GURUGRAM, India, April 23, 2019 /PRNewswire/ --

  • It is expected that by the end of 2023, Banks would continue to lead the inbound remittance space capturing more than half of the market and registering a CAGR of close to -2% during 2018-2023. MTOs will lead the outbound remittance segment in terms of remittance transaction volume and register a robust CAGR of over 5% during the same.
  • Europe's corridor with Asia and North Africa is likely to showcase the highest CAGRs close to 7% and 4% respectively during 2018-2023. This would largely due to rise in demand for remitting money to and from the region to these regions. A rising influx of migrants is expected towards European countries such as Italy, Germany, France and others from Asian and African regions.
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The coming five years has been poised to be positive for the remittance industry. The market is facing an intensified competition and new players are entering the market every year. To curb the intensity of the competition, both banks and MTOs are focusing on mobile transfers through launching their wallets and applications. The use of cash is still dominant in the region. In 20 out of 28 EU countries cash represents over 50% of all remittance transactions. Countries like Greece, Bulgaria and Romania almost solely pay by means of cash and cash is the largest payment instrument in terms of volume in all EU countries, except Denmark, Sweden and Luxembourg. However, the launch of mobile wallets and applications by the major players in the industry is expected to reduce the share of cash remittances in the coming years. In inbound remittance the major point of contact in the coming years is expected to be the online and mobile transactions leaving the branch pick-up option behind. By the year 2023, the online and mobile transactions are anticipated to account for a share of 60% in terms of inbound remittance transaction volume.

Ken Research in its latest study "Europe International Remittance Market Outlook to 2023 - By Inbound & Outbound Remittance, By Channels (Banks, MTOs, M-wallets and Others), By Inflow & Outflow Remittance Corridors, By Point of Contact (Branch Pick-up, Mobile Payment & Online Transactions, Prepaid Cards)" suggests that the growth is dependent upon European government to unlock migrant entry barriers restraining the industry. This would lead the market to grow registering a CAGR close to 4% for inbound remittance market and close to 7% for the outbound remittance market in terms of transaction value of the region during the forecast period 2018-2023.

Key Segments Covered in Europe International Remittance Market

  • By Inbound Remittance Flow Corridor
     On the Basis of Channels (Volume of Transactions)
    • Banking channels
    • MTOs
    • M-Wallets
    • Others
  • On the Basis of Inflow Countries (By Value of Transactions)
    • Italy
    • Poland
    • Portugal
    • Romania
    • United Kingdom
    • Other EU-28 Countries
  • By Outbound Remittance Flow Corridor
     On the Basis of Channels (Volume of Transactions)
    • Banking channels
    • MTOs
    • M-Wallets
    • Others
  • On the Basis of Outflow Countries (By Value of Transactions)
    • Germany
    • Spain
    • France
    • Italy
    • United Kingdom
    • Other EU-28 Countries
  • By Point of Contact (By Volume)
    • Branch Pick-up
    • Mobile Payment & Online Transactions
    • Prepaid Cards
  • By Flow Corridors (By Volume)
    • Asia
    • North Africa
    • South America
    • Central & South Africa
    • Non-EU Countries
    • North America
    • Central America
    • Near & Middle East
    • Oceania
  • Key Target Audience
    • Banks
    • Money Transfer Operators
    • M-Wallet Companies
    • Hawalas
    • Convenience and Retail Stores
    • Supermarket Chains
    • Bills and Payments Companies
    • Investors & Venture Capital Firms
    • Government Bodies
  • Time Period Captured in the Report:
    • 2013-2018 – Historical Period
    • 2019-2023 – Future Forecast
  • Companies Covered:
    • HSBC Bank
    • Lloyds Bank
    • BNP Paribas
    • Barclays Plc
    • Deutsche Bank
    • Bank of China
    • Credit Agricole
    • BBVA Dinero Express
    • Unicredit Banca
    • Western Union
    • Money Gram
    • Ria Money Transfer
    • Transferwise
    • UAE Exchange
    • World Remit
    • Metro Remittance
    • Azimo
    • RemitGuru
    • Xoom by Paypal
    • Skrill
    • Neteller
    • Postbank
    • La Poste
    • PosteItaliane

For more information on the market research report please refer to the link below:

https://www.kenresearch.com/banking-financial-services-and-insurance/financial-services/europe-international-remittance-market/194013-93.html

Other Related Reports:

South Africa Domestic and International Remittance Market Outlook to 2023 - By Channels Used (Banking Channels, Retailers, ADLAs & MTOs and Others), Remittance Corridors (Inbound-Outbound and Rural-Urban)

The report provides a comprehensive analysis of South Africa's Remittance Market including market evolution, overview, genesis, market size and market segmentation. Extensive focus has been placed in quantifying the transaction value and volume over the period, 2013-2023. The report covers aspects such as market segmentation (by channels used, by corridors and by income level) and an extensive snapshot on the bill payment market in South Africa. The report has covered the international and domestic space exclusively focusing on over the year's computation & interpretation of change in volume, value and average ticket size of transactions in the country. Income earned & change in commission charged has been scrutinized well followed by explicit analyst explanations. Competitive landscape of major players including ABSA Bank, Capitec Bank, Bidvest Bank, Standard Bank, Western Union, MoneyGram, Hello Paisa, Mama Money, Mukuru, Shoprite, SPAR, PEP Stores and Pick n Pay have been covered including company overview, major business strategies, USP, distribution network, remittance services offered, financials and various other parameters. The report also covers future industry analysis (by value, volume and average transaction size), future market segmentation, SWOT analysis, growth opportunities, upcoming trends & analyst recommendations. 

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The report provides a comprehensive analysis of International Remittance, Domestic Remittance, and Bill Payment Market in Egypt. It includes the transactions occurring in Egypt by major flow corridors, mode of transfer, inbound and outbound transactions, channel of transfer, and bill payment details such as type of bill payments and mode of bill payments. The report also covers the overall competitive landscape and company profiles of major Money Transfer Organizations in Egypt. The report concludes with market projection for future and analyst recommendations highlighting the major opportunities and cautions for the Egypt Remittance Market.

Philippines Money Transfer And Bill Payments Market Outlook To 2023 - By Domestic Remittance Banking And Non Banking (Pawnshops, MTO) Channels, International Remittance Flow Corridors And Channel; Bill Payment Segment

The report provides a comprehensive analysis of domestic, international remittance and bill payments market in Philippines. The report covers market size, segmentation on the basis of remittance flow corridors, remittance channel, land-based and sea-based workers, mode of remittance, major occupation group and distribution of OFWs by cash remittance sent for international remittance market. For domestic remittance market, the report covers market size, segmentation on the basis of remittance channel, type of services and major flow corridors. It also includes the bill payments market in the country covering the market size and segmentation by type of bills, mode of payments and channel of payments. The report also covers government regulations in the market, competitive landscape and company profiles for major players in the remittance and bill payments market. The report provides detailed overview on future outlook & projections with analyst recommendations for the industry.

Nigeria Remittance and Bill Payments Market Outlook By Inbound And Outbound International Remittance, By Mode Of Transfer (Cash Or Electronic Transfers), By Channel (Bank And Non-Bank) - Outlook To 2022

The report provides a comprehensive analysis of international inbound, outbound, domestic remittance and bill payments market in Nigeria. The report covers market size, segmentation on the basis of inbound, outbound remittance, remittance channel, and mode of transfer and remittance corridor for international remittance market along with market share of major MTOs. For domestic remittance market, the report covers market size, segmentation on the basis of region and major remittance channel (bank, MTO, e-wallet/ mobile money, Post office) and the market share of major players.

Russia Remittance and Bill Payments Market by Inbound and Outbound International Remittance, By Mode of Transfer (Cash or Electronic Transfers), By Channel (Bank and Non-Bank) - Outlook to 2021

The report provides a comprehensive analysis of remittance and bill payments market in Russia. The report covers market size, segmentation on the basis of inbound & outbound remittance, remittance channel, mode of transfer and remittance corridor for international remittance market. For domestic remittance market it covers market size, segmentation on the basis of region and major remittance channel.

The report also covers government regulations in the market, competitive landscape and company profiles for major players in the remittance and bill payments market. The report provides detailed overview on future outlook & projections with analyst recommendations for the industry. The report facilitate the reader with the identification and in-depth analysis of the existing and future trends, issues and challenges prevalent in the industry and anticipated growth in the future depending upon changing industry dynamics in coming years. The report is useful for exchange houses, banks, bill payment portals and other stakeholders to align their market centric strategies according to ongoing and expected trends in the future.

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