The Remittance Market in Australia saw a drop in the growth in terms of transaction value in 2020 due to the Covid-19 pandemic, but as things are going back to normal with time, the industry is expected to recover faster.
Australia Remittance Market Overview: The Australia Remittance Market is currently at the growth stage owing to the increasing digitalization, increased internet and smartphone penetration as well as government initiatives. Remittance services in Australia are available through banks, money transfer operators (MTOs), and other mobile and digital service providers. The market is moderately consolidated with ~ players owning the majority of the market.
Impact of Covid-19 on Australia Remittance Market: The rapid growth of COVID-19 has slowed the Remittance Market's expansion across the country. Outbound remittances from Australia decreased by almost half between 2019 and 2020. A portion of the decline can be attributed to Australia's border shutdown, which resulted in a sharp decline in working and temporary skilled migrants. Additionally, the pandemic had disproportionately impacted vulnerable groups, including migrants. However, after the devastating COVID-19 pandemic outbreaks, the sector is beginning to show indications of a reasonable recovery as the market's revenue has recovered by around ~% in 2022 compared to 2020.
Government Initiatives: The Australian Government remains committed to delivering on the 2014 G20 Call to Action on Remittances. Australia is engaging with commercial banks and industry associations to support low cost remittance transfers in its region. Australia is also leveraging its aid initiatives and a seasonal workers program to better prepare workers from the Pacific to invest remittance savings upon return to their home countries. Australia continues to support transparency initiatives, such as remittance price comparison websites. Additionally, Australia is engaging with global standard setting bodies, and its domestic authorities, to review the impact of Australia’s anti-money laundering and counter terrorism legislation on remittance transfers. The National Remittance Plan of Australia intends to make it possible for everyone to send money in a secure and economical manner.
Analysts at Ken Research in their latest publication “Australia Remittance Market Outlook to 2027F - By International Remittance Flow Corridor (Inbound and Outbound Countries and Point of Contact), By Domestic Remittance Flow Corridor (Urban to Rural, Urban to Urban, Rural to Rural and Rural to Urban) and By Channels Used (Banking Channel, MTOs, M-Wallets and Others)” observed that Australia Remittance Market is expected to showcase considerable growth in the coming five years. In the upcoming years, it is predicted to expand more rapidly due to rising digital platforms, government’s initiatives and increased internet and smartphone penetration. The Remittance Market in Australia is expected to grow at ~% CAGR over the forecasted period 2022P-2027F.
Key Segments Covered in the report
- By International Remittance Flow Corridor
- By Inbound Countries (By Value of Transactions)
- India
- US
- Saudi Arabia
- France
- China
- Russia
- By Outbound Countries (By Value of Transactions)
- India
- Pakistan
- Mexico
- China
- Egypt
- Philippines
- By Point of Contact (By Volume)
- Branch Pick-up
- Mobile Payment & Online Transactions
- Prepaid Cards
- By Domestic Remittance Flow Corridor (Value of Transactions)
- Urban to Rural
- Urban to Urban
- Rural to Rural
- Rural to Urban
- By Channels Used (Value of Transactions)
- Banking Channel
- MTOs
- M-Wallets
- Digital Platforms
- Others
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Key Target Audience
- Banks
- Money Transfer Operators
- Digital Payment Companies
- M-Wallet Companies
- Bills Payments Companies
- Investors & Venture Capital Firms
- Government Bodies
- Mobile Money Companies
Time Period Captured in the Report:
- Historical Period: 2017-2022P
- Base Period: 2022P
- Forecast Period: 2022P-2027F
Companies Covered:
- Wise
- Commonwealth Bank of Australia (CBA)
- OFX
- TorFX
- InstaRem
- WorldRemit
- Xe Money Transfer
Key Topics Covered in the Report
- Australia Remittance Market Overview
- Australia Remittance Market Segmentation
- Australia Domestic Remittance Market Overview
- Australia International Remittance Market Overview
- Ecosystem of Australia Remittance Market
- Market Share of Major Players in Australia Remittance Market
- Industry Analysis of Australia Remittance Market
- Value Chain of Clinical Laboratory Market in Thailand
- Key Growth Drivers in Australia Remittance Market
- End User Analysis of Australia Remittance Market
- Key Challenges of Australia Remittance Market
- SWOT Analysis of Australia Remittance Industry
- Future Outlook of Australia Remittance Market
- Trends and Development of Australia Clinical Lab Market
For more information on the research reports, refer to below link:
Australia Remittance Market Outlook to 2027F: Ken Research
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