Showing posts with label Western Union Brazil. Show all posts
Showing posts with label Western Union Brazil. Show all posts

Wednesday, February 7, 2018

Brazil Remittance Market Outlook to 2022: Ken Research

The report titled 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 provides a comprehensive analysis of the remittance market in Brazil. 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 (World Remit, Western Union, Transfer Wise, Money Gram, RIA Money Transfer, XOOM Corporation, Currency Solutions, 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.
Market Overview
Brazil Remittance and bill payment industry has witnessed a stellar growth in past few years. Remittance represents an important source of currency for the country and currently comprises of ~% of the Brazil’s GDP. Rising Brazilian immigrants in other countries, better job opportunities, high salary and low employment rate in Brazil has attributed in the increasing market size of the industry. Brazil remittance industry is highly fragmented with presence of large number of domestic as well as international players. The remittance fund is transferred through different payment modes like online payment, account to account, cash/ cheque, money orders and others. In terms of transaction volume, Brazil remittance industry augmented from USD ~ million during 2012 to USD ~ million during 2017 at a CAGR of ~% during 2012-2017. International remittance market has majorly dominated the remittance industry in Brazil. The inflow of remittance fund from other countries to Brazil has contributed largely in the revenues of the market. The US is the major contributor in the remittance fund with the percentage share of ~% in terms of transaction volume in 2017. Rising industrialization, entry of foreign players in the country and improvement in job opportunities has majorly triggered Brazil remittance market during the review period. Major players in Brazil remittance market include World Remit, Western Union, Transfer Wise and others.
Brazil International Remittance Market
International remittance is the transfer of money from a migrant worker to their families or other parties who are living in some other country, which generally is the migrant workers’ home country. During 2017, Brazilians working overseas send over USD ~ million to their families. The growth of the remittance industry in the country has been majorly driven by the large number of Brazilian workers who have changed their residence to countries with higher paying job opportunities. The US has majorly contributed in the transaction volume of remittance in the country. In 2017, the US contributed ~% (USD ~ million) in the transaction volume of remittance in Brazil. The growth of international remittance is aided with the growth of new technology and expansion of new services by money transferring agencies.
Brazil International Remittance Market Segmentation
By Inbound and Outbound Remittance: International Remittance in Brazil is majorly dominated by inflow of remittance from other countries to Brazil. The increasing Brazilian population in other countries in search of better job opportunities and high salary has contributed to the rising size of the remittance industry. Inbound remittance accounted for a share of ~% (USD ~ million) of the overall transaction volume during 2017. Outflow of remittance in the country is less as compared to inflow because of low migration of foreign workers in the country. Outbound remittance has accounted for a share of ~% (USD ~ million) during 2017.
By Channel (Bank and Non-Bank): Non-bank channel in Brazil majorly consists of the money transfer agencies, local merchants and exchange houses. Non-bank channels have accounted for a major chunk of overall transactions, accounting for ~% (USD ~ million) of the total transaction volume during 2017. Bank as a channel is preferred owing to security but huge unbanked population in the country and less penetration of banks in rural areas has resulted in dominance of non-banking channels for remittance in the country. Banks have accounted for a share of ~% (USD ~ million) of the overall transaction volume during 2017.
Brazil Domestic Remittance
Brazil has a disparity in terms of developed and developing cities across the country which has results in massive internal migration of skilled and unskilled labor to the developed cities that offer better wages and standard of living. Urban cities of the country have witnessed huge population growth which has attracted higher investments into the region leading to creation of even more job opportunities. However, since the average salaries being paid in these industrial belts and developed areas is much higher that what can be earned in the underdeveloped areas, the workers support their families by regularly remitting money back home as their income is on the higher side as compared to what their families earn. Money order and telegraph majorly contribute in total transaction of domestic remittance. Telegraph and money order are the traditional, very popular and the safest way for transferring money from one place to another. Banks also account for a major share of overall transaction volume during 2017. Other modes of domestic remittance include e-wallet operators and money transfer operators.
Brazil Bill Payment Market
Large number of businesses has been set up to cater to the needs and demands of the Brazilian population working outside the country. Companies like Xoom, Money Gram and others offer cheap and easy ways for customers to pay their bills directly rather than initially remitting money to their home and then the residents of their home making the payment. The growth of e-payments in the country supported by growing penetration of internet has made it easy for the users to pay bills online through various operators. The major target segments of the bill payment companies include cash-based and unbanked customers within Brazil. Brazil has made progress in improvement in quality of life of its citizens which has increased consumption of electricity, broadband, mobile recharge and other facilities. Major types of bills include grocery bills, utility bills, fuel bills, DTH & broadband bills and mobile recharge bills.
Future Outlook of Brazil Remittance and Bill Payment Market
It is expected that Brazil remittance and bill payment market in future will grow at a descent growth rate, augmenting to USD ~ million during 2022 rising from USD ~ million during 2018 at a CAGR of ~% during 2018-2022. 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. 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. Additionally, with the growth of immigrants worldwide, increasing use of technology and growing internet penetration will drive the remittance market in upcoming years.
Key Topics Covered in the Report
Money Transfer Companies in Brazil
International Immigrants Brazil
Internet User Population Brazil
Brazil International Money Transfer
Brazil Remittance
Western Union Brazil
Money Transfer in Brazil
Number of Brazilian Immigrants Worldwide
For more information on the research report, refer to below link:
Related Reports by Ken Research
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