What is the Size of France Remittance Industry?
France Remittance market is growing at a CAGR of ~% in 2017-2022 and is expected to reach EUR ~ Bn by 2027F. The France Remittance Market is largely driven by increased migration, increasing government support for new competitors, improved banking knowledge and increased awareness towards digitalized remittance services in the space. Growth in mobile-based payment channels and cross-border transactions and deduction in remittance transfer time & cost propels the growth of the market.
Adoption of digital remittance is projected to reduce the dependency on cash agents in both the sending and receiving countries, who currently contributes to sustaining high transaction fees. Adoption of digital remittance is projected to reduce the dependency on cash agents in both the sending and receiving countries, who currently contributes to sustaining high transaction fees.
The increasing numbers of startups in Fintech industry are expected to push the cost of fund transfers down in the coming years. All this will be complimented by increased security checks and safety regulations, as have already been started by DBS bank. The continuous enlargement of the remittances in the recent past years has been encouraged by the sustained innovation on the behalf of banks, money transfer corporates, MTO’s and several other financial associations which deliver the remittance services to the overseas workers.
France Remittance Market by Channels
The France Remittance market is segmented by Channels into Banking channels, MTOs, M-Wallets and Others. 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.
France Remittance Market by Inflow Countries
The France Remittance market is segmented by Inflow Countries into Italy, Poland, Portugal, Romania, United Kingdom and Other EU-28 Countries. Some developed countries are now net importers of cash, as professional people working abroad send increasing amounts of cash home. France benefited from a huge remittance inflow in recent years.
France Remittance Market by Point of Contact
The France Remittance market is segmented by Point of Contact into Branch Pick-up, Mobile Payment & Online Transactions, Prepaid Cards. 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.
France Remittance Market by Outflow Countries
The France Remittance market is segmented by Outflow Countries into Germany, Spain, Italy and others. The outflow of remittances can be viewed as a leakage from the circular flow of income that reduces the amount of money that is available for economic activity. Excessive leakage can hamper economic growth.
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Competition Scenario in France Remittance Market
The France market is moderately concentrated with majority of the market being captured by MTOs & Banks. There are 5 major MTOs in the market namely Western Union, MoneyGram, Ria Money Transfer, Transferwise and UAE Exchange. 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.
What is the Expected Future Outlook for the Overall France Remittance Market Across the globe?
The France Remittance market was valued at EUR ~billion in 2022 and is anticipated to reach EUR ~billion by the end of 2027F, witnessing a CAGR of ~% during the forecast period 2022-2027F. The realistic growth scenario represents the most likely scenario as per current market conditions. This scenario assumes that there will be no overall impact on the market due to any potential COVID-19 waves in the future.
The France Remittance market is driven by growth in internet & mobile penetration and technological modernization in remittance industry are projected to deliver the lucrative opportunity for the remittance market in the forthcoming years.
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In terms of volume of transactions, the inbound remittance is expected to register a CAGR close to ~% and the outbound remittance is expected to showcase a CAGR close to ~% during the same period. As the cases of financial crime and frauds is increasing day by day and this technology in banking and financial services facilitate numerous offers to the solution by identifying the customers through their fingerprint scanning or retina scanning as these two things never be same or matched with another person.
The market has been fostered by effectively augment the migration, significant growth government support for fresh competitors, developed the banking knowledge and positive growth awareness towards the digitalized remittance services in the space. In the coming years, the players would be increasing through the acquisitions, tie-ups, augmented the digital modes of money transfer and effective growth to the payout networks around and outside Europe.
The significant increment in the smartphone penetration, combined with growing amount of the digital-savvy consumers choosing for the digital remittances, is predicted to propel the market over the review duration. Additionally, the growing internet penetration has allowed the consumer to access the financial remittance services. The technology of biometrics is playing effective role as this technology is considered highly effective and efficient because of the unique process.
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Future Outlook of France Remittance Market
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