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”
- In 2015, PayPal purchased Xoom for $890 million, making it a successful exit for investors in the global remittance business.
- The World Bank predicted in October that remittances will plummet 14% by the end of 2021, compared to pre-Covid-19 levels in 2019.
The size of the global remittance market is rapidly growing, and it is predicted to continue to grow as the number of international travellers increases and businesses expand globally. The worldwide remittance market is growing due to an increase in cross-border transactions and mobile-based payment channels, lower remittance cost and transfer time, and increased adoption of banking and financial services. On the other side, the Asia-Pacific remittance sector is slowing, and there is a lack of awareness regarding digital transfer. However, technological advancements in the digital remittance business, as well as an increase in Internet and mobile usage, are projected to open up a slew of new options.
Browse 60 market data tables* and 35 figures* through 140 slides and in-depth TOC on “Global Remittance Market, By Product Type (Inward remittance and Outward Remittance), By Channel (Banks, Money Transfer Operator and Others), By Application (Consumption, Saving, Investment, Business and Personal) and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) – Market Trends, Analysis, and Forecast till 2030”
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Key Market Insights from the report:
The Global Remittance market accounted for US$ 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.
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 .
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