Global Remittance Market to 2030 – Featuring Bank of America, Citigroup and MoneyGram International, among others – ResearchAndMarkets.com

DUBLIN–(BUSINESS WIRE)–The “Remittance Market by Application, Remittance Channel, and End User: Global Opportunity Analysis and Industry Forecast, 2021-2030” report has been added to from ResearchAndMarkets.com offer.

The remittance is called money sent from one place to another via electronic payment system, mail, draft and wire transfer. Also, it is stated that the transfer of money by foreign migrants to their country of origin using a digital transfer network such as an easy to use mobile application, digital wallets and others.

Also, it helps various families to increase their standard of living and increase the income of the country, as well as increase the overall GDP of the country. The many advantages of using digital funds transfers, such as convenience, speed, cost reduction, elimination of the need for tedious process of filling out forms, agents and codes and the like, have moved consumer attention towards digital transactions for money transfer.

Increasing mobile payment channels and cross-border transactions and decreasing time and cost of transferring funds are driving the market growth. Additionally, growing adoption of banking and financial sectors across the globe is fueling the growth of the market. However, the increase in the number of financial crimes and the lack of awareness of digital funds transfers are expected to hamper the market growth. Additionally, technological advancements in the digital money transfer industry are expected to provide lucrative opportunities for market growth.

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

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 players have adopted various strategies to increase their market penetration and strengthen their position in the industry.

Key Benefits

  • The study provides an in-depth analysis of the global remittance market forecast along with current trends and future estimates to explain the impending pockets of investment.

  • Information on major drivers, restraints and opportunities and their impact analysis on the global market are provided in the report.

  • Porter’s five forces analysis illustrates the power of buyers and suppliers operating in the industry.

  • Quantitative analysis of the market from 2021 to 2030 is provided to determine the market potential

Market dynamics

Drivers

  • Rise in cross-border transactions and mobile payment channels

  • Reduced delivery cost and transfer time

  • Growth in adoption of banking and financial services

Constraints

  • Increase in the number of financial crimes

  • Lack of awareness of digital money transfers

Opportunities

  • Technological Innovations in the Digital Money Transfer Industry

  • Increase in internet and mobile penetration

Key market segments

By app

  • Consumption

  • Savings

  • Investment

By remittance channel

  • Banks

  • money transfer operator

  • Other

Per end user

By region

  • North America

  • we

  • Canada

  • Europe

  • France

  • Germany

  • UK

  • Italy

  • Spain

  • The rest of Europe

  • Asia Pacific

  • China

  • Japan

  • India

  • Philippines

  • Pakistan

  • Rest of Asia-Pacific

  • LAMEA

  • Latin America

  • Middle East

  • Africa

Key players

  • Bank of America

  • Citigroup Inc.

  • JPMorgan Chase & Co.

  • MoneyGram International Inc.

  • RIA Financial Services Ltd.

  • TransferWise Ltd.

  • United Arab Emirates Exchange

  • Wells Fargo

  • Western Union Holdings Inc.

  • Xoom

For more information on this report, visit https://www.researchandmarkets.com/r/n8ri11

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