Remittance discusses the exchange of a monetary sum from one party to another, habitually overseas. Thus, it can be normally described as the international money transfer. Migrants from countless parts of the world utilise the remittance services to transfer money to their home nations, which could be personal transfers between family and friends or in the method of business payments. Across the today’s globalised world, the high overseas migration for work and educational resolves has increased the requirement for remittance transactions. As a result, remittance serves as a durable force in the growth of several developing nations.
Based on the Bill Payment Industry Report, the efficient augment in mobile-based payment channels and cross-border transactions and deduction in the remittance transfer time & cost propels the growth of the market. In addition, advancement in adoption of banking & financial sectors in the globe develops the remittance market growth. However, massive increment in number of financial crimes and lack of awareness for digital remittance is projected to impede the market growth. Furthermore, technological advancements in the digital remittance market is expected to convey the lucrative opportunities for the market growth.
The Remittance Market Major Companies are 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 foremost players have adopted several strategies, such as product portfolio expansion, mergers & acquisitions, agreements, geographical enlargement, and collaborations, to increment their market penetration and strengthen their foothold in the industry.
Digital transformation plays an imperative role here since it enables providing new and improved products and services while controlling and deducting in the operational costs. Professionals with expertise in developing technologies are helping the future dynamics of the BFSI sector. Digital remittance is one of the foremost factors encouraging the growth of this industry as remittances are considered as one of the imperative assets for this sector. This connects to the fact that with the growth of the BFSI industry, the Digital Remittance Market is also propelled.
Not only has this, the increment in cross-border transactions and move toward mobile banking and mobile-based payment solutions register the payment trends in Asia-Pacific, which is anticipated to propel the growth of the remittance market. In addition, due to rise in international commerce, migration and transforming economic trends across the globe. In addition, new innovations in the world of cross-border payments are the prospect of making the real-time international payments a reality. Furthermore, number of banks are striving to convey the timely cross-border remittances and value-added services utilizing a relationship-centric approach, which propel the growth of the remittance market.
Furthermore, the usage of modern technologies and government-led public awareness initiatives progressively lower remittance costs. The utilized of digital remittance is predicted to develop as a result of this deduction. Moreover, the developing number of cross-border transactions and the rising adoption of mobile-based payment channels are anticipated to propel market growth over the forecast duration.
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Ankur Gupta, Head Marketing & Communications