Juniper Research predicted the use of mobile cash transfer technology in emerging markets and increased adoption of payments through social networks in the US would help drive a rapid increase in digital remittances.
In its latest report into the digital money transfer business, the analyst company predicted at least $3.5 trillion would be transferred digitally between users in the same country in 2024, up from $1.8 trillion expected in 2019. Of the 2024 figure, 86 per cent is expected to be sent through mobile transactions.
Much of this growth, the company said, would be due to the popularity and prevalence of mobile money services in emerging markets. It noted mobile money services were expected to reach 84 per cent of the population of Middle East and Africa by the end of its forecast period.
Elsewhere, Juniper Research identified the continued rise of social payments in the US, where transaction values are expected to rise by 280 per cent within its forecast period.
The company noted although PayPal’s Venmo had a strong position in the US social payment market, Facebook would attempt to capitalise on its assets with the launch of the Facebook Pay brand, which will integrate its existing and forthcoming payment services.Subscribe to our daily newsletter Back