The "Remittance Market Size, Share & Trends Analysis Report By Mode Of Transfer (Digital, Traditional), By Type (Inward, Outward), By Channel, By End-use, By Region, And Segment Forecasts, 2022 - 2030" report has been added to ResearchAndMarkets.com's offering.
Global remittance markets are expected to grow at 10.1% between 2022 and 2030.
The market's positive outlook is due to significant growth in the Banking, Financial Services and Insurance (BFSI), industry worldwide. The market's growth is also being driven by widespread adoption of digital and automatic payment and money transfer systems.
Financial institutions are creating data-driven, transparent ecosystems for money transfer to grow their customer base and reduce remittance costs. Market growth is also supported by technological solutions such as the use of real-time banking technology that leverages the capabilities of Immediate Pay Service (IMPS). The remittance market will be further driven by other factors such as increasing consumer spending power, rapid urbanization, and industrialization, especially in developing countries.
WorldRemit and Alipay partnered in January 2020. Alipay is a payment and lifestyle platform. Customers could use the WorldRemit application or website to send international money to Alipay. This collaboration brought convenience and inclusion transfer services to customers around the world. Alipay is continuing its efforts to use mobile and digital technology to make financial services more accessible and inclusive for all, especially those who are less fortunate.
The COVID-19 pandemic highlighted the importance of updating business models in order to keep up with the changing business environment. The virus spread rapidly across the globe, resulting in a substantial increase in demand for digital solutions to quickly and efficiently transfer money between regions. The pandemic has been a significant growth catalyst for digitizing money transfer services.
Highlights of the Remittance Market report
Over the forecast period, significant growth is expected in the digital segment. This growth can be attributed largely to the digitalization wave in developing countries like India and China.
Over the forecast period, the segment of inward remittance is expected to experience the fastest growth. This segment's growth can be attributed to the determination of migrants in supporting their families back home during the difficult period following the pandemic.
Over the forecast period, the online platforms (wallets), segment will experience the fastest growth. This segment is expected to grow due to the increasing use of digital wallets. The segment is also seeing prominent players expand their presence in the digital wallet and remittance market.
Over the forecast period, the fastest growth is expected in the migrant labor workforce segment. The forecast period will see the fastest growth in the migrant labor workforce segment. This is because remittances from labor migrants are one of the largest components of financial flows to developing nations.
Due to its larger customer base, as well as the presence of many key market players and innovators, the Asia Pacific region is expected to be the fastest-growing. The region's growth is also expected to be helped by the adoption of new technologies by countries like India, China, and Philippines.
The following are the key topics covered:
Chapter 1 Scope and Methodology
Chapter 2 Executive Summary
Chapter 3 Remittance Industry Outlook
Chapter 4 Outlook on Remittance Modes of Transfer
Traditional (Non digital)
Chapter 5 Remittance Type Outlook
5.2. Inward Remittance
5.3. Outward Remittance
Chapter 6 Remittance Channel Outlook
Money Transfer Operators
Online platforms (Wallets).
Chapter 7 Remittance End-use Outlook
7.2. Migrant Labor Workforce
Chapter 8 Regional Outlook for Remittances
Chapter 9 Competitive Analysis
Chapter 10: Competitive Landscape
Bank of America Corporation
Ria Financial Services, Inc.
Western Union Holdings, Inc.
MoneyGram International, Inc.
Wise US, Inc.
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