Remittance Market Analysis:
The global remittance market will touch USD 119.6 billion at a 3.80% CAGR by 2032, as per the recent Market Research Future report.
List of Key Players Covered in the Remittance Market Report:
Eminent market players profiled in the global remittance industry report include
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Booming BFSI Sector to Boost Market Growth
Global banking, financial services, & insurance (or BFSI) industry growth will be a major driver of market expansion. The growing use of electronic and automated payment & money transfer solutions is advantageous to the market. Financial institutions use open, data-driven ecosystem for money transfer in order to expand their business networks and offer their clients minimal remittance prices. Demand for the digital remittance solution to efficiently and quickly transmit funds between regions has grown significantly.
Multiple Benefits to offer Robust Opportunities
The convenience of use and lower user costs associated with digital remittance services are a couple of the reasons that are anticipated to fuel industry expansion. These services provide a number of advantages, including convenience, quick payments, and decreased transaction costs. Due to the lack of time-consuming form-filling procedures, customers are turning to digital transactions for the money transfers.
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Restraints and Challenges:
Lack of Awareness to act as Market Restraint
The lack of awareness regarding digital remittance and increase in financial crimes may act as market restraints over the forecast period.
Remittance Market Segmentation:
The global remittance market is bifurcated based on end use, channel, type, and mode of transfer.
By mode of transfer, traditional (non-digital) will lead the market over the forecast period.
By type, outward remittance will domineer the market over the forecast period.
By channel, money transfer operators will spearhead the market over the forecast period.
By end use, personal will spur the market over the forecast period.
The pandemic’s lockdowns, travel bans, and economic slowdowns resulted in widespread job losses and lower pay for a large number of migratory workers. This had a direct effect on their capacity to send money home through remittances. Border closures and tight travel restrictions restricted international travel. This interfered with the conventional methods of sending remittances, such as in-person trips to remittance centers. The epidemic hastened the development of internet and digital channels for remittance sending and receiving. More consumers are using digital transfer services like mobile money while physical remittance centers close or have their hours restricted.
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North America to Lead Remittance Market
In 2022, this market was dominated by the North American Remittance Market (45.70%). Due to the existence of certain well-known rivals like Citigroup, Inc. & Bank of America Corporation, the market has a dominant position. Additionally, fintech firms in North American countries are actively creating collaborations with well-known businesses to benefit from their skills. In addition, the North American region’s U.S. remittance market had the biggest market share, while the Canada remittance industry had the quickest rate of growth.
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