Egypt Inbound Remittance Market has
intensified due to high Egyptian migration in countries such as Saudi Arabia,
Kuwait, UAE, Jordan, and more. Additionally, the increase in mobile users,
banking population, and nuclear families are few of the major supporting
factors that have helped in the growth of Domestic Remittance and Bill Payment
Market in the country.
Transform Evolution in Egypt
Remittance Market: Remittance market in Egypt is still in the development
stage and many transformational changes are required from the perspective of policy,
technology, awareness and acceptance.
Transformation of Remittance Business
Model in Egypt: The market has witnessed a change
from agent based business model to digital modes of money transfer. This trend
is likely to pertain in future with the proliferation of smart phones that
makes online transfers more convenient and economical. This shift presents a
technological challenge for existing companies which requires upgrading its
platform that can support both traditional as well as the digital modes of
services. The four electronic payment systems that are currently being used by
aid agencies are pre-paid debit cards, smart cards, mobile money transfer
systems and electronic vouchers. The most important benefits that were noted
for all four e-payment systems include improved security for staff and
recipients, reduced leakage, improved reconciliation and control of
expenditure, greater speed and efficiency of transfers, reduced costs for the
agency and recipient.
Analysts at Ken Research in their latest publication “Egypt
Remittance Market Future Outlook to 2023 – By Inbound and Outbound Remittance,
By Mode of Transfer (Bank Transfer, Through Friends or Relatives, Through Agent
or Courier, Carried Money on Their Visits, and Others), By Banking and Non
Banking Channel, By Bill Type (Mobile Services, Internet Services, Utilities,
and Others), By Bill Payment Mode (Cash Payments, Card Payments, and Fund Transfers)”
expect the market to register a tremendous growth in terms of transaction value
during the forecast period 2019E-2023E. The growth will be mainly driven by
high growth in Bill payments system and rise in inbound domestic remittance.
Inbound remittance from foreign countries has helped
the country to earn foreign exchange and with improved penetration of banking
and MTOs, the formal channel of money transfer is gaining prominence. Domestic
Remittance Market is dominated by Egypt Post in which it holds about majority
of the market share (in terms of transaction volume), followed by other banks
and MTOs.
Egypt Bill Payment Market: Bill Payment is the fastest emerging
market and in the last few years it has seen a sudden growth mainly on account
of rise in number of mobile and internet users. The sector has registered a
double digit growth rate in the last five years and trend is expected to
continue in the years to come. Mobile recharge has registered the highest
transactions and is followed by bill payment for utilities such as electricty,
water and others. Many bill payment companies such as Fawry, Bee: Smart, Masary
and others have evolved over few years. Major payments gateways such as
Mastercard and Visa have enabled many services for online bill payment.
Keywords:-
Egypt Remittance Market
Egypt Domestic Remittance
Market
Egypt Bill Payment Market
Inbound Remittance in Egypt
Outbound Remittance in Egypt
Bill Payment Solution in Egypt
Mode Of Remittance In Egypt
Types Of Bills In Egypt
Fawry Bill Payment In Egypt
Moneygram Egypt Company
Profile
Company Profile Of Fawry Egypt
Company Profile Masary Egypt
Company Profile Of Egypt Post
Company Profile Of ITSC Egypt
Company Profile Of HSC Egypt
QR Code Bill Payment Market In
Egypt
Utilities Bill Payment Market
Egypt
Mobile Bill Payment Market
Egypt
Key Segments Covered:-
Egypt International Remittance Market
By Inbound and Outbound Remittance
By Major Flow Corridors
Inbound Flow Corridors
Outbound Flow Corridors
By Mode of Transfers
Bank Transfers
Through Friends or Relatives
Through Agent or Courier
Carried Money on Their Visits
Single Size
Custom Size
Egypt Domestic Remittance Market
By Channel of Transfer
By Major Flow Corridors
Banking Transactions
Non-Banking Transactions
By Major Flow Corridors
Bank Transfers
Egypt Bill Payments Market
By Type of Bill Payments
Mobile Services
Internet Services
Utilities
By Mode of Bill Payments
Cash Payments
Card Payments
Fund Transfers
Key Target Audience:-
Money Transfer Organization
Bill Payment Companies
Banks
Time Period Captured in the Report:-
Historical Period – 2013-2018
Forecast Period – 2019-2023
Companies Covered:-
Western Union
RIA Money Transfer
MoneyGram
Egypt Post
ITSC Egypt
HSBC Egypt
Fawry
Masary
Bee: Smart Payment Solutions
For more information on the research
report, refer to below link:
Related Reports By Ken Research:-
Contact Us:
Ken Research
Ankur Gupta, Head Marketing & Communications
Sales@kenresearch.com
+91-9015378249
Ken Research
Ankur Gupta, Head Marketing & Communications
Sales@kenresearch.com
+91-9015378249
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