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2022
Remittance Market

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

A03604
Pages: 240
Jan 2022 | 24926 Views
   
Author(s) : Pramod Borasi, Monica Chhabra , Vineet Kumar
Tables: 117
Charts: 65
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COVID-19

Pandemic disrupted the entire world and affected many industries.

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Remittance Market Outlook – 2030 

The global remittance market size was valued at $701.93 billion in 2020, and is projected to reach $1,227.22 billion by 2030, registering a CAGR of 5.7% from 2021 to 2030. Remittance is referred as sending of money by foreign migrant cross border to another person via electronic payments, drafts, and check. In addition, majority of remittance services providers are focusing on digital remittance to enhance their business and provide customer with easier and quicker transferring services. Numerous benefits of using digital channels such as high speed, availability of digital channels 24 hours a day, transparency, ease of use, high security, and others, for sending money create numerous opportunities for the remittance market.

The COVID-19 pandemic has negatively impacted the remittance market, owing to large job loses in first quarter of COVID-19 pandemic and decreasing employment rate of foreigners living in other countries.

Rise in mobile-based payment channels and cross-border transactions and decrease in remittance transfer time & cost drives the growth of the market. In addition, increase in adoption of banking & financial sectors across the globe fuels the remittance market growth. However, rise in number of financial crimes and lack of awareness for digital remittance is expected to impede the market growth. Furthermore, technological advancements in digital remittance market is expected to provide lucrative opportunities for the market growth.

Remittance Market (2021 - 2030)

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By end user, the personal segment is expected to garner a significant remittance market size and is expected to witness growth at the highest rate during the forecast period, owing to money sent by the migrant labor workforce to their home country as they migrate to other countries to pursue work such as seasonal work. 

Region wise, the remittance market was dominated by Asia-Pacific in 2020 and is expected to witness growth at the highest rate owing to growing number of immigrants and increasing adoption of digital remittance owing to rapidly advancing technologies, evolving customer expectations, and a changing regulatory landscape, which are driving the automation of cross-border and remittance services. 

The report focuses on growth prospects, restraints, and trends of the remittance market. The study provides Porter’s five forces analysis to understand impact of various factors, such as bargaining power of suppliers, competitive intensity of competitors, threat of new entrants, threat of substitutes, and bargaining power of buyers, on the remittance market share.

Remittance Market
By Application

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Consumption segment will dominate the market during the forecast period

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Segment Overview

The global remittance market is segmented on the basis of application, remittance channel, end user, and region. In terms of application, the market is classified into consumption, savings and investments. By remittance channel, it is divided into banks, money transfer operator, and others. By end user, it is divided into business and personal. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

Remittance Market
By Remittance Channel

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Banks segment will maintain the lead during the forecast period

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Competitive Analysis

The key players profiled in the remittance market analysis are Bank of America, Citigroup Inc., JPMorgan Chase & Co., MoneyGram International Inc., RIA Financial Services Ltd., TransferWise Ltd., UAE Exchange, Wells Fargo, Western Union Holdings Inc. and XOOM. These key players have adopted various strategies, such as product portfolio expansion, mergers & acquisitions, agreements, geographical expansion, and collaborations, to increase their market penetration and strengthen their foothold in the industry.

Remittance Market
By End User

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Personal segment will generate the highest revenue during 2021 - 2030

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COVID-19 Impact Analysis

As the COVID-19 pandemic spread across the globe economic crisis continues to spread, the demand for remittance industry decreased owing to decreasing amount of money migrant workers send home. In addition, it is projected to decline 14% by 2021 compared to the pre COVID-19 levels in 2019, according to the latest estimates published in the World Bank’s Migration and Development Brief. Remittance flows to low and middle-income countries (LMICs) are projected to fall by 7%, to $508 billion in 2020, followed by a further decline of 7.5%, to $470 billion in 2021. 

The foremost factors driving the decline in remittance industry include weak economic growth and employment levels in migrant-hosting countries, weak oil prices; and depreciation of the currencies of remittance-source countries against the U.S. dollar. Moreover, the declines in 2020 and 2021 will affect all regions, with the steepest drop expected in Europe and Central Asia (by 16% and 8%, respectively), followed by East Asia and the Pacific (11% and 4%), the Middle East and North Africa (8% and 8%), Sub-Saharan Africa (9% and 6%), South Asia (4% and 11%), and Latin America and the Caribbean (0.2% and 8%).

Remittance Market
By Region

2030
Asia-pacific 
North America
Europe
Lamea

Asia-Pacific region would exhibit the highest CAGR of 6.4% during 2021 - 2030

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Top Impacting Factors

Rise in Cross-Border Transactions and Mobile-Based Payment Channels

Rise in cross-border transactions and move toward mobile banking and mobile-based payment solutions dominate payment trends in Asia-Pacific, which is expected to drive the growth of the remittance market. In addition, owing to rise in international commerce, migration and changing economic trends across the globe. In addition, new developments in the world of cross-border payments is the prospect of making real-time international payments a reality. 

Furthermore, number of banks are striving to deliver timely cross-border remittances and value-added services using a relationship-centric approach, which fuel the growth of the remittance market. For instance, in September 2021, HSBC India launched HSBC UniTransact, a digital proposition aimed at simplifying cross-border transactions. The offering is a one-stop solution, bringing clients the benefit of seamless integration of all aspects of transaction banking while minimizing manual intervention through the course of the transaction journey.

Reduced Remittance Cost and Transfer Time

Cross-border payments have become insignificant in cost, quick, auditable, and accessible to everyone owing to the use of digital transfer networks such as mobile phone technology, mobile money, digital currencies, distributed ledgers, electronic identity, and others to send money. The adoption of digital remittance is expected to reduce reliance on cash agents in both sender and receiver nations, which is now contributing to the maintenance of high transaction costs.

It is also expected to alleviate many of the risks, hurdles, and costs associated with security and know-your-customer (KYC). As a result, banks and money transfer companies use digital technology to offer remittance services at considerably cheaper prices than conventional over-the-counter services, increasing digital remittance adoption in the area. 

Furthermore, the use of modern technologies and government-led public awareness initiatives significantly lower remittance costs. The usage of digital remittance is expected to increase as a result of this decrease. Transparency projects like SendMoneyPacific, for example, allow remittance senders to compare rates and learn about the advantages of new digital transfer providers. This is intended to increase consumer awareness about digital remittance market.

Key Benefits For Stakeholders     

  • The study provides an in-depth analysis of the remittance market forecast along with the current trends and future estimations to explain the imminent investment pockets.
  • Information about key drivers, restraints, & opportunities and their impact analysis on the global remittance market is provided in the report.
  • Porter’s five forces analysis illustrates the potency of the buyers and suppliers operating in the industry.
  • The quantitative analysis of the market from 2021 to 2030 is provided to determine the market potential.

Key Market Segments

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


COMPANY PROFILES: STARTUP’S

  • AZIMO LTD.
  • .CWALLET
  • DENARII CASH
  • INSTAREM INDIA PVT. LTD.
  • NOW MONEY
  • REMITNOW
  • .REMITR
  • SCI VENTURES, INC.
  • SENDAH
  • SURECASH
 

CHAPTER 1:INTRODUCTION

1.1.Report description
1.2.Key benefits for stakeholders
1.3.Key market segments
1.4.Key Market Players
1.5.Research methodology

1.5.1.Secondary research
1.5.2.Primary research
1.5.3.Analyst tools & models

CHAPTER 2:EXECUTIVE SUMMARY

2.1.Key findings

2.1.1.Top impacting factors
2.1.2.Top investment pockets

2.2.CXO perspective

CHAPTER 3:MARKET OVERVIEW

3.1.Market definition and scope
3.2.Key Forces Shaping Remittance Market
3.3.Market dynamics

3.3.1.Drivers

3.3.1.1.Rise in cross-border transactions and mobile-based payment channels
3.3.1.2.Reduced remittance cost & transfer time
3.3.1.3.Growth in adoption of banking & financial services

3.3.2.Restraints

3.3.2.1.Rise in number of financial crimes
3.3.2.2.Lack of awareness for digital remittance

3.3.3.Opportunities

3.3.3.1.Technological innovations in digital remittance industry
3.3.3.2.Rise in Internet and Mobile penetration

3.4.COVID-19 impact analysis on remittance market

3.4.1.Impact on remittance market size
3.4.2.Change in consumer trends, preferences, and budget impact due to COVID-19
3.4.3.Framework for solving market challenges faced by remittance solution providers
3.4.4.Economic impact on remittance solution providers
3.4.5.Key player strategies to tackle the negative impact
3.4.6.Opportunity window analysis for remittance solution providers

CHAPTER 4:REMITTANCE MARKET, BY APPLICATION

4.1.Overview
4.2.Consumption

4.2.1.Key market trends, growth factors, and opportunities
4.2.2.Market size and forecast, by region
4.2.3.Market analysis, by country

4.3.Saving

4.3.1.Key market trends, growth factors, and opportunities
4.3.2.Market size and forecast, by region
4.3.3.Market analysis, by country

4.4.Investment

4.4.1.Key market trends, growth factors, and opportunities
4.4.2.Market size and forecast, by region
4.4.3.Market analysis, by country

CHAPTER 5:REMITTANCE MARKET, BY REMITTANCE CHANNEL

5.1.Overview
5.2.Banks

5.2.1.Key market trends, growth factors, and opportunities
5.2.2.Market size and forecast, by region
5.2.3.Market analysis, by country

5.3.Money Transfer Operators

5.3.1.Key market trends, growth factors, and opportunities
5.3.2.Market size and forecast, by region
5.3.3.Market analysis, by country

5.4.Others

5.4.1.Key market trends, growth factors, and opportunities
5.4.2.Market size and forecast, by region
5.4.3.Market analysis, by country

CHAPTER 6:REMITTANCE MARKET, BY END USER

6.1.Overview
6.2.Business

6.2.1.Key market trends, growth factors, and opportunities
6.2.2.Market size and forecast, by region
6.2.3.Market analysis, by country

6.3.Personal

6.3.1.Key market trends, growth factors, and opportunities
6.3.2.Market size and forecast, by region
6.3.3.Market analysis, by country

CHAPTER 7:REMITTANCE MARKET, BY REGION

7.1.Overview

7.1.1.Market size and forecast, by region

7.2.North America

7.2.1.Key market trends, growth factors, and opportunities
7.2.2.Market size and forecast, by application
7.2.3.Market size and forecast, by remittance Channel
7.2.4.Market size and forecast, by end user
7.2.5.Market analysis, by country

7.2.5.1.U.S.

7.2.5.1.1.Market size and forecast, by Application
7.2.5.1.2.Market size and forecast, by remittance Channel
7.2.5.1.3.Market size and forecast, by end user

7.2.5.2.Canada

7.2.5.2.1.Market size and forecast, by Application
7.2.5.2.2.Market size and forecast, by remittance Channel
7.2.5.2.3.Market size and forecast, by end user

7.3.Europe

7.3.1.Key market trends, growth factors, and opportunities
7.3.2.Market size and forecast, by application
7.3.3.Market size and forecast, by remittance Channel
7.3.4.Market size and forecast, by end user
7.3.5.Market analysis, by country

7.3.5.1.France

7.3.5.1.1.Market size and forecast, by Application
7.3.5.1.2.Market size and forecast, by remittance Channel
7.3.5.1.3.Market size and forecast, by end user

7.3.5.2.Germany

7.3.5.2.1.Market size and forecast, by Application
7.3.5.2.2.Market size and forecast, by remittance Channel
7.3.5.2.3.Market size and forecast, by end user

7.3.5.3.UK

7.3.5.3.1.Market size and forecast, by Application
7.3.5.3.2.Market size and forecast, by remittance Channel
7.3.5.3.3.Market size and forecast, by end user

7.3.5.4.Italy

7.3.5.4.1.Market size and forecast, by Application
7.3.5.4.2.Market size and forecast, by remittance Channel
7.3.5.4.3.Market size and forecast, by end user

7.3.5.5.Spain

7.3.5.5.1.Market size and forecast, by Application
7.3.5.5.2.Market size and forecast, by remittance Channel
7.3.5.5.3.Market size and forecast, by end user

7.3.5.6.Rest of Europe

7.3.5.6.1.Market size and forecast, by Application
7.3.5.6.2.Market size and forecast, by remittance Channel
7.3.5.6.3.Market size and forecast, by end user

7.4.Asia-Pacific

7.4.1.Key market trends, growth factors, and opportunities
7.4.2.Market size and forecast, by application
7.4.3.Market size and forecast, by remittance Channel
7.4.4.Market size and forecast, by end user
7.4.5.Market analysis, by country

7.4.5.1.China

7.4.5.1.1.Market size and forecast, by Application
7.4.5.1.2.Market size and forecast, by remittance Channel
7.4.5.1.3.Market size and forecast, by end user

7.4.5.2.Japan

7.4.5.2.1.Market size and forecast, by Application
7.4.5.2.2.Market size and forecast, by remittance Channel
7.4.5.2.3.Market size and forecast, by end user

7.4.5.3.India

7.4.5.3.1.Market size and forecast, by Application
7.4.5.3.2.Market size and forecast, by remittance Channel
7.4.5.3.3.Market size and forecast, by end user

7.4.5.4.Philippines

7.4.5.4.1.Market size and forecast, by Application
7.4.5.4.2.Market size and forecast, by remittance Channel
7.4.5.4.3.Market size and forecast, by end user

7.4.5.5.Pakistan

7.4.5.5.1.Market size and forecast, by Application
7.4.5.5.2.Market size and forecast, by remittance Channel
7.4.5.5.3.Market size and forecast, by end user

7.4.5.6.Rest of Asia-Pacific

7.4.5.6.1.Market size and forecast, by Application
7.4.5.6.2.Market size and forecast, by remittance Channel
7.4.5.6.3.Market size and forecast, by end user

7.5.LAMEA

7.5.1.Key market trends, growth factors, and opportunities
7.5.2.Market size and forecast, by application
7.5.3.Market size and forecast, by remittance Channel
7.5.4.Market size and forecast, by end user
7.5.5.Market analysis, by country

7.5.5.1.Latin America

7.5.5.1.1.Market size and forecast, by Application
7.5.5.1.2.Market size and forecast, by remittance Channel
7.5.5.1.3.Market size and forecast, by end user

7.5.5.2.Middle East

7.5.5.2.1.Market size and forecast, by Application
7.5.5.2.2.Market size and forecast, by remittance Channel
7.5.5.2.3.Market size and forecast, by end user

7.5.5.3.Africa

7.5.5.3.1.Market size and forecast, by Application
7.5.5.3.2.Market size and forecast, by remittance Channel
7.5.5.3.3.Market size and forecast, by end user

CHAPTER 8:COMPETITIVE LANDSCAPE

8.1.Introduction

8.1.1.Market player positioning, 2020

8.2.Competitive dashboard

8.2.1.Top winning strategies

CHAPTER 9:COMPANY PROFILES: MAJOR PLAYERS

9.1.BANK OF AMERICA

9.1.1.Company overview
9.1.2.Key Executives
9.1.3.Company snapshot
9.1.4.Operating business segments
9.1.5.Product portfolio
9.1.6.Business performance
9.1.7.Key strategic moves and developments

9.2.CITIGROUP INC.

9.2.1.Company overview
9.2.2.Key Executives
9.2.3.Company snapshot
9.2.4.Operating business segments
9.2.5.Product portfolio
9.2.6.Business performance

9.3.JPMORGAN CHASE & CO.

9.3.1.Company overview
9.3.2.Key Executives
9.3.3.Company snapshot
9.3.4.Operating business segments
9.3.5.Product portfolio
9.3.6.Business performance
9.3.7.Key strategic moves and developments

9.4.MONEYGRAM INTERNATIONAL, INC.

9.4.1.Company overview
9.4.2.Key Executives
9.4.3.Company snapshot
9.4.4.Operating business segments
9.4.5.Product portfolio
9.4.6.Business performance
9.4.7.Key strategic moves and developments

9.5.RIA FINANCIAL SERVICES LTD. (SUBSIDIARY EURONET WORLDWIDE, INC.)

9.5.1.Company overview
9.5.2.Key Executives
9.5.3.Company snapshot
9.5.4.Operating business segments
9.5.5.Product portfolio
9.5.6.Business performance
9.5.7.Key strategic moves and developments

9.6.TRANSFERWISE LTD.

9.6.1.Company overview
9.6.2.Key Executives
9.6.3.Company snapshot
9.6.4.Product portfolio

9.7.UAE EXCHANGE

9.7.1.Company overview
9.7.2.Key Executives
9.7.3.Company snapshot
9.7.4.Operating business segments
9.7.5.Product portfolio
9.7.6.Key strategic moves and developments

9.8.WELLS FARGO

9.8.1.Company overview
9.8.2.Key Executives
9.8.3.Company snapshot
9.8.4.Operating business segments
9.8.5.Product portfolio
9.8.6.Business performance

9.9.WESTERN UNION HOLDINGS, INC.

9.9.1.Company overview
9.9.2.Key Executives
9.9.3.Company snapshot
9.9.4.Operating business segments
9.9.5.Product portfolio
9.9.6.Business performance
9.9.7.Key strategic moves and developments

9.10.XOOM (SUBSIDIARY OF PAYPAL INC.)

9.10.1.Company overview
9.10.2.Key Executives
9.10.3.Company snapshot
9.10.4.Product portfolio
9.10.5.Business performance
9.10.6.Key strategic moves and developments

LIST OF TABLES

TABLE 01.REMITTANCE MARKET REVENUE, BY APPLICATION, 2020–2030($BILLION)
TABLE 02.REMITTANCE MARKET REVENUE FOR CONSUMPTION, BY REGION, 2020–2030($BILLION)
TABLE 03.REMITTANCE MARKET REVENUE FOR SAVING, BY REGION, 2020–2030($BILLION)
TABLE 04.REMITTANCE MARKET REVENUE FOR INVESTMENT, BY REGION, 2020–2030($BILLION)
TABLE 05.REMITTANCE MARKET REVENUE, BY REMITTANCE CHANNEL, 2020–2030($BILLION)
TABLE 06.REMITTANCE MARKET REVENUE FOR BANKS, BY REGION, 2020–2030($BILLION)
TABLE 07.REMITTANCE MARKET REVENUE FOR MONEY TRANSFER OPERATORS, BY REGION, 2020–2030($BILLION)
TABLE 08.REMITTANCE MARKET REVENUE FOR OTHERS, BY REGION, 2020–2030($BILLION)
TABLE 09.REMITTANCE MARKET REVENUE, BY END USER, 2020-2030 ($BILLION)
TABLE 10.REMITTANCE MARKET REVENUE FOR BUSINESS, BY REGION, 2020–2030($BILLION)
TABLE 11.REMITTANCE MARKET REVENUE FOR PERSONAL, BY REGION, 2020–2030($BILLION)
TABLE 12.REMITTANCE MARKET REVENUE, BY REGION, 2020–2030($BILLION)
TABLE 13.NORTH AMERICA REMITTANCE MARKET REVENUE, BY APPLICATION, 2020–2030($BILLION)
TABLE 14.NORTH AMERICA REMITTANCE MARKET REVENUE, BY REMITTANCE CHANNEL, 2020–2030 ($BILLION)
TABLE 15.NORTH AMERICA REMITTANCE MARKET REVENUE, BY END USER 2020–2030($BILLION)
TABLE 16.NORTH AMERICA REMITTANCE MARKET REVENUE, BY COUNTRY, 2020–2030($BILLION)
TABLE 17.U.S. REMITTANCE MARKET REVENUE, BY APPLICATION, 2020–2030($BILLION)
TABLE 18.U.S. REMITTANCE MARKET REVENUE, BY REMITTANCE CHANNEL, 2020–2030($BILLION)
TABLE 19.U.S. REMITTANCE MARKET REVENUE, BY END USER, 2020–2030($BILLION)
TABLE 20.CANADA REMITTANCE MARKET REVENUE, BY APPLICATION, 2020–2030($BILLION)
TABLE 21.CANADA REMITTANCE MARKET REVENUE, BY REMITTANCE CHANNEL, 2020–2030($BILLION)
TABLE 22.CANADA REMITTANCE MARKET REVENUE, BY END USER, 2020–2030($BILLION)
TABLE 23.EUROPE REMITTANCE MARKET REVENUE, BY APPLICATION, 2020–2030($BILLION)
TABLE 24.EUROPE REMITTANCE MARKET REVENUE, BY REMITTANCE CHANNEL, 2020–2030 ($BILLION)
TABLE 25.EUROPE REMITTANCE MARKET REVENUE, BY END USER 2020–2030($BILLION)
TABLE 26.EUROPE REMITTANCE MARKET REVENUE, BY COUNTRY, 2020–2030($BILLION)
TABLE 27.FRANCE REMITTANCE MARKET REVENUE, BY APPLICATION, 2020–2030($BILLION)
TABLE 28.FRANCE REMITTANCE MARKET REVENUE, BY REMITTANCE CHANNEL, 2020–2030($BILLION)
TABLE 29.FRANCE REMITTANCE MARKET REVENUE, BY END USER, 2020–2030($BILLION)
TABLE 30.GERMANY REMITTANCE MARKET REVENUE, BY APPLICATION, 2020–2030($BILLION)
TABLE 31.GERMANY REMITTANCE MARKET REVENUE, BY REMITTANCE CHANNEL, 2020–2030($BILLION)
TABLE 32.GERMANY REMITTANCE MARKET REVENUE, BY END USER, 2020–2030($BILLION)
TABLE 33.UK REMITTANCE MARKET REVENUE, BY APPLICATION, 2020–2030($BILLION)
TABLE 34.UK REMITTANCE MARKET REVENUE, BY REMITTANCE CHANNEL, 2020–2030($BILLION)
TABLE 35.UK REMITTANCE MARKET REVENUE, BY END USER, 2020–2030($BILLION)
TABLE 36.ITALY REMITTANCE MARKET REVENUE, BY APPLICATION, 2020–2030($BILLION)
TABLE 37.ITALY REMITTANCE MARKET REVENUE, BY REMITTANCE CHANNEL, 2020–2030($BILLION)
TABLE 38.ITALY REMITTANCE MARKET REVENUE, BY END USER, 2020–2030($BILLION)
TABLE 39.SPAIN REMITTANCE MARKET REVENUE, BY APPLICATION, 2020–2030($BILLION)
TABLE 40.SPAIN REMITTANCE MARKET REVENUE, BY REMITTANCE CHANNEL, 2020–2030($BILLION)
TABLE 41.SPAIN REMITTANCE MARKET REVENUE, BY END USER, 2020–2030($BILLION)
TABLE 42.REST OF EUROPE REMITTANCE MARKET REVENUE, BY APPLICATION, 2020–2030($BILLION)
TABLE 43.REST OF EUROPE REMITTANCE MARKET REVENUE, BY REMITTANCE CHANNEL, 2020–2030($BILLION)
TABLE 44.REST OF EUROPE REMITTANCE MARKET REVENUE, BY END USER, 2020–2030($BILLION)
TABLE 45.ASIA-PACIFIC REMITTANCE MARKET REVENUE, BY APPLICATION, 2020–2030($BILLION)
TABLE 46.ASIA-PACIFIC REMITTANCE MARKET REVENUE, BY REMITTANCE CHANNEL, 2020–2030 ($BILLION)
TABLE 47.ASIA-PACIFIC REMITTANCE MARKET REVENUE, BY END USER 2020–2030($BILLION)
TABLE 48.ASIA-PACIFIC REMITTANCE MARKET REVENUE, BY COUNTRY, 2020–2030($BILLION)
TABLE 49.CHINA REMITTANCE MARKET REVENUE, BY APPLICATION, 2020–2030($BILLION)
TABLE 50.CHINA REMITTANCE MARKET REVENUE, BY REMITTANCE CHANNEL, 2020–2030($BILLION)
TABLE 51.CHINA REMITTANCE MARKET REVENUE, BY END USER, 2020–2030($BILLION)
TABLE 52.JAPAN REMITTANCE MARKET REVENUE, BY APPLICATION, 2020–2030($BILLION)
TABLE 53.JAPAN REMITTANCE MARKET REVENUE, BY REMITTANCE CHANNEL, 2020–2030($BILLION)
TABLE 54.JAPAN REMITTANCE MARKET REVENUE, BY END USER, 2020–2030($BILLION)
TABLE 55.INDIA REMITTANCE MARKET REVENUE, BY APPLICATION, 2020–2030($BILLION)
TABLE 56.INDIA REMITTANCE MARKET REVENUE, BY REMITTANCE CHANNEL, 2020–2030($BILLION)
TABLE 57.INDIA REMITTANCE MARKET REVENUE, BY END USER, 2020–2030($BILLION)
TABLE 58.PHILIPPINES REMITTANCE MARKET REVENUE, BY APPLICATION, 2020–2030($BILLION)
TABLE 59.PHILIPPINES REMITTANCE MARKET REVENUE, BY REMITTANCE CHANNEL, 2020–2030($BILLION)
TABLE 60.PHILIPPINES REMITTANCE MARKET REVENUE, BY END USER, 2020–2030($BILLION)
TABLE 61.PAKISTAN REMITTANCE MARKET REVENUE, BY APPLICATION, 2020–2030($BILLION)
TABLE 62.PAKISTAN REMITTANCE MARKET REVENUE, BY REMITTANCE CHANNEL, 2020–2030($BILLION)
TABLE 63.PAKISTAN REMITTANCE MARKET REVENUE, BY END USER, 2020–2030($BILLION)
TABLE 64.REST OF ASIA-PACIFC REMITTANCE MARKET REVENUE, BY APPLICATION, 2020–2030($BILLION)
TABLE 65.REST OF ASIA-PACIFC REMITTANCE MARKET REVENUE, BY REMITTANCE CHANNEL, 2020–2030($BILLION)
TABLE 66.REST OF ASIA-PACIFC REMITTANCE MARKET REVENUE, BY END USER, 2020–2030($BILLION)
TABLE 67.LAMEA REMITTANCE MARKET REVENUE, BY APPLICATION, 2020–2030($BILLION)
TABLE 68.LAMEA REMITTANCE MARKET REVENUE, BY REMITTANCE CHANNEL, 2020–2030 ($BILLION)
TABLE 69.LAMEA REMITTANCE MARKET REVENUE, BY END USER 2020–2030($BILLION)
TABLE 70.LAMEA REMITTANCE MARKET REVENUE, BY COUNTRY, 2020–2030($BILLION)
TABLE 71.LATIN AMERICA REMITTANCE MARKET REVENUE, BY APPLICATION, 2020–2030($BILLION)
TABLE 72.LATIN AMERICA REMITTANCE MARKET REVENUE, BY REMITTANCE CHANNEL, 2020–2030($BILLION)
TABLE 73.LATIN AMERICA REMITTANCE MARKET REVENUE, BY END USER, 2020–2030($BILLION)
TABLE 74.MIDDLE EAST REMITTANCE MARKET REVENUE, BY APPLICATION, 2020–2030($BILLION)
TABLE 75.MIDDLE EAST REMITTANCE MARKET REVENUE, BY REMITTANCE CHANNEL, 2020–2030($BILLION)
TABLE 76.MIDDLE EAST REMITTANCE MARKET REVENUE, BY END USER, 2020–2030($BILLION)
TABLE 77.AFRICA REMITTANCE MARKET REVENUE, BY APPLICATION, 2020–2030($BILLION)
TABLE 78.AFRICA REMITTANCE MARKET REVENUE, BY REMITTANCE CHANNEL, 2020–2030($BILLION)
TABLE 79.AFRICA REMITTANCE MARKET REVENUE, BY END USER, 2020–2030($BILLION)
TABLE 80.BANK OF AMERICA: KEY EXECUTIVES
TABLE 81.BANK OF AMERICA: COMPANY SNAPSHOT
TABLE 82.BANK OF AMERICA: OPERATING SEGMENTS
TABLE 83.BANK OF AMERICA: PRODUCT PORTFOLIO
TABLE 84.CITIGROUP INC.: KEY EXECUTIVES
TABLE 85.CITIGROUP INC.: COMPANY SNAPSHOT
TABLE 86.CITIGROUP INC.: OPERATING SEGMENTS
TABLE 87.CITIGROUP INC.: PRODUCT PORTFOLIO
TABLE 88.JPMORGAN CHASE & CO.: KEY EXECUTIVES
TABLE 89.JPMORGAN CHASE & CO.: COMPANY SNAPSHOT
TABLE 90.JPMORGAN CHASE & CO.: OPERATING SEGMENTS
TABLE 91.JPMORGAN CHASE & CO.: PRODUCT PORTFOLIO
TABLE 92.MONEYGRAM INTERNATIONAL, INC.: KEY EXECUTIVES
TABLE 93.MONEYGRAM INTERNATIONAL, INC: COMPANY SNAPSHOT
TABLE 94.MONEYGRAM INTERNATIONAL, INC: OPERATING SEGMENTS
TABLE 95.MONEYGRAM INTERNATIONAL, INC: PRODUCT PORTFOLIO
TABLE 96.RIA FINANCIAL SERVICES LTD.: KEY EXECUTIVES
TABLE 97.RIA FINANCIAL SERVICES LTD.: COMPANY SNAPSHOT
TABLE 98.RIA FINANCIAL SERVICES LTD.: OPERATING SEGMENTS
TABLE 99.RIA FINANCIAL SERVICES LTD.: PRODUCT PORTFOLIO
TABLE 100.TRANSFERWISE LTD.: KEY EXECUTIVES
TABLE 101.TRANSFERWISE LTD.: COMPANY SNAPSHOT
TABLE 102.TRANSFERWISE LTD.: PRODUCT PORTFOLIO
TABLE 103.UAE EXCHANGE: KEY EXECUTIVES
TABLE 104.UAE EXCHANGE: COMPANY SNAPSHOT
TABLE 105.UAE EXCHANGE: OPERATING SEGMENTS
TABLE 106.UAE EXCHANGE: PRODUCT PORTFOLIO
TABLE 107.WELLS FARGO: KEY EXECUTIVES
TABLE 108.WELLS FARGO: COMPANY SNAPSHOT
TABLE 109.WELLS FARGO: OPERATING SEGMENTS
TABLE 110.WELLS FARGO: PRODUCT PORTFOLIO
TABLE 111.WESTERN UNION HOLDINGS, INC.: KEY EXECUTIVES
TABLE 112.WESTERN UNION HOLDINGS, INC.: COMPANY SNAPSHOT
TABLE 113.WESTERN UNION HOLDINGS, INC.: OPERATING SEGMENTS
TABLE 114.WESTERN UNION HOLDINGS, INC.: PRODUCT PORTFOLIO
TABLE 115.XOOM: KEY EXECUTIVES
TABLE 116.XOOM: COMPANY SNAPSHOT
TABLE 117.XOOM: PRODUCT PORTFOLIO

LIST OF FIGURES

FIGURE 01.KEY MARKET SEGMENTS
FIGURE 02.REMITTANCE MARKET, 2020–2030
FIGURE 03.REMITTANCE MARKET, BY REGION, 2020-2030
FIGURE 04.TOP IMPACTING FACTORS
FIGURE 05.TOP INVESTMENT POCKETS
FIGURE 06.LOW-TO-MODERATE BARGAINING POWER OF SUPPLIERS
FIGURE 07.LOW-TO-HIGH BARGAINING POWER OF BUYERS
FIGURE 08.LOW-TO-MODERATE THREAT OF SUBSTITUTES
FIGURE 09.MODERATE-TO-HIGH THREAT OF NEW ENTRANTS
FIGURE 10.LOW-TO-HIGH COMPETITIVE RIVALRY
FIGURE 11.REMITTANCE MARKET, BY APPLICATION, 2020–2030
FIGURE 12.COMPARATIVE SHARE ANALYSIS OF REMITTANCE MARKET FOR CONSUMPTION, BY COUNTRY, 2020 & 2030 (%)
FIGURE 13.COMPARATIVE SHARE ANALYSIS OF REMITTANCE MARKET FOR SAVING, BY COUNTRY, 2020 & 2030 (%)
FIGURE 14.COMPARATIVE SHARE ANALYSIS OF REMITTANCE MARKET FOR INVESTMENT, BY COUNTRY, 2020 & 2030 (%)
FIGURE 15.REMITTANCE MARKET, BY REMITTANCE CHANNEL, 2020–2030
FIGURE 16.COMPARATIVE SHARE ANALYSIS OF REMITTANCE MARKET FOR BANKS, BY COUNTRY, 2020 & 2030 (%)
FIGURE 17.COMPARATIVE SHARE ANALYSIS OF REMITTANCE MARKET FOR MONEY TRANSFER OPERATORS, BY COUNTRY, 2020 & 2030 (%)
FIGURE 18.COMPARATIVE SHARE ANALYSIS OF REMITTANCE MARKET FOR OTHERS, BY COUNTRY, 2020 & 2030 (%)
FIGURE 19.REMITTANCE MARKET REVENUE, BY END USER, 2020-2030 ($BILLION)
FIGURE 20.COMPARATIVE SHARE ANALYSIS OF REMITTANCE MARKET FOR PERSONAL, BY COUNTRY, 2020 & 2030 (%)
FIGURE 21.COMPARATIVE SHARE ANALYSIS OF REMITTANCE MARKET FOR PERSONAL, BY COUNTRY, 2020 & 2030 (%)
FIGURE 22.U.S. REMITTANCE MARKET REVENUE, 2020–2030 ($BILLION)
FIGURE 23.CANADA REMITTANCE MARKET REVENUE, 2020–2030 ($BILLION)
FIGURE 24.FRANCE REMITTANCE MARKET REVENUE, 2020–2030 ($BILLION)
FIGURE 25.GERMANY REMITTANCE MARKET REVENUE, 2020–2030 ($BILLION)
FIGURE 26.UK REMITTANCE MARKET REVENUE, 2020–2030 ($BILLION)
FIGURE 27.ITALY REMITTANCE MARKET REVENUE, 2020–2030 ($BILLION)
FIGURE 28.SPAIN REMITTANCE MARKET REVENUE, 2020–2030 ($BILLION)
FIGURE 29.REST OF EUROPE REMITTANCE MARKET REVENUE, 2020–2030 ($BILLION)
FIGURE 30.CHINA REMITTANCE MARKET REVENUE, 2020–2030 ($BILLION)
FIGURE 31.JAPAN REMITTANCE MARKET REVENUE, 2020–2030 ($BILLION)
FIGURE 32.INDIA REMITTANCE MARKET REVENUE, 2020–2030 ($BILLION)
FIGURE 33.PHILIPPINES REMITTANCE MARKET REVENUE, 2020–2030 ($BILLION)
FIGURE 34.PAKISTAN REMITTANCE MARKET REVENUE, 2020–2030 ($BILLION)
FIGURE 35.REST OF ASIA-PACIFIC REMITTANCE MARKET REVENUE, 2020–2030 ($BILLION)
FIGURE 36.LATIN AMERICA REMITTANCE MARKET REVENUE, 2020–2030 ($BILLION)
FIGURE 37.MIDDLE EAST REMITTANCE MARKET REVENUE, 2020–2030 ($BILLION)
FIGURE 38.AFRICA REMITTANCE MARKET REVENUE, 2020–2030 ($BILLION)
FIGURE 39.MARKET PLAYER POSITIONING, 2020
FIGURE 40.COMPETITIVE DASHBOARD
FIGURE 41.COMPETITIVE DASHBOARD
FIGURE 42.COMPETITIVE HEATMAP OF KEY PLAYERS
FIGURE 43.TOP WINNING STRATEGIES, BY YEAR, 2019–2021
FIGURE 44.TOP WINNING STRATEGIES, BY DEVELOPMENT, 2019–2021
FIGURE 45.TOP WINNING STRATEGIES, BY COMPANY, 2019–2021
FIGURE 46.BANK OF AMERICA: NET REVENUE, 2018–2020 ($MILLION)
FIGURE 47.BANK OF AMERICA CORPORATION: REVENUE SHARE, BY SEGMENT, 2020 (%)
FIGURE 48.BANK OF AMERICA: REVENUE SHARE BY REGION (2020)
FIGURE 49.CITIGROUP INC.: NET REVENUE, 2018–2020 ($MILLION)
FIGURE 50.KEY STRATEGIC MOVES AND DEVELOPMENTS
FIGURE 51.JP MORGAN CHASE & CO: NET REVENUE, 2018–2020 ($MILLION))
FIGURE 52.JPMORGAN CHASE & CO.: REVENUE SHARE BY SEGMENT (2020)
FIGURE 53.JPMORGAN CHASE & CO.: REVENUE SHARE BY REGION (2020)
FIGURE 54.MONEYGRAM INTERNATIONAL, INC: REVENUE, 2018–2020 ($MILLION)
FIGURE 55.MONEYGRAM INTERNATIONAL, INC: REVENUE SHARE BY SEGMENT, 2020 (%)
FIGURE 56.MONEYGRAM INTERNATIONAL, INC: REVENUE SHARE BY GEOGRAPHY, 2020 (%)
FIGURE 57.RIA FINANCIAL SERVICES LTD.: NET REVENUE, 2018–2020 ($MILLION)
FIGURE 58.RIA FINANCIAL SERVICES LTD.: REVENUE SHARE BY SEGMENT (2020)
FIGURE 59.RIA FINANCIAL SERVICES LTD.: REVENUE SHARE BY REGION (2018)
FIGURE 60.WELLS FARGO: NET REVENUE, 2018–2020 ($MILLION)
FIGURE 61.WELLS FARGO: REVENUE SHARE BY SEGMENT (2020)
FIGURE 62.WESTERN UNION HOLDINGS, INC.: NET REVENUE, 2018–2020 ($MILLION)
FIGURE 63.WESTERN UNION HOLDINGS, INC.: REVENUE SHARE BY SEGMENT (2020)
FIGURE 64.WESTERN UNION HOLDINGS, INC.: REVENUE SHARE BY REGION (2020)
FIGURE 65.XOOM: NET REVENUE, 2018–2020 ($MILLION)


 
 

According to top level CXOs, the adoption of remittance services has increased over time due to migration of population to other country for job and business and evolving supportive government regulations across the globe. In addition, the penetration of digital financial services has increased in the Asia-Pacific region in the last few years, which is an important development in the process of transformation.

According to CXOs of leading companies, the remittance market is highly fragmented and competitive, owing to the presence of well-diversified remittance channels. However, continuous increase in presence of digital remittance providers makes the marketplace highly competitive.

For instance, in December 2020, Bank of America, a charter member of SWIFT Global Payments Innovation (gpi), announced the launch of a CashPro® self-service tool that allows clients to have real-time visibility into their international payments. The payments tracking tool populates SWIFT gpi information into a view that can be read easily and acted upon immediately. In addition, with enriched SWIFT gpi payment data, a client can investigate why a wire transfer may have been rejected or cancelled, in addition to identifying the source of a wire status change – all through an on-demand, online tool.

Moreover, in April 2019, Citi Treasury and Trade Solutions announced a strategic partnership with Vietnam-based intermediary payment service provider Payoo to facilitate consumer-to-business collections for corporate clients in the country. Under the partnership, Citi’s corporate clients in Vietnam will be able to receive real-time payments from their customers for services including utilities, telecommunications and credit card bills through Payoo’s extensive digital network and physical footprint of over 10,000 brick-and-mortar touchpoints. In addition, the collaboration with Payoo is exciting as it complements Citi’s capabilities to deliver last-mile digital solutions to their clients. Thus, growing number of such developments across the globe is expected to drive the growth of the market.

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A. The Remittance Market is expected to grow at a CAGR of 5.7% from 2021 to 2030.

A. The Remittance Market is projected to reach $1,227.22 billion by 2030.

A. To get the latest version of sample report

A. Rise in mobile-based payment channels and cross-border transactions etc. propel the remittance market growth.

A. The key players profiled in the report include Bank of America, Citigroup Inc., JPMorgan Chase & Co., and many more.

A. On the basis of top growing big corporations, we select top 10 players.

A. The Remittance Market is segmented on the basis of application, remittance channel, end user, and region.

A. The key growth strategies of Remittance market players include product portfolio expansion, mergers & acquisitions, agreements, geographical expansion, and collaborations.

A. Consumption segment holds a dominant position throughout the forecast period of 2021 to 2030.

A. Money Transfer Operator segment would exhibit the highest CAGR of 8.1% during 2021 - 2030.

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