The worldwide market of the remittance has led by the international remittances and domestic remittances which are demonstrate by the OFW remittance inflow, the internal migrant’s transfers. Throughout 2013-20218, the international and domestic remittance markets have demonstrates a remarkable growth. The Overseas Filipino Workers (OFWs) space has been the most imperative source of the growth in the Philippines region. The mainstream of the OFWs generally originate from the Cavite, Laguna, Batangas, Rizal and Quezon (CALABARZON) economy and the peripheral economies of the Central Luzon and Metro Manila. The growth of the market can be accredited to the aspects like an augmenting number of the OFWs, increasing infrastructure and developmental activities, increasing business segments and growing job opportunities within the region, developing the BPO segment and several other related aspects.
Sideways, the continuous enlargement of the remittances in the recent past years has been encouraged by the sustained innovation on the behalf of banks, money transfer corporates and several other financial associations which deliver the remittance services to the overseas Filipino workers. Mainstream of the money remittances received by the Filipino households are directed through the commercial banks.
Additionally, the Europe international remittance market is abstemiously determined and in the growth stage. The market involves both formal and informal payment service delivers involving banks, money transfer operators, postal networks, mobile bill payment market and several others. The most prominent business strategies accepted by the foremost players to position themselves in the market involve forming an all-encompassing network and developed reach, new services launched and service innovation and developed pricing and handy/transparent operations suggested.
The market has been fostered by effectively augment the migration, significant growth government support for fresh competitors, developed the banking knowledge and positive growth awareness towards the digitalized remittance services in the space. In the coming years, the players would be increasing through the acquisitions, tie-ups, augmented the digital modes of money transfer and effective growth to the payout networks around and outside Europe.
Additionally in the South Africa domestic and international remittance market, the international market is abstemiously concentrated with mainstream of the market being apprehended by MTOs & ADLAs and banks in 2018. There are 4 foremost banks specifically ABSA Bank, Capitec Bank, Standard Bank and Bidvest Bank which have been energetic in the space. 2 major MTOs involve Western Union Market Sales Value and MoneyGram while major 4 ADLAs involve Hello Paisa, Mama Money, Mukuru and Exchange4Free. Captain 4 retailers involve Shoprite, PEP Stores, Pick n Pay and SPAR. Major challenging parameters involve fees charged, time taken for the transaction, services suggested, reach of the service breadwinners, trust value committed, technological advancements, persuasive offers and pellucidity in costs. The market has become exceedingly competitive in the terms of the fee charged after the dissemination of the ADLAs subscription small fees to the customer’s thereby snowballing competition. Therefore, in the coming years, it is estimated that the market of remittance will increase around the globe more significantly over the coming years.
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Russia Remittance and Bill Payments Market Outlook to 2023 (Second Edition)- By Domestic Remittance Banking & Non Banking Channels; International Remittance Flow Corridors and Channel; and Bill Payment Segment
Ankur Gupta, Head Marketing & Communications