Remittance is stated to as the money sent by immigrants to their relatives residing in their native kingdoms. Remittance market plays a vivacious role in the economic growth and livelihoods of individuals around the globe. The Remittance inflows in underdeveloped countries make a distinguished share in their GDPs. The market is entirely dependent on the migrated populace living around the world. From a macroeconomic standpoint, remittances can boost collective requirement and thereby encouraging the GDP as well as economic growth. However, the research indicates that remittances may also have adversative macroeconomic impact by growing income inequality and decreasing labor supply amongst the recipients. Despite financial and economic downturns, the steadiness of remittance flow makes the underdeveloped countries a reliable and financial resource. Regions with expanded migration destinations have a greater probability of witnessing more maintainable remittance inflows.
Whereas, outpouring in international migrant populace, deduction of remittance cost & transference services time, and augment in implementation of banking & financial services influence the remittance market growth. However, shortage of awareness and deduction of the growth of the remittance industry across the Asia-Pacific regions is projected to impede the market growth. Conversely, aspects such as growth in internet & mobile penetration and technological modernization in remittance industry are projected to deliver the lucrative opportunity for the remittance market in the forthcoming years.
The bill payment industry report states that the Russian international remittance market is fragmented with the manifestation of small, medium and large corporations. The prominent players such as Sberbank, VTB Bank, Koronapay, Western Union and several others are registering the industry in terms of transaction volume throughout the year 2018. The Russia-Ukraine is the second principal migration corridor across the globe and the Ukraine-Russia is the fourth greatest corridor across the world. Such corridors simplify great scale migration and prominent growth in competition amongst the players in Russia in terms of proposing services for remittance flows.
Moreover, the major remittance channels in remittance international market of Indonesia has been majorly registered by inflow of remittance when associated to outflow of remittance in terms of transaction volume during 2018. International remittance market was found to be abstemiously concentrated with existence of both international and domestic money transfer operatives and banks. Both bank and non-bank channels are energetically functioning in the international remittance market. Furthermore, numerous Indian banks such as ICICI and State Bank of India (SBI) have improved the branded online services for remittances across countries such as Singapore. Also, heavy mobile utilization in Philippines and existence of strong remittance industry could create the Philippines as one of the worldwide leaders in mobile remittances. Furthermore, the non-bank players likewise Remit2India, Xoom, and Western Union are delivering the admittance to their services through the mobile and tablet devices, which is opportunistic for the market growth. The effective rise in internet and mobile penetration and the utilization of digital medium to remit money has become prominent across Asia Pacific region as customers are transmitting money through digital platforms. Therefore, in the near years, it is predicted that the market of bill payments and remittance will increase around the globe more effectively over the forthcoming years.
For More Information, refer to below link:-
Ankur Gupta, Head Marketing & Communications