Global Remittances Projected to Hit $635 Billion by 2030

The global market for remittances is projected to reach $634.5 billion by 2030, representing a 9.6% increase from $578.9 billion in 2026, according to Juniper Research. This forecast indicates a deceleration compared to the preceding five-year period, during which remittances expanded by 19% following the post-pandemic recovery.

This slowdown is attributed to a decline in migrant income and sending capacity, driven by sluggish GDP growth and elevated inflation in originating economies. Consequently, senders are increasingly seeking methods to maximize their funds, placing pressure on service providers to reduce transaction costs and enhance the cross-border payment experience.

The international payments sector remains highly competitive, with no single non-bank participant holding more than a 1% market share. As users become more sensitive to pricing, established providers must compete on transaction fees, transfer velocity, and the flexibility to deliver funds to the recipient’s preferred account type.

“Interoperability has key differentiating potential. In practice, this involves building direct connections to local real-time settlement rails and endpoints such as mobile money and digital wallet accounts, which lowers fees and improves settlement times,” stated Lorien Carter, Senior Research Analyst at Juniper Research.

The implementation of blockchain architecture could facilitate further improvements by serving as a settlement layer that circumvents traditional banking protocols. This renders transactions essentially borderless, resulting in minimal on-chain costs and instantaneous settlement. For instance, MoneyGram and Revolut are both investing in integrating stablecoin wallets within their payment platforms, establishing the framework for interoperability with digital assets.