Remittance service is one type of fund transfer system from one to another country. This type of system is mostly followed by foreign migrants sending money back to their origin country through advanced remittance services. Many digitally knowledgeable clients throughout the world are opting for digital remittance services, which is propelling the sector forward in the rapid format as well as in the advanced tech world. The workforce tends towards adopting mobile & international money transfers. Further, large and SMEs are offering faster, cheaper, and value-added foreign money transfer services. These benefits that larger corporates, banks, and governments have traditionally held through their direct access to the institutional foreign exchange market, which exchanges USD 4.8 trillion of transactions each day.
|Unit||Value (USD Million)|
The competitive landscape of the remittance industry is characterized by a mix of traditional financial institutions, fintech startups, digital payment platforms, and specialized remittance service providers. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Ria Financial Services (United States), Xoom Corporation (United States), TransferWise (United Kingdom), Instamed (J.P. Morgan Company) (United States), HSBC (United Kingdom), WorldRemit (United Kingdom), MoneyGram International, Inc. (United States), Remitly (United States), Azimo (United Kingdom), TransferGo (United Kingdom), InstaReM (Singapore), TNG Wallet (Hong Kong), Coins.ph (United States), Toast, Inc. (United States), OrbitRemit (New Zealand) and Smiles Wallet Corporation (Japan) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research coverage are FlyRemit (India), WeChat Payment (China), Ant Financial (China) and Other Players.
AMA Research has segmented the market of Global Remittance market by Type (Inward Remittance and Outward Remittance), Application (Savings, Credit, Insurance and Others) and Region.
On the basis of geography, the market of Remittance has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by End Users, the sub-segment i.e. Consumer will boost the Remittance market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Channel, the sub-segment i.e. Money Transfer Operators (MTO) will boost the Remittance market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Rapid Adoption of Banking and Financial Services, Coupled With the Increasing Number of Campaigns about Digitalization
Market Growth Drivers:
Rapid growth in urbanization, consumer behaviour towards online payment as well in adoption of technologies are driving the demand for money remittance services. In many cases, the domestic economy has played a vital role For instance, in India, two major developments have fulfilled the growth of this industry such as fintech
Threat regarding Data Security
Some governments impose limits on the amount of money that can be sent or received through remittances in a single transaction or within a specific time frame. These limits can vary widely from country to country.
Increasing Number of Economic Migrants Traveling From Developing Economies to Developed Economies In Search Of Better Work Opportunities
Market Leaders and their expansionary development strategies
In March 2023, HSBC completed the acquisition of Silicon Valley Bank UK Limited, a strategic move aimed at bolstering HSBC's banking presence in the United Kingdom.
In September 2021, Ria Money Transfer revealed a new collaboration with Nobel Financial, extending its offerings throughout Liberia, the United States, and Africa.
About ApproachTo evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.