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)”
provides a comprehensive
analysis of Europe international remittance market including market evolution, overview,
genesis, market size and market segmentations. Extensive focus has been placed
in quantifying the transaction value and volume over the period, 2013-2023. The
report covers aspects such as market segmentation (by channels used, by sending
and receiving countries, by inbound remittance point of contact and by top flow
corridors) and a brief snapshot on the major sending countries in Europe
Competitive landscape of major players including Western Union, MoneyGram, Ria
Money Transfer, Transferwise, UAE Exchange, HSBC Bank, BNP Paribas, Lloyds
Bank, Barclays Bank and XOOM by Paypal have been covered including company
overview, major business strategies, USP, distribution network, remittance
services offered, transfer speed and various other parameters. The report is
useful for existing remittance companies, potential entrants, investors and
other stakeholders to align their market centric strategies according to
ongoing and expected trends in the future.
Europe International Remittance Market
Market Overview: Europe International Remittance
Market is moderately concentrated and in the growth stage. The market includes both formal and informal payment service
providers including banks, money transfer operators, mobile wallets, postal
networks. Prominent
business strategies adopted by major players to position themselves in the
market include forming an extensive network & improved reach, new services
launched & service innovation and better pricing & handy/transparent
operations offered. The market has been fuelled by
increased migration, increasing government support for new competitors,
improved banking knowledge and increased awareness towards digitalized
remittance services in the space. In the next 5 years, players would be
expanding through acquisitions, tie-ups, increased digital modes of money
transfer and increased payout networks across and outside Europe.
Market Size: The market has displayed a steady
growth in terms of transaction value supported by an increase in both inbound
and outbound remittances. The total transaction value expanded displaying a CAGR
of close to 4%. This was majorly fueled by a rise in the outbound remittances,
which is led by a stronger growth in the employment prospects in euro area.
Moreover, the appreciation in the currency is also a supportive factor for such
growth of remittances in the region.
By Channel: Choice of a
remittance channel depends on the ease of access for payer and payee, cost
involved, range of products and services offered, amount of remittance and
similar. In the recent years, Europe’s inbound remittances are majorly
channeled through banks. As of 2018, banks dominate the inbound remittance
market in terms of volume of transactions followed by MTOs, m-wallets and other
channels including postal networks, credit union and informal channels. The
outbound remittance market of the region is dominated by MTOs in terms of
transaction volume as of 2018.
By Point of Contact: The inbound
remittance market is dominated by branch pick-ups and mobile & online
transactions equally followed by prepaid cards in terms of remittance
transaction volume.
By Major Inbound Remittance Countries: The top remittance
receiving country in EU is Poland as of 2018 that accounted for a remittance
inflow. The inflow is contributed by remittances sent by the emigrants of
Poland from other countries to Poland as well as the remittances received from
the family of immigrants in Poland who migrated to the country for studies.
Poland is among the leading countries receiving remittances from within and
outside European countries. Remittances have risen significantly in Poland over
the last twenty years, and now amount to a noticeable share of the balance of
payments and the economy. Poland was followed by Portugal, Italy, UK, Romania
and other EU-28 countries.
By Major Outbound Remittance Countries: The outbound
remittance is dominated by France in terms of transaction value in 2018. Its
leading position is directly proportional to the number of migrant population entering
the country each year. It is considered to be one of the major destinations in
Europe where people migrate in search of job and education. The major sending
destinations from France are Morocco, Algeria and Tunisia that receives nearly majority
of France’s flows. Other remittance countries receiving important flows from
France include China, Viet Nam, Lebanon and Senegal. Algeria, Comoros and
Madagascar rely greatly on France for remittances. France was followed by
Spain, UK, Italy, Germany and other EU-28 countries.
By Corridors: Europe’s remittance corridor with Asia accounted for the
highest share in the remittance market of the region in terms of the remittance
transaction value in 2018. Owing to the education, employment opportunities and
living conditions in the European countries such as Germany, UK, Spain, France
and others, people from the Asian countries migrate to Europe. Economic growth
driven by revenues from oil exports and a declining domestic labor force has
attracted millions of labor migrants. It was followed by the regions including
North Africa, South and Central Africa, South America, Non-EU countries, North
America, Central America, Near East and Middle East and Oceania.
Competition Stage and
Positioning: The Europe market is moderately
concentrated with majority of the market being captured by MTOs & Banks
in 2018. There are 5 major MTOs in the market namely Western Union, MoneyGram,
Ria Money Transfer, Transferwise and UAE Exchange in 2018. 4 major Banks
include HSBC Bank, Lloyds Bank, BNP Paribas and Barclays Plc. Major m-wallet in
the region is Xoom by Paypal. Major competing parameters for the entities
include fees charged, transfer speed, services offered, reach of the service
providers, payout networks, and trust value attached, technological advancements,
promotional offers and transparency in costs.
Future Projections: The inbound remittance is expected to showcase a CAGR close to
4% and the outbound remittance is anticipated to showcase a CAGR close to 7% by
value of transactions during 2018-2023. In terms of volume of transactions, the
inbound remittance is expected to register a CAGR close to 1% and the outbound
remittance is expected to showcase a CAGR close to 0.5% during the same period.
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
Key Topics Covered in
the Report:-
Market Ecosystem
Market
Overview
Market
Size on the Basis of Transaction Value, 2013–2018
Market
Size on the Basis of Transaction Volume, 2013-2018
Market
Size on the Basis of Average Transaction Size, 2013-2018
Market
Segmentation by Remittance Channels (Volume of Transactions)
Outbound
Remittance Market Segmentation by Remittance Channels (Volume of Transactions)
Inbound
Remittance Market Segmentation by Remittance Receiving Countries (Value of
Transactions)
Outbound
Remittance Market Segmentation by Remittance Sending Countries (Value of
Transactions)
Inbound
Remittance Market Segmentation by Point of Contact (Volume of Transactions)
Market Segmentation by Top Flow Corridors (Value of
Transactions)
Snapshots of Major Countries in Europe Remittance Market
Regulatory Landscape in Europe Remittance Market
Decision Making Process and Pain points in Europe Remittance
Market
SWOT Analysis in Europe Remittance Market
Competition Scenario in Europe Remittance Market
Strengths and Weaknesses of Major Players in Europe
Remittance Market
Company Profile of Major Players
Future Outlook and Projections
Related Reports:-
Egypt
Remittance Market Outlook to 2023 - By Inbound and Outbound Remittance, By
Transfer Mode (Bank Transfer, Through
Friends or Relatives, Through Agent or Courier, Carried Money on Their Visits,
and Others), By Banking and Non-Banking Transfer, By Bill Payment Type (Mobile
Services, Internet Services, Utilities, and Others), By Bill Payment Mode (Cash
Payments, Card Payments, and Fund Transfers)
Contact Us:-
Ken Research
Ankur Gupta, Head Marketing & Communications
Sales@kenresearch.com
+91-9015378249
