transfers or physical cash transactions.
According to 6Wresearch, the India Digital Remittance Market size is anticipated to rise at a CAGR of 20.5% during 2025-2031. One of the major drivers for this market is the increasing number of migrants and Non-Resident Indians (NRIs) in India who need to send money back home. According to the World Bank, India received a total of USD 79 billion in remittances in 2019, making it the largest recipient of remittances globally. This trend is expected to continue, further boosting the growth of digital remittance market in the country. India Digital Remittance Market growth is driven by these factors.
However, some challenges can hinder the growth of this market. One such challenge is the lack of awareness about digital remittances among the rural population and senior citizens who may not be as tech-savvy as younger generations. This limits the potential user base for digital remittance services in India.
Some of the key players in the Indian digital remittance market include banks such as HDFC, ICICI, and State Bank of India, as well as non-banking players like Paytm, Google Pay, and PhonePe. These companies have been continuously innovating and expanding their services to cater to the growing demand for digital remittances. With the increasing use of smartphones and internet penetration, these players have been able to reach a wider customer base and provide convenient and cost-effective ways to send money.
Indian government has also launched various initiatives such as the Pravasi Kaushal Vikas Yojana (PKVY) which aims to train and certify migrant workers for better job opportunities abroad. This not only supports the Indian diaspora but also contributes to the growth of the digital remittance market as these workers are more likely to use digital channels to send money back home. Furthermore, the Reserve Bank of India (RBI) has also introduced policies and guidelines to regulate and promote digital transactions in the country. In 2017, RBI allowed non-resident Indians (NRIs) to use the Rupee Drawing Arrangement (RDA) for digital remittance transactions, making it easier for NRIs to send money back to India.
The future of digital remittances in India looks promising with the government's focus on promoting digital transactions and initiatives like Digital India. Additionally, the rise of fintech companies and their innovative solutions is expected to further drive the growth of this market. With the introduction of new technologies such as blockchain and artificial intelligence, sending money digitally will become even more secure, cost-effective and convenient for both senders and receivers.
According to Rajneesh, Senior Research Analyst, 6Wresearch, inward digital remittance has been the fastest-growing segment in India. This can be attributed to various factors such as increasing internet and smartphone penetration, rising number of migrants, and favorable government policies regarding foreign exchange regulations
Miigrant labor workforce has been a growing segment. India is home to a large number of migrant workers who send money back to their families in their home state or country. These workers rely heavily on remittances, and the convenience and speed of digital remittance services have made it a popular choice for them.
The report provides a detailed analysis of the following market segments:
1 Executive Summary |
2 Introduction |
2.1 Key Highlights of the Report |
2.2 Report Description |
2.3 Market Scope & Segmentation |
2.4 Research Methodology |
2.5 Assumptions |
3 India Digital Remittance Market Overview |
3.1 India Country Macro Economic Indicators |
3.2 India Digital Remittance Market Revenues & Volume, 2021 & 2031F |
3.3 India Digital Remittance Market - Industry Life Cycle |
3.4 India Digital Remittance Market - Porter's Five Forces |
3.5 India Digital Remittance Market Revenues & Volume Share, By Type, 2021 & 2031F |
3.6 India Digital Remittance Market Revenues & Volume Share, By Channel, 2021 & 2031F |
3.7 India Digital Remittance Market Revenues & Volume Share, By End-use, 2021 & 2031F |
4 India Digital Remittance Market Dynamics |
4.1 Impact Analysis |
4.2 Market Drivers |
4.3 Market Restraints |
5 India Digital Remittance Market Trends |
6 India Digital Remittance Market, By Types |
6.1 India Digital Remittance Market, By Type |
6.1.1 Overview and Analysis |
6.1.2 India Digital Remittance Market Revenues & Volume, By Type, 2021-2031F |
6.1.3 India Digital Remittance Market Revenues & Volume, By Inward Digital Remittance, 2021-2031F |
6.1.4 India Digital Remittance Market Revenues & Volume, By Outward Digital Remittance, 2021-2031F |
6.2 India Digital Remittance Market, By Channel |
6.2.1 Overview and Analysis |
6.2.2 India Digital Remittance Market Revenues & Volume, By Banks, 2021-2031F |
6.2.3 India Digital Remittance Market Revenues & Volume, By Money Transfer Operators, 2021-2031F |
6.2.4 India Digital Remittance Market Revenues & Volume, By Online Platforms, 2021-2031F |
6.2.5 India Digital Remittance Market Revenues & Volume, By Others, 2021-2031F |
6.3 India Digital Remittance Market, By End-use |
6.3.1 Overview and Analysis |
6.3.2 India Digital Remittance Market Revenues & Volume, By Migrant Labor Workforce, 2021-2031F |
6.3.3 India Digital Remittance Market Revenues & Volume, By Personal, 2021-2031F |
6.3.4 India Digital Remittance Market Revenues & Volume, By Small Businesses, 2021-2031F |
6.3.5 India Digital Remittance Market Revenues & Volume, By Others, 2021-2031F |
7 India Digital Remittance Market Import-Export Trade Statistics |
7.1 India Digital Remittance Market Export to Major Countries |
7.2 India Digital Remittance Market Imports from Major Countries |
8 India Digital Remittance Market Key Performance Indicators |
9 India Digital Remittance Market - Opportunity Assessment |
9.1 India Digital Remittance Market Opportunity Assessment, By Type, 2021 & 2031F |
9.2 India Digital Remittance Market Opportunity Assessment, By Channel, 2021 & 2031F |
9.3 India Digital Remittance Market Opportunity Assessment, By End-use, 2021 & 2031F |
10 India Digital Remittance Market - Competitive Landscape |
10.1 India Digital Remittance Market Revenue Share, By Companies, 2024 |
10.2 India Digital Remittance Market Competitive Benchmarking, By Operating and Technical Parameters |
11 Company Profiles |
12 Recommendations |
13 Disclaimer |