The Global Remittance market accounted for US$ 49.49 million in 2020 and is anticipated to register a CAGR of 7.6%. Remittances are a term used to describe international money transfers. According to the World Bank, global remittances reached an all-time high of $689 billion in 2018, up from $633 billion in 2017. Increased migration to affluent nations, UN pressure to cut transfer fees, burgeoning FinTech and mobile payments technologies, and an increase in the number of non-bank remittance vendors such as MoneyGram and Western Union are all contributing to the rise in global remittances. As a result of the expanding refugee population and rapid urbanization, the worldwide remittance business was predicted to be worth $49.49 billion in 2019.
The report " Global Remittance Market, By Product Type (Inward remittance and Outward Remittance), By Channel (Banks, Money Transfer Operator and Others), By Application (Consumption, Saving, Investment, Business and Personal) and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Market Trends, Analysis, and Forecast till 2030”
Key Highlights:
• In 2015, PayPal purchased Xoom for $890 million, making it a successful exit for investors in the global remittance business.
• The World Bank predicted in October that remittances will plummet 14% by the end of 2021, compared to pre-Covid-19 levels in 2019.
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Key Market Insights from the report:
The Global Remittance market accounted for US$ 49.49 million in 2020 and is anticipated to register a CAGR of 7.6%. The Global Remittance Market is segmented based on the product type, channel, application, and region.
• By Product type, the Global Remittance Market is segmented into Inward remittance and Outward Remittance.
• By Channel, the market is segmented in Banks, Money Transfer Operator and Others.
• By Application, the Global Remittance Market is segmented into Consumption, Saving, Investment, Business and Personal.
• By Region, the Global Remittance Market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
Competitive Landscape:
The key players operating in the Global Remittance Market include Citigroup Inc., JPMorgan Chase & Co., MoneyGram International, Inc., Euronet Worldwide, Western Union Holdings Inc., XOOM/ Paypal , Wells Fargo, Scotia Bank .
Societe Generals The market provides detailed information regarding the industrial base, productivity, strengths, manufacturers, and recent trends which will help companies enlarge the businesses and promote financial growth. Furthermore, the report exhibits dynamic factors including segments, sub-segments, regional marketplaces, competition, dominant key players, and market forecasts. In addition, the market includes recent collaborations, mergers, acquisitions, and partnerships along with regulatory frameworks across different regions impacting the market trajectory. Recent technological advances and innovations influencing the global market are included in the report.
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