Money Remittance Services Market Growing Popularity and Emerging Trends: MoneyGram, TransferWise, Xoom

A new research document is added in HTF MI database of 169 pages, titled as ‘Global Money Remittance Services  Market Insights by Application, Product Type, Competitive Landscape & Regional Forecast 2028’  with detailed analysis, Competitive landscape, forecast and strategies. Latest analysis highlights high growth emerging players and leaders by market share that are currently attracting exceptional attention.  The identification of hot and emerging players is completed by profiling 50+ Industry players; some of the profiled players are Western Union Holdings, Inc. (United States), MoneyGram (United States), Bank of America (United States), Wells Fargo & Company (United States), TransferWise (United Kingdom), UAE Exchange (UAE), Ria Money Transfer (Euronet Worldwide) (United States), JPMorgan Chase & Co. (United States), Xoom (PayPal) (United States) and Remitly, Inc. (United States) are some of the key players profiled in the study. Additionally, the Players which are also part of the research are WorldRemit Ltd. (United Kingdom), Azimo Ltd. (United Kingdom), Citigroup, Inc. (United States), I-Remit Inc. (Philippines) and LBC Express Inc. (Philippines). The Market has witnessed continuous growth in the past few years and is projected to see some stability post Q2,2022 and may grow further during forecast year 2022-2028

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A remittance is a money or a sum of money sent by someone working abroad to his or her family back home. It plays a large role in the economies of many countries as it contributes to the economic growth and to the livelihoods of those countries. Digital remittances have emerged with the advent of FinTech, leading to the rise of comparison platforms or aggregators. According to World Bank, in 2019, remittances were a total of USD 573 billion, of which USD 422 billion went to developing countries that involved 250 million migrant workers. Also, the top remittance recipients in 2018 were India with USD 79 billion, followed by China (USD 67 billion) and Mexico (USD 36 billion). Rapid developments in the industry and digitalization make individuals and even small-to-mid-sized companies enjoy faster, cheaper, and value-added foreign money transfer services.

The Money Remittance Services market study is being classified by Type (Inward Remittance and Outward Remittance), by Application (Consumption, Saving & Investments and Others (Workers Remittance)) and major geographies with country level break-up.

Influencing Market Trend

Blockchain-Based Remittances for Fast Transfer Time and Relatively Low Transaction Costs

Market Drivers

The surge in International Migrant Population and Safe, Fast & Reliable Services
Increase in Adoption of Banking & Financial Services
Growing Digitalization and Use of Internet and Mobile Phones

Opportunities

Significant Increase in Reach of the Internet, Online and Mobile Phone
Partnership with Multiple Wallets to Scale-up The Business across the Globe

Restraints

Competitive Currency Conversion Tax and Commission Fee
High Cost of Remittances to the Sender

Challenges

Transparency in Other Charges, Change in Government Policies
The Entry of Wallets and FinTechs in the Remittance Business
Concerns Regarding Money Laundering and Violent Activities

Key Target Audience

Money Remittance Services Providers, Money transfer operators, Financial Institutions, Governments, End-Use Industry and Others

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Strategic Points Covered in Table of Content of Global Money Remittance Services  Market Insights by Application, Product Type, Competitive Landscape & Regional Forecast 2028 Market:
Chapter 1: Introduction, market driving force product Objective of Study and Research Scope the Global Money Remittance Services  Market Insights by Application, Product Type, Competitive Landscape & Regional Forecast 2028market. (Introduction, Scope of the Report)Chapter 2: Exclusive Summary – the basic information of the Global Money Remittance Services  Market Insights by Application, Product Type, Competitive Landsca

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