Japan is leading the ranking by average transaction value per user in the 'Digital Remittances' segment of the fintech market, recording 66.3 thousand U.S. dollars. Following closely behind is Indonesia with 43.19 thousand U.S. dollars, while Pakistan is trailing the ranking with 0.46 thousand U.S. dollars, resulting in a difference of 65.84 thousand U.S. dollars to the ranking leader, Japan.
Data provided by Statista Market Insights are estimates.
Definition:
Digital Remittances refer to the electronic transfer of money from one person or entity to another, typically across international borders. The transfers are made via online platforms, mobile apps, and other digital channels that allow individuals to send and receive money quickly and securely. The target users of these services are usually migrant population. Remittances in general include periodic fund transfers between residents and non-residents and earnings transfer from short-time workers from other countries to their country of origin. Digital remittances are becoming more and more popular due to their convenience, cost-effectiveness, and speed when compared to traditional methods such as wire transfers. Additionally, digital remittances can also provide increased transparency and security, as well as the ability to track transactions in real-time.
Additional Information:
Key players in this are market Wise, Remitly and Xoom.
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Statista. (January 22, 2024). Average transaction value of digital remittances in the Asia-Pacific region in 2023, by country (in thousand U.S. dollars) [Graph]. In Statista. Retrieved November 10, 2024, from https://www-statista-com.ezproxy.canberra.edu.au/forecasts/1306669/asia-pacific-digital-remittances-average-transaction-value-by-country
Statista. "Average transaction value of digital remittances in the Asia-Pacific region in 2023, by country (in thousand U.S. dollars)." Chart. January 22, 2024. Statista. Accessed November 10, 2024. https://www-statista-com.ezproxy.canberra.edu.au/forecasts/1306669/asia-pacific-digital-remittances-average-transaction-value-by-country
Statista. (2024). Average transaction value of digital remittances in the Asia-Pacific region in 2023, by country (in thousand U.S. dollars). Statista. Statista Inc.. Accessed: November 10, 2024. https://www-statista-com.ezproxy.canberra.edu.au/forecasts/1306669/asia-pacific-digital-remittances-average-transaction-value-by-country
Statista. "Average Transaction Value of Digital Remittances in The Asia-pacific Region in 2023, by Country (in Thousand U.S. Dollars)." Statista, Statista Inc., 22 Jan 2024, https://www-statista-com.ezproxy.canberra.edu.au/forecasts/1306669/asia-pacific-digital-remittances-average-transaction-value-by-country
Statista, Average transaction value of digital remittances in the Asia-Pacific region in 2023, by country (in thousand U.S. dollars) Statista, https://www-statista-com.ezproxy.canberra.edu.au/forecasts/1306669/asia-pacific-digital-remittances-average-transaction-value-by-country (last visited November 10, 2024)
Average transaction value of digital remittances in the Asia-Pacific region in 2023, by country (in thousand U.S. dollars) [Graph], Statista, January 22, 2024. [Online]. Available: https://www-statista-com.ezproxy.canberra.edu.au/forecasts/1306669/asia-pacific-digital-remittances-average-transaction-value-by-country
