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Remittance is referred as the money sent by immigrants to their families residing in their native countries. Remittance market plays a vital role in the economic growth and livelihoods of people across the world. Remittance inflows in developing countries make a notable share in their GDPs. Remittance market is completely dependent on the migrated population living across the world.The global remittance market is booming at a lucrative CAGR over the years. Lower-middle income regions act as the major sources of remittance inflow whereas high income regions are usually the sources of remittance outflows. East Asia and Pacific acquired a lion’s share in global inflow of remittances. In terms of countries, India remained the largest remittance receiving country followed by China. The U.S. persisted as the largest source of remittance outflow.
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Decreasing remittances costs and increasing number of international immigrants are the key drivers for market growth. Additionally, number of refugees increases every year seeking shelter and better livelihood in other countries. These immigrants and refugees send high amount of remittances to their families residing overseas.
In terms of competition, key players of the market include PayPal Holdings Inc., Western Union, Euronet, and MoneyGram international. These firms have huge volume of cross border transactions. But many international organizations are pressurizing the Banks and MTOs to reduce remittance fee, affecting their revenues. This is allowing new entrants to position against the existing players as new entrants can lower remittance fees as a tangible differentiator.
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Few points from Table of Contents:
1. Overview
2. Remittance Market Analysis
3. Lower Middle Income Regions Remittance Market Analysis
4. Market Dynamics
4.1 Growth Drivers
4.2 Key Trends
4.3 Challenges
5. Competition
6. Company Profiles
6.1 PayPal Holdings Inc.
6.2 Western Union
6.3 Euronet
6.4 MoneyGram International Inc.
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List of Tables:
Types of Remittance Service
Value Chain: Remittance Industry
Global Remittance Inflow (2014-2018)
Global Remittance Inflow Forecast (2019-2023)
Global Remittance Inflow to Low-Middle Income Region (2014-2018)
Global Remittance Inflow to Low-Middle Income Region Forecast (2019-2023)
Global Remittance Inflow by Countries (2018)
India Remittance Inflow Forecast (2014-2023)
China Remittance Inflow Forecast (2014-2023)
Philippines Remittance Inflow Forecast (2014-2023)
Mexico Remittance Inflow Forecast (2014-2023)
Egypt, Arab Republic Remittance Inflow Forecast (2014-2023)
Global Remittance Outflow by Countries (Top 5) (2018)
The U.S. Remittance Outflows Forecast (2014-2023)
United Arab Remittance Outflows Forecast (2014-2023)
Saudi Arabia Remittance Outflows Forecast (2014-2023)
Switzerland Remittance Outflows Forecast (2014-2023)
Germany Remittance Outflows Forecast (2014-2023)
Continued…
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