Global Remittance Market: Insights & Forecast with Potential Impact of COVID-19 (2020-2024)

Global Remittance Market: Insights & Forecast with Potential Impact of COVID-19 (2020-2024)

Remittance is referred to as the money sent by immigrants to their families residing in their native countries. This 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 inflow of remittances is expected to reach US$705.87 billion in 2024, witnessing a growth at a CAGR of 1.04%, over the period 2020-2024. The growth of the market has been driven by reduction in remittance costs, rising international migration, accelerating economic growth, improving youth unemployment rate, surging urbanization, increasing refugee population and rising disposable income. Growth of the market would be challenged by fluctuating remittance costs by region, de-risking practices and stringent government regulations. To overcome the challenges in the market, noteworthy trends like escalating remittance flows, growing demand for mobile payment transactions, surging options of sending money and high pressures to reduce remittance fees on MTOs are expected to boost the market in future.

The global remittance market is categorized on the basis of remittance inflows and remittance outflows by countries. 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. Whereas, the U.S. persisted as the largest source of remittance outflow.

Scope of the Report:

  • The report provides a comprehensive analysis of the global remittance market with potential impact of COVID-19, segmented on the basis of remittance inflows and remittance outflows by countries.
  • The major regional markets (East Asia and Pacific, Europe and Central Asia, Latin America and the Caribbean, Middle East and North Africa and South Asia, Sub-Saharan Africa) have been analyzed.
  • The market dynamics such as growth drivers, market trends and challenges are analyzed in-depth.
  • The competitive landscape of the market, along with the company profiles of leading players (PayPal Holdings Inc., The Western Union Company, Euronet Worldwide, Inc., MoneyGram International Inc., U.S. Bancorp and Absa Group Limited) are also presented.
Key Target Audience:
  • Remittance Service Providers
  • Money Transfer Systems
  • Remittance Corridors
  • End Users (Businesses/Consumers)
  • Investment Banks
  • Government Bodies & Regulating Authorities


1. Overview
1.1 Remittance
Table 1: Types of Remittance Service
1.2 Components of Remittance Marketplace
1.3 Remittance Market Value Chain
Table 2: Value Chain: Remittance Industry
2. Impact of COVID-19
2.1 Slowdown in Major Economies
2.2 Decline in Global GDP
Table 3: Global GDP (2005-2020)
2.3 Change in Organic Traffic
Table 4: Organic Traffic Growth or Decline due to COVID-19 (2020)
2.4 Rise in Unemployment
Table 5: Increase in Unemployment by Countries’ Income Groups (2020)
2.5 Regional Impact
3. Global Market Analysis
3.1 Global Remittance Inflow
Table 6: Global Remittance Inflow (2015-2019)
3.2 Global Remittance Inflow Forecast
Table 7: Global Remittance Inflow Forecast (2020-2024)
3.3 Global Remittance Inflow to Low-Middle Income Region
Table 8: Global Remittance Inflow to Low-Middle Income Region (2015-2019)
3.4 Global Remittance Inflow to Low-Middle Income Region Forecast
Table 9: Global Remittance Inflow to Low-Middle Income Region Forecast (2020-2024)
3.5 Global Remittance Inflow by Countries
Table 10: Global Remittance Inflow by Countries (2019)
3.5.1 India Remittance Inflow Forecast
Table 11: India Remittance Inflow Forecast (2015-2024)
3.5.2 China Remittance Inflow Forecast
Table 12: China Remittance Inflow Forecast (2015-2024)
3.5.3 Mexico Remittance Inflow Forecast
Table 13: Mexico Remittance Inflow Forecast (2015-2024)
3.5.4 Philippines Remittance Inflow Forecast
Table 14: Philippines Remittance Inflow Forecast (2015-2024)
3.5.5 Egypt, Arab Republic Remittance Inflow Forecast
Table 15: Egypt, Arab Republic Remittance Inflow Forecast (2015-2024)
3.6 Global Remittance Outflow by Countries
Table 16: Global Remittance Outflow by Countries (Top 5) (2019)
3.6.1 The U.S. Remittance Outflows Forecast
Table 17: The U.S. Remittance Outflows Forecast (2015-2024)
3.6.2 United Arab Emirates Remittance Outflows Forecast
Table 18: United Emirates Arab Remittance Outflows Forecast (2015-2024)
3.6.3 Saudi Arabia Remittance Outflows Forecast
Table 19: Saudi Arabia Remittance Outflows Forecast (2015-2024)
3.6.4 Switzerland Remittance Outflows Forecast
Table 20: Switzerland Remittance Outflows Forecast (2015-2024)
3.6.5 Germany Remittance Outflows Forecast
Table 21: Germany Remittance Outflows Forecast (2015-2024)
4. Regional Market Analysis
4.1 Lower Middle Income Region Remittance Inflow
Table 22: Lower Middle Income Region Remittance Inflow (2019)
4.2 East Asia-Pacific Remittance Inflow Forecast
Table 23: East Asia-Pacific Remittance Inflow Forecast (2015-2024)
4.3 South Asia Remittance Inflow Forecast
Table 24: South Asia Remittance Inflow Forecast (2015-2024)
4.4 Latin America & Caribbean Remittance Inflow Forecast
Table 25: Latin America & Caribbean Remittance Inflow Forecast (2015-2024)
4.5 Europe & Central Asia Remittance Inflow Forecast
Table 26: Europe & Central Asia Remittance Inflow Forecast (2015-2024)
4.6 Middle East & North Africa Remittance Inflow Forecast
Table 27: Middle East & North Africa Remittance Inflow Forecast (2015-2024)
4.7 Sub-Saharan Africa Remittance Inflow Forecast
Table 28: Sub-Saharan Africa Remittance Inflow Forecast (2015-2024)
5. Market Dynamics
5.1 Growth Drivers
5.1.1 Reduction in Remittance Costs
Table 29: Global Average Costs of Sending US$200 (2015-Q1 2019)
5.1.2 Rising International Migration
Table 30: Global International Migrants Population (2015-2019)
5.1.3 Improving Youth Unemployment Rate
Table 31: Global Youth Unemployment Rate (2014-2019)
5.1.4 Surging Urbanization
Table 32: Global Urban Population (2015-2019)
5.1.5 Increasing Refugee Population
Table 33: Global Refugee Population (2015-2019)
5.1.6 Rising Disposable Income
Table 34: Global GNI per Capita (2015-2019)
5.2 Key Trends and Developments
5.2.1 Growing Demand for Mobile Payment Transactions
Table 35: Global Mobile Payment Transactions Forecast (2019-2023)
5.2.2 Surging Options of Sending Money
5.2.3 High Pressures to Reduce Remittance Fees on MTOs
5.3 Challenges
5.3.1 Fluctuating Remittance Costs by Region
Table 36: Global Average Remittance Costs by Region (Q3 2017/Q2 2018/Q2 2019)
5.3.2 Support from World Bank
5.3.3 De-risking Practices
5.3.4 Stringent Government Regulations
6. Competitive Landscape
6.1 Global Market
6.1.1 Revenue Comparison of Key Players
Table 37: Revenue Comparison of Key Players (2019)
6.1.2 Market Capitalization Comparison of Key Players
Table 38: Market Capitalization Comparison of Key Players (2020)
6.1.3 Cross Border Money Transfer Volume Comparison of Key Players
Table 39: Cross Border Money Transfer Volume Comparison of Key Players (2019)
6.1.4 Comparison of Services Offered by Money Transfer Operators
Table 40: Comparison of Services Offered by Money Transfer Operators
7. Company Profiles
7.1 PayPal Holdings Inc.
7.1.1 Business Overview
7.1.2 Financial Overview
Table 41: PayPal Holdings Inc. Net Revenue & Net Income (2015-2019)
Table 42: PayPal Holdings Inc. Net Revenue by Segment (2019)
Table 43: PayPal Holdings Inc. Net Revenue by Region (2019)
7.1.3 Business Strategies
7.2 The Western Union Company
7.2.1 Business Overview
7.2.2 Financial Overview
Table 44: Western Union Revenue & Net Income (2015-2019)
Table 45: Western Union Revenue by Segment (2019)
Table 46: Western Union Revenue by Region (2019)
7.2.3 Business Strategies
7.3 Euronet Worldwide, Inc.
7.3.1 Business Overview
7.3.2 Financial Overview
Table 47: Euronet Worldwide, Inc. Revenue & Net Income (2015-2019)
Table 48: Euronet Worldwide, Inc. Revenue by Segment (2019)
Table 49: Euronet Worldwide, Inc. Revenue by Region (2019)
7.3.3 Business Strategies
7.4 MoneyGram International Inc.
7.4.1 Business Overview
7.4.2 Financial Overview
Table 50: MoneyGram International Inc. Total Revenue & Net Income (Loss) (2015-2019)
Table 51: MoneyGram International Inc. Total Revenue by Segment (2019)
Table 52: MoneyGram International Inc. Total Revenue by Region (2019)
7.4.3 Business Strategies
7.5 U.S. Bancorp
7.5.1 Business Overview
7.5.2 Financial Overview
Table 53: U.S. Bancorp Total Net Revenue and Net Income (2015-2019)
Table 54: U.S. Bancorp Total Net Revenue by Segment (2019)
7.5.3 Business Strategies
7.6 Absa Group Limited
7.6.1 Business Overview
7.6.2 Financial Overview
Table 55: Absa Group Limited Total Income and Profit (2015-2019)
Table 56: Absa Group Limited Total Income by Segment (2019)
7.6.3 Business Strategies

Download our eBook: How to Succeed Using Market Research

Learn how to effectively navigate the market research process to help guide your organization on the journey to success.

Download eBook