NJ New Jersey, USA -- (SBWIRE) -- 01/13/2023 -- Advance Market Analytics published a new research publication on "Money Remittance Services Market Insights, to 2027" with 232 pages and enriched with self-explained Tables and charts in presentable format. In the Study you will find new evolving Trends, Drivers, Restraints, Opportunities generated by targeting market associated stakeholders. The growth of the Money Remittance Services market was mainly driven by the increasing R&D spending across the world.
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Some of the key players profiled in the study are: Western Union Holdings, Inc. (United States), MoneyGram (United States), Bank of America (United States), Wells Fargo & Company (United States), TransferWise (United Kingdom), UAE Exchange (UAE), Ria Money Transfer (Euronet Worldwide) (United States), JPMorgan Chase & Co. (United States), Xoom (PayPal) (United States), Remitly, Inc. (United States).
Scope of the Report of Money Remittance Services
A remittance is a money or a sum of money sent by someone working abroad to his or her family back home. It plays a large role in the economies of many countries as it contributes to the economic growth and to the livelihoods of those countries. Digital remittances have emerged with the advent of FinTech, leading to the rise of comparison platforms or aggregators. According to World Bank, in 2019, remittances were a total of USD 573 billion, of which USD 422 billion went to developing countries that involved 250 million migrant workers. Also, the top remittance recipients in 2018 were India with USD 79 billion, followed by China (USD 67 billion) and Mexico (USD 36 billion). Rapid developments in the industry and digitalization make individuals and even small-to-mid-sized companies enjoy faster, cheaper, and value-added foreign money transfer services.
The titled segments and sub-section of the market are illuminated below:
by Type (Inward Remittance, Outward Remittance), Application (Consumption, Saving & Investments, Others (Workers Remittance)), Channel (Banks, Money Transfer Operators, Others (FinTechs)), End User (Corporate/Businesses, Personal)
Opportunities:
Partnership with Multiple Wallets to Scale-up The Business across the Globe
Significant Increase in Reach of the Internet, Online and Mobile Phone
Market Trends:
Blockchain-Based Remittances for Fast Transfer Time and Relatively Low Transaction Costs
Challenges
Transparency in Other Charges, Change in Government Policies
The Entry of Wallets and FinTechs in the Remittance Business
Concerns Regarding Money Laundering and Violent Activities
Market Drivers:
Growing Digitalization and Use of Internet and Mobile Phones
The surge in International Migrant Population and Safe, Fast & Reliable Services
Increase in Adoption of Banking & Financial Services
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Money remittance services are regulated by various countries' governments for the safe and secure transfer of money. For Instance, In India, these transactions fall under the Foreign Exchange Management Act (FEMA). FEMA has put together a list of reasons for which you can send money to India or receive money (from India).
Region Included are: North America, Europe, Asia Pacific, Oceania, South America, Middle East & Africa
Country Level Break-Up: United States, Canada, Mexico, Brazil, Argentina, Colombia, Chile, South Africa, Nigeria, Tunisia, Morocco, Germany, United Kingdom (UK), the Netherlands, Spain, Italy, Belgium, Austria, Turkey, Russia, France, Poland, Israel, United Arab Emirates, Qatar, Saudi Arabia, China, Japan, Taiwan, South Korea, Singapore, India, Australia and New Zealand etc.
Strategic Points Covered in Table of Content of Global Money Remittance Services Market:
Chapter 1: Introduction, market driving force product Objective of Study and Research Scope the Money Remittance Services market
Chapter 2: Exclusive Summary – the basic information of the Money Remittance Services Market.
Chapter 3: Displaying the Market Dynamics- Drivers, Trends and Challenges & Opportunities of the Money Remittance Services
Chapter 4: Presenting the Money Remittance Services Market Factor Analysis, Porters Five Forces, Supply/Value Chain, PESTEL analysis, Market Entropy, Patent/Trademark Analysis.
Chapter 5: Displaying the by Type, End User and Region/Country 2015-2020
Chapter 6: Evaluating the leading manufacturers of the Money Remittance Services market which consists of its Competitive Landscape, Peer Group Analysis, BCG Matrix & Company Profile
Chapter 7: To evaluate the market by segments, by countries and by Manufacturers/Company with revenue share and sales by key countries in these various regions (2022-2027)
Chapter 8 & 9: Displaying the Appendix, Methodology and Data Source
finally, Money Remittance Services Market is a valuable source of guidance for individuals and companies.
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