The World Bank predicts that global remittance flows will reach $553 billion in 2021 and $574 billion in 2022, indicating a positive outlook for the industry.

Remittance Market: Breakup by Region, 2022 & 2031

Source: Primary Research and Secondary Research Analysis

The Remittance market is a critical aspect of the global financial system that allows individuals and businesses to send and receive money across borders. It is driven by various factors, including globalization, immigration, economic growth, and advancements in technology.

Globalization has led to an increase in the movement of people across borders for work, study, or other purposes. As a result, there is a growing demand for remittance services as people need to send money back to their families and friends in their home countries. The rise in immigration has also contributed to the growth of the remittance market as immigrants need to send money to their families and friends in their home countries regularly.

Economic growth is another significant driver of the remittance market. As economies grow, the demand for labor increases, leading to more people moving to countries where they can earn better wages. This results in an increase in remittance flows as more people need to send money back to their home countries.

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Advancements in technology have also played a significant role in driving the growth of the remittance market. The emergence of digital payment platforms, such as PayPal, Venmo, and TransferWise, has made it easier and more convenient for people to send and receive money across borders. These platforms offer low fees, fast transfer times, and better exchange rates, making them a popular choice for many people.

The size of the remittance market has been steadily growing over the years. According to the World Bank, global remittance flows reached $702 billion in 2020, despite the COVID-19 pandemic's negative impact on the global economy. The largest remittance recipient countries in 2020 were India, China, Mexico, and the Philippines. India alone received $83 billion in remittances, making it the largest recipient country for the past several years.

Source: Primary Research and Secondary Research Analysis

As per EY, the business-to-consumer (B2C) transactions are expected to amount to USD 1.6t in 2022 and the consumer-to-consumer (C2C), or remittance payments are anticipated to reach USD 0.8t in 2022. Increasing penetration of smartphones, and growing popularity of digital access points such as alternative payment mechanisms (APMs) for remittances, are driving the market growth of remittance. Further, the rush of new companies that promise to solve long-standing pain points is also expected to support the growth of the market in near future.

Market Breakup By Mode of Transfer

Digital

Traditional (Non-digital)

Market Breakup By Type

Inward Remittance

Outward Remittance

Market Breakup By Channel

Banks

Money Transfer Operators

Online Platform (Wallets)

Market Breakup By End-use

Migrant Labor Workforce

Personal

Small Businesses

Others

Regional Analysis

The report has been prepared after analysing and reviewing numerous factors that denotes the regional development such as economic, environmental, social, technological, and political inputs of the country. The researchers have closely analysed the data of revenue, production, and manufacturers of each county. These analyses will help the to identify the important areas as potential worth of investment in the upcoming years.

Market Breakup By Region

North America

Europe

Asia Pacific

Latin America

Middle East and Africa

Competitive Landscape

This section of the report identifies various key manufacturers of the market. It helps the reader understand the strategies and collaborations that players are focusing on combat competition in the market. The reader can will get an updated information on their revenue of manufacturers, product portfolio, recent development and expansion plans during the forecast period

Major players operating in the Remittance market are:

Bank of America Corporation

ZEPZ

Citigroup, Inc.

Ria Financial Services, Inc.

OFX

Wells Fargo

Western Union Holdings, Inc.

PayPal

MoneyGram International, Inc.

Wise US, Inc.

Others