Remittance Market Opportunities and Forecast Assessment Mikael Granlund Jersey , 2018 鈥?2025 by Market Research · October 29, 2018
29th October 2018 – Global Remittance Market is expected to witness lucrative growth over the forecast period owing to rising employment level, increasing global population base, continuous climbing migrant population and enhancing global economic development. In addition, the unstable remittance cost, correlation between remittance and foreign exchange rates Roman Josi Jersey , impact of it on education, health and poverty and, wide portfolio of its services also anticipates the development of this market. Also, the payment cards, mobile money payment and, number of electronic payment service providers that offer over the counter payments are increasing rapidly. The introduction and innovation in technologies are helping to lower the cost of remittance. This factor is expected to anticipate the market growth over the decade. The online and mobile money transfer system provides new opportunities for more cost effective means of sending money. Mobile money transfers services such as MPesa have changed the landscape for domestic remittances in many African countries. MPesa is a mobile phone based money transfer service for Safaricom which is Kenya鈥檚 largest mobile network operator. With the help of this facility Viktor Arvidsson Jersey , low income people of Kenya can use their mobile phones for transferring their money from person to person. Also, mobile transfer operators have partnered with mobile wallet providers and mobile network trade associations so as to boost their competitive advantage.
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Another factor having a positive impact on remittance market is public sector initiatives so as to reduce the cost of remittance. The Federal Reserve Bank of the U.S in partnership with Banco Rendimento, Banco de Mexico and Microfinance International Corp. offered an 鈥渁ccount to receiver鈥?service. This service helps the customers in the U.S to send money to their relatives who do not possess a bank account in Mexico and other 10 Latin American countries. Remittance industry contributes to economic growth and livelihoods of people across the world. The money transferred by the foreign migrants to their home countries is expected to contribute as the second largest financial inflow to the respective nations. It acts as a key source of funds in emerging countries, far beyond official development support and even foreign direct investment and, are proven to be more secure than private debt and portfolio equity flows. Furthermore, in money receiving countries Craig Smith Jersey , this industry promotes economic dependence on the global economy instead of building defensible local economies.
Remittance channel comprises of sender, receiver, intermediates in both the countries and payment interface used by the intermediates. The market on the basis of components, is segmented into remittance corridors, remittance service providers, money transfer system and Mattias Ekholm Jersey , remittance network. On the basis of ways, a network of access points is created or connected, market is segmented into franchised services, unilateral services, open services and negotiated services. According to the World Bank data, in 2013 Colton Sissons Jersey , over 38% of international migrants migrated from developing countries to other developing countries and around 34% moved from developing countries to developed countries. In 2015, remittances to emerging countries were expected to be $435 billion with a modest growth of 2% from last year.
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Geographically, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East and Africa. North America is estimated to dominate the market due to continuous growth in GDP and increasing new and developing technologies. In 2014 Kyle Turris Jersey , the U.S was the largest remittance source country with an estimated outflow of $56 billion. Asia Pacific is expected to witness fastest growth over the coming six years owing to increasing number of workers, high disposable income levels and rising population base in this region. In 2015, this region was amounted to $129 billion while outflow accounted for $24 billion in 2014. The source of emigrant countries includes China, Vietnam, Indonesia, Philippines and Myanmar. In this region Dan Hamhuis Jersey , India was considered to receive the largest remittance with an estimated $72 billion followed by China around $64 billion.
Migrants from Latin America and Caribbean region were approximately 32.5 million out of which around 85% were living in Organization of Economic Cooperation and Development countries (OECD). Remittances to this region amounted to be $67 billion in 2015 and outflow were $6 billion in 2014. Migrants from Middle East and Africa region were 23.9 million and nearly 38% of whom were living in OECD countries and, 31% were living within this region. The source of emigrants was Syria, West Bank and Gaza, Iraq, Morocco and Egypt. The inflow in this region was $52billion in 2015 and outflow amounted for $98 billion in 2014. The high income Gulf Cooperation Council countries in this region have witness significant increase in immigration in past few years mostly from East Asia.
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