Europe Inbound Remittance Transaction Value is Anticipated to Reach Over EUR 26 Billion by 2023: Ken Research
23 Apr, 2019, 15:00 BST
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.
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:
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