Rising financial inclusion rates and
increasing employment opportunities across the EU-28 countries are further
augmenting the growth of Remittance Market in Europe.
The report titled “Europe
International Remittance Market Outlook to 2023 - By Inbound & Outbound
Remittance, By Channels (Banks, MTOs, M-wallets and Others), By Inflow &
Outflow Remittance Corridors, By Point of Contact (Branch Pick-up, Mobile
Payment & Online Transactions, Prepaid Cards)” by Ken Research believe Europe remittance market has been growing at a swift rate due to rising migration
rate, plethora of services offered by the remittance service providers,
digitalization of channels, switching to formal channels from informal channels
and increased tie-ups between remittance service providers in the region. The inbound
remittance transaction value is expected to register a positive CAGR of close
to 4% and close to 7% for the outbound remittance during the forecast period 2018-2023.
The market is further expected to be driven by new remittance service providers
such as World Remit, Remitly, Revoult and others that are now entering the
market.
Rising Financial
Inclusion Rates in the Region: The region has been witnessing an
increased rate of financial inclusion over the past few years. Digital government payments of wages,
pensions, and social benefits helped to drive the increase. Among those with an
account, 17% opened their first one to receive government payments. The share
of adults making or receiving digital payments rose from 46% in 2014 to 60% in
2018. This has influenced the remittance market of the region positively as it
reduced the transfer of money through informal channels, that leaves the
transaction unaccounted.
Booming employment prospects: European Union faced a decline in the
employment generation in the initial years after the global financial crisis.
However, later on the region started recovering after 2013, when the euro
crisis was finally contained. On an average, the rate of job growth is the same
in the EU and the US, 2.7% in total in the years 2016 and 2017. Even Greece, a
hard-hit euro-area country, is seeing a broad-based labor market recovery. In
addition, Europe’s Innovation-Union initiative has been working on creation of
jobs from the past few years. It strives for a 50% increase in R&D
investments by 2020 claiming this could increase employment by 1.7% (or by 3.7
million jobs) by 2025.
Shift from remittances through informal to formal channels: The lack of security posed in the use of informal channels
and its high sensitivity to misuse for illegal purposes and low benefit
offering to the economic development of the recipient country, has urged
central banks and other authorities to encourage the use of formal remittance
channels that are monitored under compliance. Additionally, such an initiative
in the market has proved to be positive and has been compelling the users of
informal channels to switch to formal remittance service providers in the
region. In the recent years, the formal financial intermediaries, such as banks
and MTOs, broadened their geographical presence in the region in both home and
host country.
Keywords:-
Europe Remittance
Market
Europe Remittance
Market Overview
Europe Money Transfer
Market
Europe Remittance
Transaction Volume
Europe Remittance
Transaction Value
European Remittance
Industry
Italy Remittance
Market
Spain Remittance
Market
Germany Remittance
Market
The UK Remittance
Market
France Remittance
Market
HSBC Bank Remittance
Europe
Lloyds Bank
Remittance Europe
Barclays Bank
Remittance Europe
Western Union
Remittance Europe
Transferwise
Remittance Europe
UAE Exchange
Remittance Europe
Flow Corridors
Remittance Europe
Money Transfer
Operations Europe
Remittance Income
Europe
Hawals Europe
Remittance
Branch Pick-up Europe
Remittance
Europe Prepaid Cards
Market
Key Segments Covered in Europe
International Remittance Market:-
By Inbound Remittance Flow Corridor
On the Basis of Channels (Volume of Transactions)
Banking channels
MTOs
M-Wallets
Others
On the Basis of Inflow Countries (By Value of Transactions)
Italy
Poland
Portugal
Romania
United Kingdom
Other EU-28 Countries
By Outbound Remittance Flow Corridor:-
On the Basis of Channels (Volume of Transactions)
Banking channels
MTOs
M-Wallets
Others
On the Basis of Outflow Countries (By Value of Transactions)
Germany
Spain
France
Italy
United Kingdom
Other EU-28 Countries
By Point of Contact (By Volume):-
Branch Pick-up
Mobile Payment & Online Transactions
Prepaid Cards
By Flow Corridors (By Volume):-
Asia
North
Africa
South
America
Central
& South Africa
Non-EU
Countries
North
America
Central
America
Near
& Middle East
Oceania
Key Target Audience:-
Banks
Money Transfer Operators
M-Wallet Companies
Hawalas
Convenience and Retail Stores
Supermarket Chains
Bills and
Payments Companies
Investors
& Venture Capital Firms
Government
Bodies
Time Period Captured
in the Report:-
2013-2018 – Historical Period
2019-2023 – Future Forecast
Companies Covered: HSBC Bank, Lloyds Bank, BNP Paribas, Barclays Plc, Deutsche
Bank, Bank of China, Credit Agricole, BBVA Dinero Express, Unicredit Banca,
Western Union, Money Gram, Ria Money Transfer, Transferwise, UAE Exchange,
World Remit, Metro Remittance, Azimo, RemitGuru, Xoom by Paypal, Skrill,
Neteller, Postbank, La Poste and PosteItaliane
To know more, click on the link below:-
Related Reports:-
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
