Remittance Market By Application (Consumption, Savings, and Investment), Remittance Channel (Banks, Money Transfer Operator, and Others), and End User (Business and Personal): Global Opportunity Analysis and Industry Forecast, 2021–2030
Remittance is referred as money sent from one location to another via electronic payment system, mail, draft, and wire transfer. In addition, it is stated as the transfer of money by foreign migrants in their native countries by using digital transfer network such as easy-to-use mobile application, digital wallets, and others. Furthermore, it helps various families to increase their standard of living and surge the nation’s income as well as boost the overall GDP of the country. Numerous benefits of using digital remittance such as convenience, speed, lower cost, elimination of the need for tedious form-filling processes, agents, and codes and others, have shifted the focus of consumers toward digital transactions for money remittance.
Rise in mobile-based payment channels and cross-border transactions and decrease in remittance transfer time & cost drives the growth of the market. In addition, growth in adoption of banking & financial sectors across the globe fuels the growth of the market. However, rise in number of financial crimes and lack of awareness for digital remittance is expected to impede the market growth. Furthermore, technological advancements in digital remittance industry is expected to provide lucrative opportunities for the market growth.
The global remittance market is segmented on the basis of remittance channel, application, end user, and region. By channel, it is divided into banks, money transfer operator, and others. In terms of application, the market is classified into consumption, savings and investments. By end user, it is divided into business and personal. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The key players profiled in the remittance market analysis are Bank of America, Citigroup Inc., JPMorgan Chase & Co., MoneyGram International, Inc., RIA Financial Services Ltd., TransferWise Ltd., UAE Exchange, Wells Fargo, Western Union Holdings Inc. and XOOM. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.
Key Benefits For Stakeholders
The study provides an in-depth analysis of the global remittance market forecast along with the current trends and future estimations to explain the imminent investment pockets.
Information about key drivers, restraints, & opportunities and their impact analysis on the global market is provided in the report.
Porter’s five forces analysis illustrates the potency of the buyers and suppliers operating in the industry.
The quantitative analysis of the market from 2021 to 2030 is provided to determine the market potential.
Key Market Segments
By Application
Consumption
Savings
Investment
By Remittance Channel
Banks
Money Transfer Operator
Others
By End User
Business
Personal
By Region
North America
U.S.
Canada
Europe
France
Germany
UK
Italy
Spain
Rest of Europe
Asia-Pacific
China
Japan
India
Philippines
Pakistan
Rest of Asia-Pacific
LAMEA
Latin America
Middle East
Africa
Key Market Players
Bank of America
Citigroup Inc.
JPMorgan Chase & Co.
MoneyGram International Inc.
RIA Financial Services Ltd.
TransferWise Ltd.
UAE Exchange
Wells Fargo
Western Union Holdings Inc.
XOOM
List of Company Profiles
Bank of America
Citigroup Inc.
JPMorgan Chase & Co.
MoneyGram International Inc.
RIA Financial Services Ltd.
TransferWise Ltd.
UAE Exchange
Wells Fargo
Western Union Holdings Inc.
and XOOM.
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