The report covers various aspects such as overall market size of Brazil remittance market, international remittance market, domestic remittance market and bill payment market; segmentation on the basis of inbound & outbound international remittance, by major flow corridors (United States, Japan, Germany and others), by mode of transfer (electronic and cash), by channel (bank and non-bank), by bill payment methods (cash, credit/debit card/e-wallet and electronic transfers), by types of payment (grocery bills, utility bills, fuel bills, DTH & broadband bills and mobile recharge bills) and by regions. The report also covers snapshot on global remittance market, value chain analysis of Brazil remittance & bill payment market, competitive scenario in the industry, SWOT analysis, trends & developments, issues and challenges, regulatory scenario of Brazil remittance market. The report also covers the competitive landscape of the industry and comprehensive profile of leading players (WorldRemit, Western Union, TransferWise, MoneyGram, RIA Money Transfer, XOOM Corporation, Currency Solutions and Small World) operating in the market. The report concludes with future outlook and projections of Brazil remittance market, major macroeconomic indicators and upcoming trends affecting the market have also been highlighted in the report. The report also serves competitive scenario for each market which exists in remittance industry to get an in-depth understanding of remittance sector in Brazil.
The market will witness increase in outflow of remittance fund from Brazil to other countries owing to upcoming industrial sector and entry of number of foreign players in Brazil.
Rising number of nuclear families due to internal migrations will increase the usage of electricity, water, broadband, phones and other utilities which will change the shape of remittance industry in upcoming years.
Brazil remittance market will witness growth in domestic remittance in upcoming years with significant internal labor which will sustain the money transfer business in the country. Brazil is expected to witness rise in job opportunities and better wages in developed regions which will attract residents from various cities to move to urban areas for work. In upcoming years, Brazil will witness growth of young population which will migrate to other regions for better education opportunities in both Brazil and foreign countries, resulting in the increasing money transfer from home town to their destination regions. The domestic remittance industry in future will be driven majorly by digital money transfer business. The transaction fee for domestic money transfer is very minimal and has greater speed which will majorly aid the growth of domestic remittance market in Brazil. It is believed that companies and banks will expand their network in coming future in order to be easily accessible to the customers.
It is anticipated that international remittance in the country will increase at a good pace with the economic growth and development of Brazil. The rising Brazilian immigrants in foreign countries will result in increase in number of transactions from other countries to Brazil. Major countries that dominate in terms of international remittance include United States, Japan, Germany and others. As majority of the remittance comes from US, it is anticipated that new policies will be introduced by the administration which might have a negative impact on the foreign inward remittances. With majority of foreign workforce being in US, the dent in foreign remittances will surely have a negative impact. Moreover, it is expected that growing industrialization, entry of foreign players and growing working age population of the country will drive market growth in upcoming years.
Number of immigrants in Brazil, total number of households in Brazil, number of Brazilian immigrants worldwide and internet user population in Brazil are some other key factors that may have positive impact on the market, according to the Analyst at Ken Research.
Ken Research in its latest study, Brazil Remittance Market by Inbound and Outbound International Remittance, by Mode of Transfer (Electronic and Cash), by Channel (Bank and Non-Bank), by Bill Payment Methods (Cash, Credit/Debit Card/E-Wallet and Electronic Transfers), by Types of Payment (Grocery Bills, Utility Bills, Fuel Bills, DTH and Broadband Bills and Mobile Recharge Bills) and by Regions – Outlook to 2022, suggests that demand for remittance in the country will grow at a positive growth rate owing to growing youth population and increasing prominence of online payments in the country.
Key Topics Covered in the Report
Money Transfer in Brazil
Value Chain Analysis Brazil Remittance Market
Brazil Remittance Market Size
Brazil International Money Transfer Transactions
Major Players in Brazil Remittance Market
Money Transfer Companies in Brazil
Remittance Companies in Brazil
Major Money Transfer Operators Brazil
Unbanked Population Brazil
Non-Banking Operators Brazil
Competition Brazil Remittance Market
Brazil International Money Transfer
Brazil Domestic Remittance
Brazil Bill Payment Services
E-Wallets Market Brazil
Growth of Brazil Remittance Market
Market Share Leading Companies Brazil Remittance Market
Future of Brazil Remittance Market
Upcoming Trends In Brazil Remittance Market
International Immigrants Brazil
Inbound and Outbound Remittance Brazil
Western Union Brazil
Money Gram Competitors Brazil
Transfer Wise Transaction Volume
Internet User Population Brazil
Number of Brazilian Immigrants Worldwide
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Ankur Gupta, Head Marketing & Communications