The total growth over the next 5 years will be of 93%

Global domestic money transfer. Source: shutterstock.com

According to Juniper Research, digital domestic money transfer transaction value will rise from $1.8 trillion in 2019 to more than $3.5 trillion in 2024.

The mobile transactions will boost the growth of about 86% of the total value in 2024. This way, the proactive collaboration between financial institutions and the mobile network operators would bring access to important future revenue streams.

Due to high mobile penetration, digital money transfer is now a compelling alternative to cash in the market. It is expected to reach 84% of the population in Africa & the Middle East by 2024.

Mobile network operators will be able to capitalize on low banking penetration, boosting financial inclusion, and digitizing highly cash-dependent economies.

SEE ALSO:

• Instant payments: why countries switch to real-time payments
• SWIFT: what is it and how it works
• 5AMLD: how the new EU legislation will affect crypto business