The term remittance
refers to the transfer of money by the foreign migrants to their homes. The
remittance channel contemplates of the sender, intermediaries in both the
counties and recipient in both the countries and recipient in both the region,
and the payment interface used by the intermediaries. Moreover, the obtain ability
of jobs and migration has cooperatively encouraged growth of the international
as well as domestic remittance
industry. The growth in the industrial and communication segments have considerably
given rise to the job opportunities in the country. Furthermore, the players of
this market are playing an important role while investing the effective amount of
money for developing the app specification which decreases the cost of
transferring money from one country to another. This also led an effective
market growth more significantly during the forecasted period.
According to the report analysis, ‘Money
Transfer Industry Research’ states that the market growth can be
accredited to factors like growing number of OFWs, increasing infrastructure
and developmental activities, significant rise in the business sectors and
rising job opportunities within the country, developing the BPO sector and
other related factors. Moreover, the unskilled workers and laborers will
maintain their status as the principal deployed fraction of overseas workers
and will pursue to account for the foremost share of aggregate remittances. Not
only has this, the increasing number of expatriates, internal migration, rising
non-oil private sector businesses, significant growth in the utility prices and
other related aspects are set to increase growth in the market during the
forecast period.
Furthermore, there are several key players which are
presently performing their task more enormously across the globe for leading
the fastest market growth and attaining the highest value of market share with
the effective developments and adopting the significant strategies and policies
of working which further decrease the existence of middle man and cost of
transaction. According to the report analysis, ‘Bill
Payment Industry Report’ states that the growth in the market during
the forecast period can be accredited to factors such as
increasing number of international and domestic migrants, more employment
opportunities in the superior cities which and growing usage of the mobile and
internet in the country. In addition, on the basis of geography, the market of
remittance is spread across the globe which majorly involves Asia Pacific region,
Europe, North America, Middle East and Africa and Rest of the World.
Whereas, in the Middle East, the Bill Payments mobile
services in Egypt include mobile top-ups are the principal contributor,
followed by internet services which are mainly owing to the ever growing
penetration of broadband internet. However, the significant job opportunities
and lifestyle generates these cities extreme flow corridors in domestic money
transfers. Estimated continued growth in Egyptian migrants in other economies,
internal migration, and growing usage of the internet and mobile services is
predicted to endure the growth of Egypt Remittance Market. Furthermore, the
speedy growth in the establishment and usage the mobile technologies in the
economy for money transfer and bill payments are also a foremost factor for the
future growth of domestic remittance and bill payments market across the globe
more significantly. Therefore, in the near future, it is anticipated that the
market of remittance will increase across the globe more positively over the
recent few years.
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Ken Research
Ankur Gupta, Head Marketing & Communications
+91-9015378249
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