Remittance is a system of online transaction of payments sent by migrants to their relatives living in the native states. The remittance market plays a very significant role towards the growth of the economy and living across the globe. Also, global remittance industry inflows in emerging economies creating an outstanding share in the gross domestic product (GDPs) of the respective country. Besides driving the economic growth as well as GDP of the country, digital or online remittance from the macroeconomics perspective, are also capable of boosting the overall demand.
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The remittance industry is presently consolidated as well as concentrated with names like PayPal, Western Union, Xoom, MoneyGram and to a lesser extent RIA among others. Moreover, since past five years, market has experienced a new wave of players and a transformed drive towards digitizing global remittance industry. Besides, user-friendly mobile applications, smarter methods of connecting to native payments methods as well as innovative business models are also developing. Also, these money transfer enterprises are joining hands with mobile money providers for fund transfer processes. However some companies are also using crypto currencies as an immediate settlement instrument (aid in lessening the need of keeping bank accounts in several countries) plus technologies like artificial intelligence (AI) as well as digital identity authentication offer possibly more effective ways of fulfilling the broad & fragmented requirements of the respective government enabling companies to deliver value-added service to their customers.
Additionally, more than 60% of the remittance software placements are on the cloud and are expected to sustain its position. Cloud platforms are the most reliable source of collection, management as well as sharing of the most critical & sensitive data of the organization efficiently. Thus, cloud deployment model of remittance is another reason to boost up the digital remittance market.
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Key trend expected to predominantly affect the global remittance market is the rising number of immigrants across the globe plus penetration of smartphones in emerging economies. Other trends contributing towards the market are increasing internationally migrating population, declining remittance costs, notable economic growth, increasing disposable incomes, rising refugee populace as well as intensifying urbanization. From the macroeconomic standpoint, remittances are capable of bolstering the demand for product thereby impelling the GDP as well as economic growth.
Major destinations for remittance entries are the lower-middle regions. While, the Saudi Arabia and the United States are the biggest contributors to the global remittance industry with the support of better remittance outflows by migrant populations residing around. Moreover, online remittance dealers are categorized extensively as well as acquired by the players who are ready to add remittance as a feature to their larger platform of technology. Additionally, the market is vastly fragmented with the top 10 corporations accounting for around 20% of the global remittance market share in 2017. Besides, various small businesses have successfully managed to enter the market in past few years due to less access barriers. Some of the other remittance countries are the United States, Saudi Arabia, United Arab Emirates, United Kingdom, Canada, Germany, France, Russia, Spain and Italy.
For instance: In January 2017, MoneyGram agreed to amalgamate with a sister concern of China’s Alibaba Group, known as Ant Financial. However that tender was outdone in March by Euronet Worldwide. Further, both these companies entered into an amended merger agreement, by raising purchasing price of around $1.2 billion in April. Though, the agreement was not accepted by the U.S. regulating officials.
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Several digital-first remittance new entrants are including new technological developments for instance blockchain as well as peer-to-peer transfer structures. In addition, since past few years, startups coming in have effectively leveraged these digital platforms via traditional remittance providers over scale & fees.
Moreover, blockchain is amongst the key underlying technologies that have the capability to transform money transfer business. Even though, many of the financial institutions including money exchanges are still hesitant to forego traditional cash transfer methods over the digital currency system. One of the major challenges that can hinder the market include de-risking practices. This can threaten the remittance industry across the globe.
What to expect from the ‘Global Remittance Market’ report:
The growth prospects of global remittance market during the forecast period.
Current trends, driving factors, opportunities, challenges and restraints affecting the growth of the industry.
Analysis over different segmentation of the market based on geographical factors, economic factors, end users and applications is provided.
The government initiatives towards various technological developments supporting the market.
Key players involved in the global remittance market and developments made by them has also been delivered in the report.
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This post was originally published on Info Street Wire