Global Money Remittance and Bill Payment Services - Market Overview:
Under federal law, a remittance transfer provider is a business that transfers money electronically for consumers to people and businesses in foreign countries. These companies include many money transmitters, banks and credit unions, and possibly other types of financial services companies. A remittance is a transfer of funds. A cash remittance is when the sender deposits cash instead of using a debit or credit card, cheque, or direct bank transfer to remit
As per latest study released by AMA Research, the Global Money Remittance and Bill Payment Services - market is expected to see growth rate of 4.76%Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Forecast Period | 2024-2030 |
Historical Period | 2018-2023 |
Unit | Value (USD Million) |
Customization Scope | Avail customization with purchase of this report. Add or modify country, region & or narrow down segments in the final scope subject to feasibility |
Influencing Trend:
New technology developed
Market Growth Drivers:
Convenient in paying bill or transferring money
Challenges:
Lack of awareness of services
Restraints:
Highly expensive because it includes set up cost, machine cost, management cost etc
Opportunities:
Digitization of payments, transfers, and remittances contributes to the goals of broad-based economic growth, financial inclusion, and women's economic
Competitive Landscape:
The global market is highly competitive and consists of a limited number of providers who compete with each other. The intense competition, changing consumer spending patterns, demographic trends, and frequent changes in consumer preferences pose significant opportunities for market growth.
Some of the key players profiled in the report are Azimo Limited (United Kingdom), Digital Wallet Corporation (Asia Pacific), InstaReM Pvt. Ltd. (India), PayPal Holdings, Inc. (United States), Ria Financial Services Ltd. (United States), TransferGo Ltd. (United Kingdom), TransferWise Ltd. (United Kingdom), Western Union Holdings, Inc. (United States) and WorldRemit Ltd. (United Kingdom). Analyst at AMA Research see United Kingdom Players to retain maximum share of Global Money Remittance and Bill Payment Services - market by 2030. Considering Market by Category, the sub-segment i.e. Domestic Remittance will boost the Money Remittance and Bill Payment Services - market. Considering Market by Downstream, the sub-segment i.e. Door-to-door delivery will boost the Money Remittance and Bill Payment Services - market.
Latest Market Insights:
In November 2023, Nium, the leader in real-time global payments, and Jeonbuk Bank (JB Bank), a leading South Korean financial institution, have announced a groundbreaking partnership, they will offer the country’s first global remittance service targeted at the 2.5 million non-Korean residents that live in South Korea. The service will provide affordable and reliable global payment solutions to this community, giving them access to the financial tools they need to thrive in an increasingly interconnected world.
In March 2022, Square expanded its omni channel offerings with a new Square Online Store and a revamped Square for Retail. The two products offer sellers the tools to have one cohesive solution to start or grow an omni channel business. The new Square Online Store allows sellers to grow their business in person and online, with professional eCommerce website and integrated tools.
What Can be Explored with the Money Remittance and Bill Payment Services - Market Study
Gain Market Understanding
Identify Growth Opportunities
Analyze and Measure the Global Money Remittance and Bill Payment Services - Market by Identifying Investment across various Industry Verticals
Understand the Trends that will drive Future Changes in Money Remittance and Bill Payment Services -
Understand the Competitive Scenario
- Track Right Markets
- Identify the Right Verticals
Research Methodology:
The top-down and bottom-up approaches are used to estimate and validate the size of the Global Money Remittance and Bill Payment Services - market.
In order to reach an exhaustive list of functional and relevant players various industry classification standards are closely followed such as NAICS, ICB, SIC to penetrate deep in important geographies by players and a thorough validation test is conducted to reach most relevant players for survey in Money Remittance and Bill Payment Services - market.
In order to make priority list sorting is done based on revenue generated based on latest reporting with the help of paid databases such as Factiva, Bloomberg etc.
Finally the questionnaire is set and specifically designed to address all the necessities for primary data collection after getting prior appointment by targeting key target audience that includes Venture Capitalists, Government Bodies, Corporate Entities, Government and Private Research Organizations and Others.
This helps us to gather the data related to players revenue, operating cycle and expense, profit along with product or service growth etc.
Almost 70-80% of data is collected through primary medium and further validation is done through various secondary sources that includes Regulators, World Bank, Association, Company Website, SEC filings, OTC BB, USPTO, EPO, Annual reports, press releases etc.