Russia International Remittance Market by Inbound and Outbound Remittance, by Major Flow Corridors (CIS and Non-CIS Countries), by Mode of Transfer (Cash and Electronic Transfer) and by Channel (Banks and MTOs), Russia Domestic Remittance Market by Region (Central Russian Federal District, Volga Federal District, North-Western Federal District and Others) and by Channel (Bank and Non-Bank), Russia Bill Payment Market by Recurring and Non-Recurring Bills, by Type of Payment (Groceries, Utilities, Fuel, Mobile Recharge and DTH & Broadband), by Mode of Payment (Cash, Debit/Credit/E-Wallets and Electronic Transfer) and by Offline and Online Bill Payment.
The growing number of migrants from the different CIS and Non-CIS countries around the world will support the overall growth of the international remittance market.
The infrastructural and communicational growth initiatives by the Government of Russia will uplift the remittance market and will attract additional migrants to Russia which will lead to the growth in the domestic remittance and bill payment market.
Increase in number of smartphone users and internet penetration will act as catalysts for the growth of the remittance and bill payment overall industry.
The overall remittance market of Russia is expected to grow hand in hand with the revival of the global economy from the economic crises. The number of migrants from the CIS and the non-CIS countries are expected to grow considerably. This will increase the remittance outflow of the country in the coming years. The expanding size of the market will attract more players of the industry into Russia with tailored remittance and bill payment digital services. Companies like KoroanPay, Contact, Western Union, Moneygram and UniStream are the major players of the market and are expected to augment their network into the rural market. These factors collectively are expected to trigger the growth of the international outbound remittance market in Russia. The government envisions tightening the Anti-Money Laundering Law with the sight to reduce tax evasion by making the country a cashless economy and considers the digital remittance and bill payment industry as an ally of the government in achieving this objective. Russia will host many sporting events in the future including FIFA World Cup 2018, ISU European Skating Championship 2018, Universaide 2019 and UEFA European Championship 2020. The infrastructural and communication sector growth will lead to increase in job opportunities and will be the main trigger for internal migration in the country. This trend of migration to major cities in Russia will be the driver for growth in the domestic remittance and the bill payment industry. The increase in number of households, number of smartphone users, internet usage, DTH connections and utility bills will continue to augment the bill payment market.
Ken Research in its latest study, “Russia Remittance and Bill Payments Market by Inbound and Outbound International Remittance, By Mode of Transfer (Cash or Electronic Transfers), By Channel (Bank and Non-Bank) – Outlook to 2021” analyzed that the companies can encourage their customers to use digital modes of transfers to reduce the float time. Both the remittance and bill payment companies can focus on mobile transfers to withstand the competition in the market. Moreover, the companies can offer door to door pickup, innovative discount schemes and after transfer confirmation service which will aid in increasing their customer base.
The Russia Remittance Market is estimated to register a positive CAGR during 2017-2021. Future growth in the migrant population, rising number of mobile phone and internet users are expected to be key drivers of growth in the market.
The report provides information on the remittance channels, mode of transfer, type and remittance corridors which dominates the market in terms of transaction volume. It also covers the company profiles of the major players (i.e. KoronaPay, UniStream, Western Union and MoneyGram), banks (Sberbank, VTB Bank, Gazprom Bank and Alfa Bank), major e-wallets (i.e. Yandex, Webmoney, Paypal and Visa Qiwi) and Russian Post.
Key Topics Covered in the Report:
Russia Remittance and Bill Payments Market Overview and Genesis
Value Chain Analysis in Russia Remittance Market
Russia International Remittance Market Size
Russia International Remittance Market Segmentation
Future Outlook and Projections of Russia International Remittance Market
Russia Domestic Remittance Market Size
Russia Domestic Remittance Market Segmentation
Future Outlook and Projections of Russia Domestic Remittance Market
Russia Bill Payments Market Size
Russia Bill Payments Market Segmentation
Future Outlook and Projections of Russia Bill Payments Market
Trends and Developments in Russia Remittance and Bill Payments Market
Issues and Challenges in Russia Remittance and Bill Payments Market
SWOT Analysis of Russia Remittance and Bill Payments Market
Competitive Landscape of Major Players in Russia Remittance and Bill Payments Market
Macroeconomic Factors affecting Russia Remittance and Bill Payments Market
For more information on the market research report please refer to the below link:
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Ankur Gupta, Head Marketing & Communications