Digital Remittances - South Korea

  • South Korea
  • The [currentlayername] market south_korea is projected to reach a transaction value of [revenueyeartoday] in 2024.
  • It is expected to show an annual growth rate (cagr 2024-2028) of 2.28%, resulting in a projected total amount of €4.98bn by 2028.
  • Furthermore, the number of users in the [currentlayername] market is expected to reach 177.60k users by 2028.
  • The average transaction value per user in this market is projected to be €30.08k in 2024.
  • When compared globally, south_korea is expected to have the highest transaction value in the [currentlayername] market, surpassing all other countries in 2024.
  • South Korea is experiencing a surge in digital remittances as tech-savvy consumers embrace convenient and secure methods of sending money abroad.

Key regions: India, China, United States, Japan, Germany

 
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Analyst Opinion

Currently, the digital remittances market is experiencing significant growth due to the increasing adoption of digital payment solutions and the rising number of migrants across the world. The COVID-19 pandemic has further accelerated this trend as people are increasingly relying on digital channels to send money to their loved ones, especially in countries where traditional brick-and-mortar remittance channels have been disrupted. Mobile wallets, online money transfer platforms, and blockchain-based solutions are among the popular digital remittance options being adopted by consumers.
The growth in the digital remittances market is being driven by various factors, including the increasing adoption of smartphones and internet connectivity, the growing demand for fast, secure, and cost-effective cross-border payment solutions, and the rising number of migrant workers around the world. Additionally, the implementation of favorable government regulations aimed at promoting digital payments and financial inclusion is also fueling the growth of the digital remittances market.
The global digital remittances market is expected to grow positively in the coming years Other key factors driving market growth include the increasing adoption of mobile and online payment platforms, government initiatives to promote digital payments, and the growing use of blockchain technology in the remittance industry.

Methodology

Data coverage:

The data encompasses B2C enterprises. Figures are based on transaction values / revenues / assets under management and user data of relevant services and products offered within the FinTech market.

Modeling approach / Market size:

Market sizes are determined through a combined top-down and bottom-up approach, building on a specific rationale for each market segment. As a basis for evaluating markets, we use annual financial reports of key players, industry reports, third-party reports, publicly available databases, and survey results from primary research (e.g., the Statista Global Consumer Survey). In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, consumer spending, population, internet penetration, smartphone penetration, credit card penetration, and online banking penetration. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the S-curve function and exponential trend smoothing are well suited for forecasting digital products and services due to the non-linear growth of technology adoption.

Additional notes:

The market is updated twice a year in case market dynamics change. The impact of the COVID-19 pandemic and the Russia-Ukraine war is considered at a country-specific level.

Visión general

  • Transaction Value
  • Analyst Opinion
  • Demographics
  • Key Players
  • Users
  • Methodology
  • Key Market Indicators
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