BANGALORE, India, July 26, 2022 /PRNewswire/ -- The global Remittance Market size is segmented by Type - Bank Money Transfer Services, Money Transfer App, Others, by Application - Personal Remittances, Business Remittances, Public Services. Global Opportunity Analysis and Industry Forecast, 2022-2028. It is published in Valuates Reports under the Software Category.
The global remittance market size is estimated to be USD 720 billion in 2022, and the number is forecast to reach USD 850 billion by 2028, with a CAGR of 2.8% during the forecast period 2022-2028.
Major Factors Driving The Growth Of The Remittance Market
The rise in mobile-based payment channels and cross-border transactions and the decrease in remittance transfer time & cost will drive the growth of the market. In addition, the increase in the adoption of banking & financial services across the globe fuels the market growth.
Furthermore, benefits like transparency and covid 19 impact have accelerated the remittance market.
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TRENDS INFLUENCING THE GROWTH OF THE GLOBAL REMITTANCE MARKET
Migration is continuing to increase as more people seek out better job opportunities and education in metropolitan areas. Cross-border transactions and mobile payment solutions are dominating the global payment trends. This in turn is fueling the remittance market. Mobile money transfers via digital wallets or other electronic payment systems are the fastest and cheapest method of sending remittances worldwide. It removes many unnecessary layers and sub-agents and sends the money directly to the receiver.
Cross-border payments have become accessible to everyone owing to the use of online transfer networks such as digital currencies, mobile money, and mobile technology. The adoption of digital remittance reduces reliance on cash agents which reduces transaction costs. Transferring money from one digital wallet to another account is instant. The recipient can cash out money at their convenient time. The only information the sender requires is the email address of the receiver. This will compound the growth of the global remittance market. Many risks and hurdles associated with KYC norms are eliminated.
NFC-based payment methods allow users to make transactions without the need for contacting surfaces. Digital payment and online money transfers track payments and encrypt transactions enhancing transparency and security. Hence intermediaries are adopting digital methods to send remittances in turn driving the demand for the remittance market in the coming years.
The push for financial inclusion is huge. Several legislative initiatives and ambitious targets are being set to increase the penetration of banking services. This directly fuels the scope of the global remittance market during the forecast period. Online traditional banking methods online remittances have the capacity to reach rural areas and enable unbanked populations to access financial services.
The pandemic has significantly boosted the demand for digital remittances due to the resultant fiscal stimulus and a shift in flows from informal to formal channels. People transitioned to online and mobile banking solutions to send money internationally.
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REMITTANCE MARKET SHARE ANALYSIS
Based on type, the bank money transfer services will be the most lucrative due to being simple, fast, secure, and having low transaction fees. The services are present 24/7 with global access.
Based on application, the personal segment will witness the highest growth in the remittance market share due to the increasing population of migrant workforce sending money back to their home country as they migrate to other countries for work opportunities.
Based on region, Asia-Pacific will grow the highest due to the presence of the immigrant population, adoption of digital remittance, and technological advancements.
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Market By Region
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa
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Key players
- MoneyGram International Inc.
- Western Union Holdings, Inc.
- Euronet Worldwide, Inc.
- The Kroger Co.
- ABSA
- Banco Bradesco SA
- U.S. Bank
- Scotiabank
- Societe Generale
- UBA
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