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Global Remittance Market Gaining from Flourishing Tourism Industry

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Published on : Mar 15, 2017

ALBANY, NY, March 15, 2017: The report is a comprehensive analysis of all the macro and micro factors that are expected to impact the growth rate, and estimates the opportunities in the market until 2020. The report also profiles a few leading companies of the market in order to present a picture of competitive landscape and under the prospects of new entrants. 

According to the report, the remittance system includes remittance corridors, remittance service providers (RSP), money transfer system, and the remittance network, and consequently significantly influences the economic growth of the countries. The channel is collectively comprised of a recipient, a sender, intermediaries in the concerned countries, and as payment interface. Since remittance directly relates to international migrations, which has seen a surge in the recent past due to the flourishing tourism industry, the demand in this market is touching new peaks. The report divides the remittance services and network into four categories: franchised services, unilateral services, negotiated services, and open services. 

Apart from the increasing number of international travelers who frequently require money to be transferred in the quickest possible manner, the report also credits growing urbanization for the growth of the global remittance market as the demand for money transfer is escalating. Economic growth of several countries and rising employment are two other factors positively reflecting on the market.

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The report also highlights a few trends in the remittance market, such as unstable remittance cost, cost by sending and receiving method, improving technology landscape for payments, advancements in technology, and more convenience and lesser costs. Two factors, de-resking and access points establishment are expected to hinder the growth rate during the forecast period. All of these factors have been carefully analyzed in the report and their impacts have been anticipated.

In the section on remittance market analysis, the report studies the remittance inflow, average remittance cost by region, and average cost by remittance service provider. Regionally, the report explores the opportunities available in remittance market in the regions of East Asia and Pacific, Europe and Central Asia, Latin America and Caribbean, the Middle East and North Africa, South Asia, and Sub-Saharan Africa. Some of the key country-wide markets identified by the report are the U.S., India, China, Saudi Arabia, Philippines, Mexico, and Switzerland.

To craft a clear picture of the competitive landscape, the report profiles MoneyGram International, Inc., The Western Union Company, and Euronet Worldwide, Inc., for their financial strength and recent strategic developments. The report also estimates the market share owned by these leading companies in the remittance market in its current scenario. 

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