Global Remittance (Money Transfer) Market: Insights & Forecast with Potential Impact of COVID-19 (2021-2025)

The global inflow of remittances is expected to reach US$745.1 billion in 2025, growing at a CAGR of 1.20%, for the time period of 2021-2025. Factors such as reduction in remittance costs, rising international migration, improving youth unemployment rate, surging urbanization, rising number of international students and increasing refugee population would drive the growth in the remittance inflows. However, the market growth would be challenged by fluctuating remittance costs by region, de-risking practices and stringent government regulations. A few notable trends may include emergence of fintech platforms, growing demand for mobile payment transactions, surging options of sending money and high pressures to reduce remittance fees on MTOs are expected to boost the market in future.

Due to the COVID-19 outbreak, the market had to witness a downturn in remittance inflows and outflows because economic conditions of most of the countries have been impacted severely. Due to the cut down in employment rate, given the businesses shutdown, people faced hurdles in sending money to their families in home countries, as a result of which, it negatively impacted the global remittance industry in 2020.

The global remittance market is categorized on the basis of remittance inflows and remittance outflows by countries. Lower-middle income regions act as the major sources of remittance inflow whereas high income regions are usually the sources of remittance outflows. In 2020, South Asia captured a dominant position in global inflow of remittances. While, in terms of countries, India remained the largest remittance receiving country followed by China. Whereas, the U.S. persisted as the largest source of remittance outflow.

Scope of the report

• The report provides a comprehensive analysis of the global remittance market with potential impact of COVID-19.
• The major regional markets (East Asia and Pacific, Europe and Central Asia, Latin America and the Caribbean, Middle East and North Africa and South Asia, Sub-Saharan Africa) have been analyzed.
• The market dynamics such as growth drivers, market trends and challenges are analyzed in-depth.
• The competitive landscape of the market, along with the company profiles of leading players (U.S. Bancorp, PayPal Holdings Inc., Absa Group Limited, The Western Union Company, Euronet Worldwide, Inc. and MoneyGram International Inc.) are also presented in detail.

Key Target Audience

• Remittance Service Providers
• Money Transfer Systems
• Raw Material Suppliers
• Remittance Corridors
• Investment Banks
• Government Bodies & Regulating Authorities