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The global remittance market size reached approximately USD 607.43 billion in 2023. The market is projected to grow at a CAGR of 4% between 2024 and 2032.
Remittance refers to the exchange of a monetary sum from one party to another, usually overseas. Thus, it can be commonly described as an international money transfer. Migrants from various parts of the world utilise remittance services to transfer money to their home countries, which could be personal transfers between family and friends or in the form of business payments. In today’s globalised world, the high overseas migration for work and educational purposes has increased the demand for remittance transactions. As a result, remittance serves as a strong force in the growth of many developing economies.
Migration rates have gone up worldwide, with people from various parts of the world migrating to foreign countries for higher studies and better career opportunities. This, in turn, is leading to an increase in cross-border remittance payments and propelling the remittance market growth. The rapid technological advancements have made the banking experience convenient, with a variety of services available on digital platforms, which are steadily being utilised by financial institutions in the form of mobile payment apps and others. People can make payments at their leisure through mobile payment apps, ensuring security and privacy in the transaction process. These apps have further decreased the transfer time, making them a popular choice among consumers. These factors are expected to further propel the remittance market growth.
A report issued by the World Bank in May 2021 states that despite the COVID-19 pandemic, the overall remittance flow remained strong in 2020, registering a smaller decline compared to the previously estimated decrease. The major factors for the steady remittance flow amid the crisis remained fiscal stimulus, a growing preference for digital payments over cash, and a shift in flows from informal to formal channels.
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Increased use of cryptocurrencies; focus on financial inclusion; regulatory changes; and partnerships and collaborations are the major trends impacting the remittance market development
April, 2024
RightCard Payment Services Limited, operating under the trade name LemFi, announced that it has received authorisation from the Central Bank of Kenya (CBK) to conduct remittance operations in Kenya.
April, 2024
Officials from the Postal Administration of India are collaborating with the Philippine Postal Corporation (PHLPost) to develop a payment platform aimed at enhancing and expanding postal remittance services in the Philippines.
April, 2024
MoneyGram, a global financial technology firm, announced a new collaboration with Tencent Financial Technology which allows users to transfer funds via MoneyGram Online.
April, 2024
As of mid-March, Nepal's balance of payments (BoP) surplus reached Rs 327.55 billion, primarily due to the continuous growth in remittance earnings.
Increased use of cryptocurrencies
Cryptocurrencies like Bitcoin are being increasingly used for remittances due to their low transaction fees and quick processing times.
Focus on financial inclusion
Remittances are being recognised as a tool for financial inclusion, providing recipients with access to financial services and contributing to economic development in receiving countries.
Regulatory changes
Governments and financial institutions are implementing stricter regulations to prevent money laundering and terrorism financing through remittances.
Partnerships and collaborations
Remittance service providers are forming partnerships with fintech companies, mobile operators, and banks to expand their reach.
Remittances, the money sent home by migrant workers, are increasingly being recognised as a significant tool for financial inclusion and economic development in receiving countries. Remittances often serve as an entry point for unbanked or underbanked individuals in receiving countries to access financial services. When migrants send money home through formal channels such as banks or mobile money platforms, their family members may need to open a bank account, which, in turn, introduces them to the formal financial system.
Market players in remittance market are establishing collaborations to enhance financial inclusion and make remittance services more accessible. A collaborative effort between the Postal Administration of India and the Philippine Postal Corporation (PHLPost) in April 2024 aims to improve and broaden the scope of postal remittance services in the Philippines.
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“Remittance Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:
Market Breakup by Type
Market Breakup by Remittance Channel
Market Breakup by Application
Market Breakup by End User
Market Breakup by Region
Banks account for a major remittance market share owing to their extensive branch network and long-established trust among consumers
Banks are predicted to hold a significant share of the market based on remittance channels due to their substantive financial powers. Around the world, banks are adopting various digitalised innovations to expand their services to cross-border remittance transactions, so that they can be utilised by more people.
Meanwhile, the money transfer operator segment is predicted to observe a steady increase in remittance market over the forecast period. This expansion can be credited to their swift adoption of digital platforms such as mobile apps, making the entire process of remittance significantly easy. This, in turn, is attracting potential consumers and aiding the market. The increasing movement of people across borders for work, education, or refuge has also led to a rise in the demand for remittance services. MTOs cater to the needs of these migrant populations by providing a convenient way to send money home.
Personal share maintains its dominance in the market due to the large number of migrants transferring money to their family members
Personal remittances, which include money sent by migrant workers and individuals to their families and friends in their home countries, usually constitute the largest portion of the money transfer market. This is primarily due to the sheer number of individuals working abroad and sending money home for various purposes, such as supporting family members, education, healthcare, or savings. Personal remittances are a critical source of income for many households in developing countries and play a significant role in poverty reduction and economic development.
Business remittances, which involve transactions between businesses across borders are anticipated to grow at a sizeable growth in the remittance market in the forecast period. These can include payments for goods and services, investments, or other business-related transfers.
The market players are increasing their collaboration and research and development activities to gain a competitive edge in the remittance market
Bank of America Corporation is one of the largest financial institutions in the world, serving individual consumers, small and middle-market businesses, and large corporations with a full range of banking.
Citigroup Inc. is a global financial services company with approximately 200 million customer accounts and business in more than 160 countries and jurisdictions which provides a broad range of financial services.
J.P. Morgan Chase & Co. is one of the largest, and most well-known financial institutions in the world and is a leader in investment banking and financial services.
Western Union Holdings, Inc. is a global leader in cross-border, cross-currency money movement and payment services which provides consumers and businesses with fast and reliable ways to send and receive money.
Other major players in the market include Ria Financial Services Ltd, MoneyGram International, Inc., and TransferWise Ltd., among others. These companies are focused on collaboration and technological innovations to enhance their capabilities.
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In terms of region, North America is expected to hold a significant share of the global market in the forecast period. The growth can be attributed to the considerable immigration of students and job seekers into the North American region from various parts of the world. The increasing number of immigrants profits the prominent money transfer operators, such as PayPal, Western Union Holdings, and others based in the North American region.
The remittance market in Asia Pacific has also witnessed significant growth and demand. Asia Pacific is home to a substantial number of migrant workers who move to other countries in search of employment opportunities. Countries like the Philippines, India, Pakistan, and Bangladesh are among the top remittance-receiving countries globally and the large migrant population drives the demand for remittance services.
REPORT FEATURES | DETAILS |
Base Year | 2023 |
Historical Period | 2018-2023 |
Forecast Period | 2024-2032 |
Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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Breakup by Type |
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Breakup by Remittance Channel |
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Breakup by Application |
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Breakup by End User |
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Breakup by Region |
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Market Dynamics |
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Competitive Landscape |
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Companies Covered |
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Report Price and Purchase Option | Explore our purchase options that are best suited to your resources and industry needs. |
Delivery Format | Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option. |
*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Snapshot
6.1 Global
6.2 Regional
7 Opportunities and Challenges in the Market
8 Global Remittance Market Analysis
8.1 Key Industry Highlights
8.2 Global Remittance Historical Market (2018-2023)
8.3 Global Remittance Market Forecast (2024-2032)
8.4 Global Remittance Market by Type
8.4.1 Inward Remittance
8.4.1.1 Historical Trend (2018-2023)
8.4.1.2 Forecast Trend (2024-2032)
8.4.2 Outward Remittance
8.4.2.1 Historical Trend (2018-2023)
8.4.2.2 Forecast Trend (2024-2032)
8.5 Global Remittance Market by Remittance Channel
8.5.1 Banks
8.5.1.1 Historical Trend (2018-2023)
8.5.1.2 Forecast Trend (2024-2032)
8.5.2 Money Transfer Operators
8.5.2.1 Historical Trend (2018-2023)
8.5.2.2 Forecast Trend (2024-2032)
8.5.3 Others
8.6 Global Remittance Market by Application
8.6.1 Consumption
8.6.1.1 Historical Trend (2018-2023)
8.6.1.2 Forecast Trend (2024-2032)
8.6.2 Savings
8.6.2.1 Historical Trend (2018-2023)
8.6.2.2 Forecast Trend (2024-2032)
8.6.3 Investment
8.6.3.1 Historical Trend (2018-2023)
8.6.3.2 Forecast Trend (2024-2032)
8.7 Global Remittance Market by End User
8.7.1 Business
8.7.1.1 Historical Trend (2018-2023)
8.7.1.2 Forecast Trend (2024-2032)
8.7.2 Personal
8.7.2.1 Historical Trend (2018-2023)
8.7.2.2 Forecast Trend (2024-2032)
8.8 Global Remittance Market by Region
8.8.1 North America
8.8.1.1 Historical Trend (2018-2023)
8.8.1.2 Forecast Trend (2024-2032)
8.8.2 Europe
8.8.2.1 Historical Trend (2018-2023)
8.8.2.2 Forecast Trend (2024-2032)
8.8.3 Asia Pacific
8.8.3.1 Historical Trend (2018-2023)
8.8.3.2 Forecast Trend (2024-2032)
8.8.4 Latin America
8.8.4.1 Historical Trend (2018-2023)
8.8.4.2 Forecast Trend (2024-2032)
8.8.5 Middle East and Africa
8.8.5.1 Historical Trend (2018-2023)
8.8.5.2 Forecast Trend (2024-2032)
9 North America Remittance Market Analysis
9.1 United States of America
9.1.1 Historical Trend (2018-2023)
9.1.2 Forecast Trend (2024-2032)
9.2 Canada
9.2.1 Historical Trend (2018-2023)
9.2.2 Forecast Trend (2024-2032)
10 Europe Remittance Market Analysis
10.1 United Kingdom
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Germany
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 France
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
10.4 Italy
10.4.1 Historical Trend (2018-2023)
10.4.2 Forecast Trend (2024-2032)
10.5 Others
11 Asia Pacific Remittance Market Analysis
11.1 China
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Japan
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.3 India
11.3.1 Historical Trend (2018-2023)
11.3.2 Forecast Trend (2024-2032)
11.4 ASEAN
11.4.1 Historical Trend (2018-2023)
11.4.2 Forecast Trend (2024-2032)
11.5 Australia
11.5.1 Historical Trend (2018-2023)
11.5.2 Forecast Trend (2024-2032)
11.6 Others
12 Latin America Remittance Market Analysis
12.1 Brazil
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Argentina
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
12.3 Mexico
12.3.1 Historical Trend (2018-2023)
12.3.2 Forecast Trend (2024-2032)
12.4 Others
13 Middle East and Africa Remittance Market Analysis
13.1 Saudi Arabia
13.1.1 Historical Trend (2018-2023)
13.1.2 Forecast Trend (2024-2032)
13.2 United Arab Emirates
13.2.1 Historical Trend (2018-2023)
13.2.2 Forecast Trend (2024-2032)
13.3 Nigeria
13.3.1 Historical Trend (2018-2023)
13.3.2 Forecast Trend (2024-2032)
13.4 South Africa
13.4.1 Historical Trend (2018-2023)
13.4.2 Forecast Trend (2024-2032)
13.5 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Competitive Landscape
15.1 Market Structure
15.2 Company Profiles
15.2.1 Bank of America Corporation
15.2.1.1 Company Overview
15.2.1.2 Product Portfolio
15.2.1.3 Demographic Reach and Achievements
15.2.1.4 Certifications
15.2.2 Citigroup Inc.
15.2.2.1 Company Overview
15.2.2.2 Product Portfolio
15.2.2.3 Demographic Reach and Achievements
15.2.2.4 Certifications
15.2.3 J.P. Morgan Chase & Co.
15.2.3.1 Company Overview
15.2.3.2 Product Portfolio
15.2.3.3 Demographic Reach and Achievements
15.2.3.4 Certifications
15.2.4 Ria Financial Services Ltd
15.2.4.1 Company Overview
15.2.4.2 Product Portfolio
15.2.4.3 Demographic Reach and Achievements
15.2.4.4 Certifications
15.2.5 Western Union Holdings, Inc.
15.2.5.1 Company Overview
15.2.5.2 Product Portfolio
15.2.5.3 Demographic Reach and Achievements
15.2.5.4 Certifications
15.2.6 MoneyGram International, Inc.
15.2.6.1 Company Overview
15.2.6.2 Product Portfolio
15.2.6.3 Demographic Reach and Achievements
15.2.6.4 Certifications
15.2.7 TransferWise Ltd.
15.2.7.1 Company Overview
15.2.7.2 Product Portfolio
15.2.7.3 Demographic Reach and Achievements
15.2.7.4 Certifications
15.2.8 Others
16 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Remittance Market: Key Industry Highlights, 2018 and 2032
2. Global Remittance Historical Market: Breakup by Type (USD Billion), 2018-2023
3. Global Remittance Market Forecast: Breakup by Type (USD Billion), 2024-2032
4. Global Remittance Historical Market: Breakup by Remittance Channel (USD Billion), 2018-2023
5. Global Remittance Market Forecast: Breakup by Remittance Channel (USD Billion), 2024-2032
6. Global Remittance Historical Market: Breakup by Application (USD Billion), 2018-2023
7. Global Remittance Market Forecast: Breakup by Application (USD Billion), 2024-2032
8. Global Remittance Historical Market: Breakup by End User (USD Billion), 2018-2023
9. Global Remittance Market Forecast: Breakup by End User (USD Billion), 2024-2032
10. Global Remittance Historical Market: Breakup by Region (USD Billion), 2018-2023
11. Global Remittance Market Forecast: Breakup by Region (USD Billion), 2024-2032
12. North America Remittance Historical Market: Breakup by Country (USD Billion), 2018-2023
13. North America Remittance Market Forecast: Breakup by Country (USD Billion), 2024-2032
14. Europe Remittance Historical Market: Breakup by Country (USD Billion), 2018-2023
15. Europe Remittance Market Forecast: Breakup by Country (USD Billion), 2024-2032
16. Asia Pacific Remittance Historical Market: Breakup by Country (USD Billion), 2018-2023
17. Asia Pacific Remittance Market Forecast: Breakup by Country (USD Billion), 2024-2032
18. Latin America Remittance Historical Market: Breakup by Country (USD Billion), 2018-2023
19. Latin America Remittance Market Forecast: Breakup by Country (USD Billion), 2024-2032
20. Middle East and Africa Remittance Historical Market: Breakup by Country (USD Billion), 2018-2023
21. Middle East and Africa Remittance Market Forecast: Breakup by Country (USD Billion), 2024-2032
22. Global Remittance Market Structure
In 2023, the global remittance market attained a value of nearly USD 607.43 billion.
The market is projected to grow at a CAGR of 4% between 2024 and 2032.
The major drivers of the industry include the immigration of students and job seekers, the increasing number of immigrants who profit the prominent money transfer operators, swift adoption of digital platforms, and evolving customer expectations.
The key trends driving the market forward are the rapid technological advancements and rise in overseas migration.
The major regions in the industry are North America, Latin America, Europe, Middle East and Africa, and the Asia Pacific with North America accounting for the largest share in the market.
By type, the market is divided into inward remittance and outward remittance.
Banks are the dominant remittance channel in the industry.
On the basis of application, the industry can be segmented into consumption, savings, and investment.
Based on end-user, the market can be bifurcated into business and personal.
The major players in the market are Bank of America Corporation, Citigroup Inc., J.P. Morgan Chase & Co., Ria Financial Services Ltd, Western Union Holdings, Inc., MoneyGram International, Inc., and TransferWise Ltd., among others.
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