Juniper Research issued a new forecast stating that international digital remittances will surge to $525 billion by 2024, compared with an estimated $332 billion in 2019.

The report estimates that mobile remittances will show a sharp increase in market share, growing to 41% of international money transfers, compared with 33% in 2019.

The report says blockchain-based payments have the potential to further grow digital payments, as the technology may be used to disrupt traditional business models.

"While traditional operators have launched digital solutions, they have yet to adopt transparent pricing of transfers," Nick Maynard, who authored the research report, said in a company release. "Unless operators accept this requirement, they will continue to lose market share."

The report showed that blockchain based network operators can offer faster, cheaper and more transparent services. Services like RippleNet and IBM Blockchain World Wire are expected to disrupt the industry, the report said.