2014-01-30 06:13:01 - International Remittance Market 2012-2016 - a new market research report on companiesandmarkets.com
The International Remittance market is to grow at a CAGR of 6.73 percent over the period 2012-2016. Increased international migration is one of the key factors contributing to the market growth. The International Remittance market has also been witnessing increasing number of market players entering the market. However, the increasing incidences of fraud could pose a challenge to the growth of this market.
With the evolution of the International Remittance market and the changing demands of customers, there has been an evolution in the types of market players. Earlier, banks were the only remittance service providers in the market. However, with emerging technological advancements in terms of internet and mobile usage, there has been a huge increase in the number of
market players. Many of these players operate on varied technological platforms such as mobile, online service, prepaid card services, POS machines, and PDA devices. The different types of remittance service providers in the market are MTOs, private banks, and Public sector banks. Some of the big players in this market are Western Union, Euronet, and Money Gram, and these players deploy agents across different countries to facilitate remittance services. This is far more effective in reaching out to more people as compared to the network of conventional banks.
One of the main drivers in this market is the increasing international migration. With the increase in the employment opportunities in countries with high economic growth, the workforce in developing countries are migrating to these countries in search of work and to earn higher incomes, to support their households. This migrating workforce is usually engaged in manufacturing or construction businesses.
One of the major challenges in this market is the high cost of sending remittances, owing to the tax policies imposed by governments in various countries. This coupled with currency value fluctuations increases the cost of remittance, posing a challenge to the growth of the market.
The key vendors dominating this space include Western Union Co., MoneyGram International Inc., Safaricom, and Xoom Corp.
The other vendors mentioned are Al Rajhi Bank, Australia and New Zealand Banking Group Ltd., Digicel Mobile Money, East West Bank, HSBC, iRemit, MoneyGram, and Westpac Bank Corp.
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