The advent and
acceptability to the non-cash payments have decreased the dependency on cash
for doing the payments. In the Russia
Payment Services, at the end of 2018, high percentage of the money in
the circulation was witnessed to be non-cash. Instantaneously, the growth
witnessed in the cash in the movement was fewer than the growth in the nominal
GDP, demonstrating a movement in the customer preferences to the non-cash
payments. The effective increase in the non-cash payments can be further
attained to the growing vendors’ implementation and breakthrough developments
such as m-wallets, e-wallets and contactless payments, which have developed the
convenient and rapid manner of doing the transactions.
Furthermore, across the
Russia, the domestic remittance market of Russia has observed tremendous growth
in the recent past few years. The effective increase in the internal migrant
populace both the intra-regional and inter-regional due to the effective job
occasions has fostered the size of the industry. The market is accounted by the
banking channels with the great dissemination of the banking services and
mainstream of the populace control the bank accounts and limitations on the
cash transfers from the government. The effective and active potential of the
domestic remittance has also engrossed the international players namely as the
Money Gram, Western Union and several other across the market.
Not only has this, the Philippines
international remittance market accounted a mainstream contribution from the
inbound remittances from the other region in the recent past years. The stable
progress in the assortment and exposure of the worldwide remittance networks
has allowed more OFWs to remit the money at an economical price of the services
which involve the automated teller machines, reusable/reloadable cash cards and
web-based services. The US accounted for the majority of the total remittances
sent to the Philippines in 2018. The Saudi Arabia was ranked as the second
largest remittance source for the Philippines. UAE accounted for a major share
of the remittance to the Philippines in 2018 and is one of the biggest
employers of OFWs.
By the domestic remittance
and bill payments market, the market for domestic money transfers in the
Philippines is exceptionally energetic and has been development since the past
decade. The optimal of the service breadwinner, to a superior degree, has been
helpless upon the amount of money being reassigned. The Bank transfers and foremost
PSPs were mostly utilized in order to transfer enormous amounts of money.
The Philippines remittance
and bill payments market has positively observed the substantial growth. A conspicuous
amount of FDI inflows was capitalized in BPO, electronics, and energy segment.
With the frequent augment in the FDI flows in the BPO segment, more engagement choices
are predicted that will lead to great measure immigrations to urban region. Quick
growth in the establishment and usage mobile technologies in the region for
money transfer and bill payments are also an influence for the future growth of
domestic remittance and bill payments market of the Philippines. Therefore, in
the coming years, it is anticipated that the market of payment will increase
across the globe more significantly over the near future.
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