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Global Money Remittance and Bill Payment Services Market
Remittance is referred as giving away of money by foreign migrant cross border to another person through electronic payments, drafts, and check. Adding to it, majority of remittance services providers are focusing on digital remittance to enhance their business and provide customer with more easy and quick transferring services. A number of benefits of using digital channels for sending money create a lot of opportunities for the remittance market, such as high speed, availability of digital channels 24 hours a day, transparency, ease of use, high security, and others.
Rise in mobile-based payment channels and cross-border transactions and decrease in remittance transfer time and cost drives the growth of the market. However, due to rise in number of financial crimes and also lack of awareness for digital remittance is expected to obstruct the market growth. Further, technological advancements in digital remittance market is expected to provide profitable opportunities for the market growth.
By end user, the personal segment is anticipated to gain a significant remittance market size and is expected to witness growth at the highest rate during the forecast period, because of the money sent by the migrant labour workforce to their home country as they drift to other countries to pursue work such as, seasonal work.
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The Remittance market was dominated by Asia-Pacific in 2020 and is anticipated to witness growth at the highest rate owing to growing number of immigrants and a growth in adoption of digital remittance owing to rapidly advancing technologies, evolving customer expectations, and a changing regulatory landscape, which are leading the automation of cross-border and remittance services.
Key Companies Insight
The key company players in the remittance market are Citigroup Inc., JPMorgan Chase & Co., MoneyGram International Inc., RIA Financial Services Ltd., Bank of America, UAE Exchange, Wells Fargo, Western Union Holdings Inc. and XOOM. The key players have adopted various strategies, such as product portfolio expansion, mergers and acquisitions, agreements, geographical expansion, and collaborations to increase their market probing and strengthen their foothold in the industry.
Covid- 19 Scenario Analysis
The market is expected to impact (be impacted??) because of the outbreak of the COVID-19 pandemic. Nowadays, huge number of consumers across the globe are using digital wallets and online platforms to remit money to their family and friends. The need for global remittances is expected to increase due to worldwide restrictions on movement.
The foremost factors driving the decrease in remittance industry include weak economic growth and employment levels in migrant-hosting countries, weak oil prices, and depreciation of the currencies of remittance-source countries against the U.S. dollar.
The global digital remittance market size is anticipated to reach USD 42.46 billion by 2028 and is expected to grow at a CAGR of 13.3%.
The market growth can be related to the increasing transfer of money by overseas migrants to their native countries
Market Segmentation: Analysis
The Global Money Remittance and Bill Payment Services Market is segmented on the basis of Application, Region, Remittance Channel, End user.
On the basis of Application
On the basis of Region
On the basis of Remittance Channel
On the basis of End User
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