#Remittance Market

[prasannareddy]

Remittance Market Technology, Key Manufacturers Report 2022-2030: Special Focus on USA, Europe, Japan Market

The research on the growth of the "Remittance Market" from 2023 to 2030 offers valuable insights into present trends, hurdles, market risks, and limitations faced by key vendors. This comprehensive report encompasses geographical segmentation, current demand trends, in-depth growth rate analysis, industry revenue, and a detailed examination of the Compound Annual Growth Rate (CAGR). Additionally, this report on the Remittance market delivers both qualitative and quantitative analyses, including company profiles, investment prospects, strategic development strategies, industry size, and global market share assessments.

Allied Market Research published a report, titled, "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". According to the report, the global remittance industry was estimated at $701.93 billion in 2020, and is anticipated to hit $1.23 trillion by 2030, registering a CAGR of 5.7% from 2021 to 2030.

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Drivers, Restraints, and Opportunities

Surge in cross-border transactions & mobile-based payment channels, lowered cost & transfer time, and increase in adoption of banking & financial services fuel the growth of the global remittance market. On the other hand, lack of awareness regarding digital remittance and slowdown in the Asia-Pacific region impede the growth to some extent. However, technological innovations and increase in penetration of smartphones & the internet create new opportunities in the industry.

COVID-19 Scenario:

The outbreak of Covid-19 paralyzed the economy of the majority of countries, especially during the initial phase, thereby impacting the global remittance market negatively. A fall in remittance flows also imposed economic, fiscal, and social burdens across the world. However, the market is projected to recoup soon. The Consumption Segment to Dominate By 2030

Based on application, the consumption segment accounted for nearly three-fifths of the global remittance market share in 2020, and is anticipated to rule the roost by 2030. A huge sum of money is remitted every month by the workers to their home country for food, clothing, and other expenditures. This factor drives the growth of the segment. The investment segment, however, would cite the fastest CAGR of 8.1% throughout the forecast period. This is due to the fact that it helps developed countries regenerate new revenue stream by investing the remitted money in different investment schemes, which boosts the GDP of the country.

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The Banks Segment to Maintain the Dominant Share

Based on remittance channel, the banks segment held nearly half of the global remittance market revenue in 2020, and is expected to lead the trail by 2030. The fact that banks are joining forces to develop cross-border real-time services propels the segment growth. The money transfer operator segment, on the other hand, would manifest the fastest CAGR of 8.1% from 2020 to 2030. This is because an array of digital-only players such as WorldRemit, Xoom, Transfer Wise, and InstaReM enable direct global money transfers sent from and received through mobile wallets held on personal devices.

Asia-Pacific, Followed By LAMEA, Europe, and North America, Garnered the Major Share in 2020

Based on region, Asia-Pacific, followed by LAMEA, Europe, and North America, held the major share in 2020, generating nearly half of the global remittance market. The same region would also grow at the fastest CAGR of 6.4% by 2030. This is attributed to rapidly advancing technologies, evolving customer expectations, and changing regulatory setting in the region.

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Key Players in the Industry

Citigroup Inc. XOOM JPMorgan Chase & Co. RIA Financial Services Ltd. TransferWise Ltd. MoneyGram International Inc. Bank of America UAE Exchange Wells Fargo Western Union Holdings Inc.

Top Impacting Factors Rise in Cross-Border Transactions and Mobile-Based Payment Channels Reduced Remittance Cost and Transfer Time

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Remittance Market Report Highlights

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)

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports Insights" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

[researchinsights]

The global digital remittance market is projected to reach USD 16,953.5 million in 2023, registering a Compound Annual Growth Rate (CAGR) of 13.7% during the forecast period 2024-2030. The growth of the market is majorly driven by the rising focus on digital remittance due to rapid digitalization.

[marketinsight1234]

Mobile Remittance Service Market: Forthcoming Trends and Share Analysis by 2030

Global Mobile Remittance Service Market size is expected to grow from USD 22211.01 Million in 2023 to USD 85191.62 Million by 2032, at a CAGR of 16.11% during the forecast period (2024–2032)

You can use a mobile phone to send and receive money electronically with a mobile remittance service. It's an easy and accessible alternative to going in person to a bank or money transfer agency to transfer money. Bill payments and peer-to-peer transactions are made easier with the usage of mobile remittance services, which are available both domestically and internationally. They provide consumers with freedom in managing their finances by meeting the increasing demand for cross-border remittances and facilitating transactions between conventional bank accounts and mobile wallets. The market for conventional bank accounts is also present.

Financial inclusion, cost effectiveness, speed, and convenience are all provided by mobile remittance services. They enable customers to start transactions whenever and wherever they choose by doing away with the necessity for actual trips to banks or remittance centers. They are perfect for urgent financial situations because they offer transfers that happen almost instantly. Financial inclusion for individuals without simple access to traditional banking is further enhanced by the fact that digital transactions frequently have lower fees than traditional methods.

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Updated Version 2024 is available our Sample Report May Includes the:

Scope For 2024

Brief Introduction to the research report.

Table of Contents (Scope covered as a part of the study)

Top players in the market

Research framework (structure of the report)

Research methodology adopted by Worldwide Market Reports

Leading players involved in the Mobile Remittance Service Market include:

Mobetize Corp. (U.S.)

MoneyGram (U.S.)

Remitly (U.S.)

Regalii (U.S.)

Flywire (U.S.)

PayPal. (U.S.)

Ria Financial Services (U.S)

Western Union Holdings, Inc. (U.S)

Currency Cloud (UK)

Azimo (UK)

WorldRemit (UK)

TransferWise (UK) 

Moreover, the report includes significant chapters such as Patent Analysis, Regulatory Framework, Technology Roadmap, BCG Matrix, Heat Map Analysis, Price Trend Analysis, and Investment Analysis which help to understand the market direction and movement in the current and upcoming years. 

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Segmentation of Mobile Remittance Service Market:

By Type

Banks

Money Transfer Operators

By Application

Migrant Labor Workforce

Low-income Households

Small Businesses

An in-depth study of the Mobile Remittance Service industry for the years 2024–2032 is provided in the latest research. North America, Europe, Asia-Pacific, South America, the Middle East, and Africa are only some of the regions included in the report's segmented and regional analyses. The research also includes key insights including market trends and potential opportunities based on these major insights. All these quantitative data, such as market size and revenue forecasts, and qualitative data, such as customers' values, needs, and buying inclinations, are integral parts of any thorough market analysis.

Market Segment by Regions: -

North America (US, Canada, Mexico)

Eastern Europe (Bulgaria, The Czech Republic, Hungary, Poland, Romania, Rest of Eastern Europe)

Western Europe (Germany, UK, France, Netherlands, Italy, Russia, Spain, Rest of Western Europe)

Asia Pacific (China, India, Japan, South Korea, Malaysia, Thailand, Vietnam, The Philippines, Australia, New Zealand, Rest of APAC)

Middle East & Africa (Turkey, Bahrain, Kuwait, Saudi Arabia, Qatar, UAE, Israel, South Africa)

South America (Brazil, Argentina, Rest of SA)

Key Benefits of Mobile Remittance Service Market Research: 

Research Report covers the Industry drivers, restraints, opportunities and challenges

Competitive landscape & strategies of leading key players

Potential & niche segments and regional analysis exhibiting promising growth covered in the study

Recent industry trends and market developments

Research provides historical, current, and projected market size & share, in terms of value

Market intelligence to enable effective decision making

Growth opportunities and trend analysis

Covid-19 Impact analysis and analysis to Mobile Remittance Service market

If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.

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[mexicodailypost]

How Mexican narcos use remittances to wire U.S. drug profits home

A Mexican mother walked into a bank in her home city of Culiacán in the Mexican state of Sinaloa, where an $8,000 remittance from the United States was waiting. She withdrew the funds in local currency, then strolled across town and deposited nearly all of it into accounts at two different banks. Money sent home by migrant workers is a lifeline for millions of Mexicans. But the woman had never…

[paynxt360fintech]

Google and Amazon stand to gain from Meta’s social commerce exit

Ever since the pandemic outbreak, the e-commerce industry landscape has undergone a major revamp, with social commerce emerging as the next growth driver for the global market. Players such as Meta, Google, and Amazon all made a major push in the segment to tap into the high-growth potential of the social commerce industry. According to PayNXT360 estimates, the global social commerce market is expected to grow at a compound annual growth rate of 12.7% from 2022 to 2028. The global social commerce GMV will increase from US$661 billion in 2023 to reach US$1.3 trillion by 2028.

[organicmarketresearch]

Global Remittance Market.

Global remittance flows reached $702 billion in 2020, despite the COVID-19 pandemic's negative impact on the global economy increase in remittance flows as more people need to send money back to their home countries.

[empresa-journal]

How Much Money can XRP process?

XRP (XRP), the cryptocurrency, also known as Ripple, still retains enormous value. For example, Ripple (XRP) was CoinMarketCap’s sixth-largest cryptocurrency with a $23.897 billion Market Capitalization and a $46.270 billion Fully Diluted Market Cap on 1 May 2023. XRP also had a 24-Hour Market Volume of $918.480 million, a Centralized Exchange (CEX) Volume of $917.036 million, and a…

[newstownusa]

India is on track to become the first country to receive $100 billion in remittances annually

India is on track to become the first country to receive $100 billion in remittances annually

With around 18 million souls, Indians form the largest diaspora in the world. This resulted in India receiving more remittances over the years. By 2022, it would have reached $100 billion, making it the first country in history to reach this figure, according to the World Bank . “Remittance flows to India have been driven by rising wages and a strong labor market in the United States and other…

[prasannareddy]

Asia-Pacific Digital Remittance Market: Business Growth, Development Factors, Application and Future Prospects

Allied Market Research Published Latest New Report titled, “Asia-Pacific Digital Remittance Market by Remittance Type (Inward Digital Remittance, and Outward Digital Remittance), and Remittance Channel (Banks, Money Transfer Operators (MTOs), and Others): Opportunity Analysis and Industry Forecast, 2019–2026”

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According to Allied Market Research, The Asia-Pacific Digital Remittance Market report offers exhaustive and thorough insights into each of the prominent end user domains along with annual forecasts till the year 2030. In-depth study on the basis of various parameters such as sales analysis, major driving factors, market trends, prime market players, prime investment pockets and market size, that aid in formulating sound business strategies and making informed decisions. The global Asia-Pacific Digital Remittance Market report covers an overview of the market and outlines market definition and scope. The ongoing technological developments and surge in demand have an influential effect on the market growth.

At the same time, restraining factors that are expected to obstruct or hold the growth of the industry are also presented by our expert analysts in order to provide the key market players with a detailed scenario of the future threats in advance. Furthermore, the report provides a quantitative and qualitative analysis of the market, outlines the pain point analysis, value chain analysis, and key regulations.

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The worldwide Asia-Pacific Digital Remittance marketplace record gives a complete observe of the dynamic driving and restraining factors, major challenges, and lucrative opportunities. Moreover, the study covers a SWOT analysis that aids in recognizing the restraining and driving factors in the market. Furthermore, the report outlines market segmentation and growth analysis of the top 10 market players that are currently active in the industry. The drivers and opportunities help in grasping the dynamic market trends and how market players can leverage such trends.

We assist our clients with acquiring an upper hand in a market space by offering counseling administrations that incorporate however are not restricted to:

• Talent and engagement consulting services.

•  Market expansion and vertical tagging.

•  3 Business process and transformation consulting services.

•  Governance, risk, fraud, and compliance consulting.

•  Business and transformation consulting.

•  Customer acquisition and synergy planning.

•  Digital business strategy.

•  Strategic advisory and operational excellence consulting services.

COVID-19 scenario:

The Covid-19 outbreak has had a significant effect on the world. Some sectors thrived during the pandemic while some faced tremendous losses. As per the restrictions and guidelines issued by World Health Organization (WHO), the majority of the manufacturing and production facilities were closed or working at low potential. Moreover, the prolonged lockdown created challenges in the procurement of raw materials. These factors create a huge gap in supply and demand and disrupted the supply chain. However, as the world is recovering from the pandemic, the Asia-Pacific Digital Remittance market is expected to get back on track.

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The regions analyzed in the report are North America (United States, Canada, and Mexico), Europe (Germany, France, UK, Russia, and Italy), Asia-Pacific (China, Japan, Korea, India, and Southeast Asia), South America (Brazil, Argentina, Colombia), Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria, and South Africa). This regional analysis aids to formulate business strategies that target specific regions to leverage lucrative opportunities.

Key Market Segments:

BY REMITTANCE TYPE Inward Digital Remittance Outward Digital Remittance

BY REMITTANCE CHANNEL Banks Money Transfer Operators (MTOs) Others The report includes a detailed segmentation of the Asia-Pacific Digital Remittance market along with a comprehensive study of each segment. Furthermore, the segmentation study includes an analysis of sales, growth rate, market shares, and revenue of each segment during the forecast period.

Leading Playres of Asia-Pacific Digital Remittance Market:

AZIMO LTD FLYWIRE CORPORATION INSTAREM MONEYGRAM INTERNATIONAL, INC REMITLY, INC RIPPLE SINGX PTE LTD TNG FINTECH GROUP INC TRANSFERWISE LTD WORLDREMIT LTD Frequently Asked Questions?

Q1. What are the leading countries affected by Asia-Pacific Digital Remittance? Q2. Which is the largest regional market for Asia-Pacific Digital Remittance? Q3. What is the estimated industry size of Asia-Pacific Digital Remittance? Q4. Which are the top companies to hold the market share in Asia-Pacific Digital Remittance? Q5. What are the major drivers for Asia-Pacific Digital Remittance?

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Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned.

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[samaya-samachar]

Remittances inflow crosses Rs 10 billion in FY 2078/079

-Mahendra Subedi Remittances inflow in the country increased 4.8 percent in Nepalese rupee and 2.2 percent in US Dollar in the fiscal year 2078/079 BS, according to the Nepal Rastra Bank (NRB). Releasing the Current Macroeconomic and Financial Situation of Nepal on Tuesday, the NRB said remittance inflows increased 4.8 percent to Rs 1007.31 billion during 2021/022 compared to 9.8 percent in the…

[paynxt360fintech]

The global gift card market continues to grow at an accelerated pace on the back of digital gift card offerings in 2023

Digitalization, tech-savvy population, and increasing trend of strategic alliances is driving the growth of the global gift card market in 2023. The growth rate is significantly higher in markets like the United States. According to a report from PayNXT360, the United States gift card market is expected to grow at a compound annual growth rate (CAGR) of 5.7% from 2023 to 2027. Based on the estimates, the industry will increase from US$185.4 billion in 2022 to reach US$247.9 billion by 2027.