Europe International Remittance Market is Expected to be Driven by Rising Migration from Asian and African Countries, Increased Offerings and Broadened Network of RSPs: Ken Research

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Rising financial inclusion rates and increasing employment opportunities across the EU-28 countries are further augmenting the growth of Remittance Market in Europe.

The report titled “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)by Ken Research believe Europe remittance market has been growing at a swift rate due to rising migration rate, plethora of services offered by the remittance service providers, digitalization of channels, switching to formal channels from informal channels and increased tie-ups between remittance service providers in the region. The inbound remittance transaction value is expected to register a positive CAGR of close to 4% and close to 7% for the outbound remittance during the forecast period 2018-2023. The market is further expected to be driven by new remittance service providers such as World Remit, Remitly, Revoult and others that are now entering the market.

Rising Financial Inclusion Rates in the Region: The region has been witnessing an increased rate of financial inclusion over the past few years. Digital government payments of wages, pensions, and social benefits helped to drive the increase. Among those with an account, 17% opened their first one to receive government payments. The share of adults making or receiving digital payments rose from 46% in 2014 to 60% in 2018. This has influenced the remittance market of the region positively as it reduced the transfer of money through informal channels, that leaves the transaction unaccounted.

Booming employment prospects: European Union faced a decline in the employment generation in the initial years after the global financial crisis. However, later on the region started recovering after 2013, when the euro crisis was finally contained. On an average, the rate of job growth is the same in the EU and the US, 2.7% in total in the years 2016 and 2017. Even Greece, a hard-hit euro-area country, is seeing a broad-based labor market recovery. In addition, Europe’s Innovation-Union initiative has been working on creation of jobs from the past few years. It strives for a 50% increase in R&D investments by 2020 claiming this could increase employment by 1.7% (or by 3.7 million jobs) by 2025.

Europe International Remittance Industry

Shift from remittances through informal to formal channels: The lack of security posed in the use of informal channels and its high sensitivity to misuse for illegal purposes and low benefit offering to the economic development of the recipient country, has urged central banks and other authorities to encourage the use of formal remittance channels that are monitored under compliance. Additionally, such an initiative in the market has proved to be positive and has been compelling the users of informal channels to switch to formal remittance service providers in the region. In the recent years, the formal financial intermediaries, such as banks and MTOs, broadened their geographical presence in the region in both home and host country.

Keywords:-

Europe Remittance Market

Europe Remittance Market Overview

Europe Money Transfer Market

Europe Remittance Transaction Volume

Europe Remittance Transaction Value

European Remittance Industry

Italy Remittance Market

Spain Remittance Market

Germany Remittance Market

The UK Remittance Market

France Remittance Market

HSBC Bank Remittance Europe

Lloyds Bank Remittance Europe

Barclays Bank Remittance Europe

Western Union Remittance Europe

Transferwise Remittance Europe

UAE Exchange Remittance Europe

Flow Corridors Remittance Europe

Money Transfer Operations Europe

Remittance Income Europe

Hawals Europe Remittance

Branch Pick-up Europe Remittance

Europe Prepaid Cards Market

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 and PosteItaliane

To know more, click on the link below:-

Europe International Remittance Market

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Contact Us:-
Ken Research
Ankur Gupta, Head Marketing & Communications
Sales@kenresearch.com
+91-9015378249

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