Today: October 10, 2015, 5:42 am

Global international remittance market: 6.7% CAGR expected between 2012-16
International Remittance Market 2012-2016 - a new market research report on 2014-04-17 04:51:03
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.
Click for report details: ..
Browse all Finance and Banking Market Research Reports ..
Browse all Finance and Banking Company Profile Reports ..
Browse all Latest Market Research Reports ..
About Us is a leading online business information aggregator with over 300,000 market reports and company profiles available to our clients. Our extensive range of reports are sourced from the leading publishers of business information and provide clients with the widest range of information available. In terms of company profiles,’s online database allows clients access to market and corporate information to over 100,000 different companies. We provide clients with a fully indexed database of information where clients can find specific market reports on their niche industry sectors of interest.

Press Information

Published by
Mike King
London: +44 (0) 203 086 8600

# 564 Words
Related Articles
More From Finance
Credit-Yogi Recommends Reputable Debt Solution Companies To [..]
Many people who have poor credit don’t know what to do about it. They realize that their bad credit prevents [..]
Credit-Yogi Reveals Special Considerations for Military Members [..]
No one wants to have their vehicle taken back by their banks. It’s a source of stress for the individual [..]
Credit-Yogi Teaches Consumers How To Use HAMP [..]
Be Prepared to Utilize HAMP Lenders do not like to help borrowers prevent foreclosure by accessing the Obama loan modification [..]
Credit-Yogi Informs Military Members Facing Auto Repossession [..]
No one wants to have their vehicle taken back by their banks. It’s a source of stress for the individual [..]
Credit-Yogi .com Teaches Consumers How To Prevent [..]
Want to Halt Vehicle Repossession? Here’s How Sometimes things happen that end up leaving one in a financially strapped position. [..]

Disclaimer: If you have any questions regarding information in this press release please contact the company added in the press release. Please do not contact pr-inside. We will not be able to assist you. PR-inside disclaims the content included in this release.