The remittance industry contributes to the economic growth of the countries participating in the practice as well as to the livelihood of the individuals involved. The remittance system is comprised of the Remittance Service Providers (RSP), Remittance Corridors, the Remittance Network and the Money transfer system. Remittance Services are divided primarily on the basis of ways a network of access points is created and linked. There are broadly four categories: unilateral services, franchised services, negotiated services and open services.
The key factors driving the growth of remittance market are increasing international migration, growing urbanization, accelerating economic growth and rising employment opportunities. A noteworthy trend of this industry is cost by sending and receiving method, unstable remittance cost, increased access to financial services, changing technology landscape for payments, more convenience and lesser costs, advancement in technology, and maturing of immigrant communities. However, the expansion of the market is hindered by de-risking is threatening the industry and access points establishment.
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The report “Global Remittance Market” provides an in-depth analysis of the global remittance market, along with a study of top remittance receiving and contributing countries. The report also includes detailed description of regional markets. The major trends, growth drivers as well as issues being faced by the industry are being presented in this report. The industry comprises few large players such as MoneyGram International Inc., Western Union Company and Euronet Worldwide Inc. All these companies have been profiled in the present report highlighting their key financials and business strategies for growth.
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Essential Points Covered in List of Charts are:
- Basic Non-Account Based Model
- Global Average Remittance Cost by Region (Q12014-Q42016)
- Remittance Flow to Latin America & Caribbean Region (2015-2020)
- Remittances Market by Largest Receiving Countries (2016)
- Remittance Outflow from Saudi Arabia (2015-2020)
- Global Employed Population (2007-2016)
- MoneyGram’s Revenue Share by Business Segments (2015)
- Euronet’s Revenue and Net Income (2011-2015)