New York, USA, Aug. 28, 2023 (GLOBE NEWSWIRE) — Remittance Market Overview:
As per an Extensive Research Report by Market Research Future (MRFR), “Remittance Market Information By Mode of Transfer, Type, Channel, End Use, and Region – Forecast till 2032”, The remittance market might rise from USD 54.6 Billion in 2023 to USD 119.6 Billion by 2032, with a 3.80% CAGR between 2023 and 2032.
Market Synopsis:
The term “remittance” alludes to the transfer of money to another party, usually one who lives in a different country, but it is most generally used to describe the money that expatriates who work abroad return back to their home nations. The increased digitization of international remittances and the industry’s growth in response have made it possible for a recipient to receive money from a sender right away using a card, mobile device, or digital wallet.
Banks, post offices, and specialized money transfer services like Western Union (WU) and MoneyGram International (MGI) are examples of legacy suppliers in this market. These services used to have rather high fees, which made it possible for digital transfer businesses like Transferwise, Worldremit, and Remitly (RELY) to gain a sizable market share by providing lower transfer fees. This is made possible by making the best use of digital infrastructure to avoid paying for a lot of it. But Western Union and MoneyGram have really upped their game recently in response to fiercer competition.
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Market Competitive Landscape:
The top firms in the remittance industry are
- Bank of America Corporation
- ZEPZ
- Citigroup Inc.
- Ria Financial Services Inc.
- OFX
- Wells Fargo
- Western Union Holdings Inc.
- PayPal
- MoneyGram International Inc.
- Wise US Inc.
- Among others.
Scope of the Report – Remittance Market:
| Report Metrics | Details |
| Market Size by 2032 | USD 119.6 Billion |
| CAGR during 2023-2032 | 3.80% |
| Base Year | 2022 |
| Forecast | 2023-2032 |
| Key Market Opportunities | Technological advancements in digital remittance. |
| Key Market Dynamics | Rise in mobile-based payment channels and cross-border transactions and decrease in remittance transfer time & cost. |
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Market USP Covered:
Remittance Market Drivers:
Cross-border transfers contribute to economic growth and financial inclusion, among other advantages. In the lives of migrants and their families, remittances are crucial. The majority of the household income is often spent on needs like food, shelter, education, and medication among migrant households that receive money from their home countries of origin. Due to the lengthy networks of middlemen, obfuscated charges, and tedious paperwork, sending money abroad has historically been time-consuming and expensive. Fortunately, developments in the sector over the past few years have made it possible for individuals and even small-to-medium-sized organizations to now take advantage of more affordable, quick, and useful foreign fund transfer services.
Due to their direct access to the institutional foreign exchange market, big businesses, banks, and governments have historically benefited from these advantages, which has elevated the expansion of the remittance sector. Additionally, new firms entering the remittance market are boosting levels of competition, positioning themselves against competitors using fees as a real differentiation, providing clients with additional ease and affordability, and boosting market growth.
Incumbents take advantage of the advantages of digital platforms, enjoy lower fixed costs, and offer consumers quicker turnaround times thanks to their newer, more efficient technological and operational platforms. They are able to provide lower fees as a result, making remittances accessible to all socioeconomic groups. Additionally, market participants are aggressively collaborating with cutting-edge fintech firms to strengthen their regional presence.
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Market Restraints:
Remittances have a significant drawback in that they may promote increased labor migration since family members who receive them think they would be better off leaving their native country and migrating to a developed country where they might earn more money. Long-term consequences, or so-called brain drain, may result from this. As a result, the majority of the population is either uneducated or outside the labor market’s range.
COVID 19 Analysis:
Remittances are a major source of funding for many poor nations. Remittances provided the poor and vulnerable with a crucial lifeline as COVID-19 destroyed lives and livelihoods around the world, helping to satisfy their heightened need for livelihood support during the pandemic. Remittance flows to low- and middle-income countries totaled USD 540 billion in 2020, up 1.6% from 2019, according to the Migration and Development Brief. The market is expanding as a result of increased public awareness of digital remittances following the pandemic.
Remittance Market Segmentation:
- By Mode of Transfer: The modes of transfer covered in the report are digital and traditional (non-digital).
- By Remittance Type – The Remittance types in the market are inward remittance and outward remittance.
- By Remittance Channel – The Remittance channels are banks, money transfer operators, and online platforms (wallets).
- By End Use – The top market end users are the migrant labor workforce, personnel, small businesses, and others.
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Regional Insights:
Since 2022 (with the highest share of 45.80%), North America has dominated the worldwide market. The market’s dominance can be attributable to the presence of some well-known competitors, like Citigroup, Inc. and Bank of America Corporation. Additionally, to take advantage of the capabilities of well-known players, fintech startups in North American nations are aggressively forming partnerships with them.
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