The growth of the global remittance market is driven by rapid increase in the international migrant population. In addition, high economic growth, increase in urbanization, and rise in employment population propel the growth of the market.
Remittance is the transfer of money by foreign migrants to their homes. Remittance channel consists of sender, recipient, intermediaries in both countries, and the payment interface used by the intermediaries.
Certain international standards have been set by the World Bank to ensure security during money transfer transaction. The remittance system includes remittance network, remittance service providers (RSP), remittance corridors, and money transfer system.
However, stringent regulatory compliances limit the growth of the market. Advancement in technology, impact of remittance on education, continuous expansion of existing payment system infrastructure for remittance are expected to provide numerous opportunities for the market.
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The global remittance market is segmented on the basis of product and end user. Based on product, the market is classified into bank money transfer services, money transfer app, and others.
By end user, it is categorized into personal remittances, business remittances, and public services. Geographically, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The global remittance market is dominated by key players such as MoneyGram International Inc., Western Union Holdings, Inc., Euronet Worldwide, Inc., The Kroger Co., ABSA, Banco Bradesco SA, U.S. Bank, Scotiabank, Societe Generale, and UBA.
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