International Remittance Market Trends, Revenue, Share, Size, Demand, Technologies, Growth Strategy, Challenges and Future Opportunities Till 2033


International Remittance Market Trends, Revenue, Share, Size, Demand, Technologies, Growth Strategy, Challenges and Future Opportunities Till 2033: SPER Market Research

 Category : BFSI

 Published: May-2023
 Author: SPER Analyst

International Remittance Market is projected to be worth USD 487.80 billion by 2033 and is anticipated to surge at a CAGR of 12.80%.

The term "international remittance" refers to the transfer of monies between nations, frequently by people who are working or staying abroad and sending money back to their home nation. It is essential for providing families with financial support, encouraging international trade, and fostering economic growth in recipient nations. Financial institutions, money transfer companies, and online platforms all offer remittance services that make it simple and secure for people to send money to one another. The procedure entails changing the currency of the donor and the recipient, frequently with fees and exchange rate charges. By bridging the financial divides among nations, international remittances support financial inclusion and global economic connection.

International Remittance Market Driving Factors and Challenges

The growth of the remittance market is propelled by the increasing usage of mobile-based payment channels and cross-border transactions, as well as the reduction in remittance transfer time and cost. Additionally, the expanding adoption of banking and financial services worldwide contributes to the growth of the market. Technological advancements in the digital remittance sector offer promising opportunities for market expansion. In summary, the market benefits from the rising popularity of mobile payments, cross-border transactions, and the improved efficiency and affordability of remittance transfers. The growing integration of banking and financial sectors, along with ongoing technological innovations, further support the growth of the remittance market.

But the market for international remittances also faces difficulties. The value that recipients get in their own currency can vary depending on exchange rate volatility. Exchange rate fluctuations can cause confusion and have an impact on the predictability and affordability of remittance transfers. 

Because remittance transactions are digital, they are subject to security issues and possible fraud. The remittance sector faces continual issues in protecting client data, maintaining secure transactions, and defending against cyber threats. Also, Access to formal financial services, including banking infrastructure, is restricted in some areas. Individuals may find it difficult to send and receive remittances through standard channels as a result of this lack of access, which may force them to rely on less secure informal ways.

Impact of COVID-19 on International Remittance Market
On the global remittance market, the COVID-19 pandemic has had a considerable effect. Remittance flows have been interrupted internationally as a result of the global economic recession and travel restrictions put in place to contain the virus. Individuals' capacity to send and receive remittances has been impacted by the slowdown in economic activity, job losses, and lower income levels. The process of remittance has also been hampered by limited access to financial services, the closure of enterprises and remittance service shops, and other factors. The market has also been influenced by increasing transaction costs and exchange rate volatility as a result of the economic unpredictability. The pandemic has hastened the use of digital remittance platforms, too, as more people use online methods to send and receive money overseas.

International Remittance Market Key Players:

The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as; MoneyGram International, Inc, OFX, PayPal, Ria Financial Services, Inc, Wells Fargo, Bank of America Corporation, Citigroup, Inc., Western Union Holdings, Inc., Wise US, Inc, ZEPZ, Others. 

International Remittance Market Segmentation:

By Mode of Transfer: Based on Mode of Transfer, International Remittance Market is segmented as; Digital, Traditional (Non-digital).
By Type: Based on Type, International Remittance Market is segmented as; Inward Remittance, Outward Remittance.

By Channel: Based on the End User, International Remittance Market is segmented as; Banks, Money Transfer Operators, Online Platforms.

By End User: Based on the End User, International Remittance Market is segmented as; Migrant Labor Workforce, Personal, Small Businesses, Others.

By Region: This report offers data concerning the significant regional segments, including the Asia-Pacific, Europe, the Middle East and Africa, North America, and Latin America.

This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.

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