Russia Remittance & Bill Payments Market Driven by Growth in Fintech Companies Coupled with Increased Use of Digital Payment System: Ken Research

The regain of oil and gas prices after a dip and increased number of migration from CIS and Non-CIS countries in Russia has been a major growth driver in Russia Remittance and Bill Payments market of 2018.

Analysts at Ken Research in their latest publication “Russia Remittance and Bill Payments Market Outlook to 2023 (Second Edition) – By Domestic Remittance Banking and Non Banking (MTO) Channels, International Remittance Flow Corridors and Channel; Bill Payment Segment” believe that pawnshops in Russia can play a major part in expansion plans for money transfer operators. Fast changing technology and mode of payments will require quick adoptions by the major players and small players. A failure to do so will lead to their eventual disappearance as new service models continue to emerge in the Russia.  This will help the sector to register positive CAGR of 5.0% during the period 2018-2023 in terms of transaction volume in International Remittance market.

Internal & External Migration Growth: Russia has been one of the major migration destinations for overseas worker from CIS and Non-CIS countries and ranked amongst top remittance generating countries. With improving economic conditions after recession in 2014-2015, there has been increasing trend of migration in the country in search for jobs. Major migration corridors are Switzerland, USA, Uzbekistan, Tajikistan and other countries. Additionally, increase in internal migrations to Central Federal Districts, Northwestern Federal District and Volga Federal District was observed in 2018 due to increased investments in infrastructure developments projects in the country and Russian from other districts looking for better job opportunities.

Stiff Competition in Russian Remittance Market: Remittance market of Russia is dominated by banking channels in both international and domestic market with low commission fees such as Sberbank, VTB Bank and others. In non-banking channels, local money transfer operators dominate the remittance market with low fees charged compared to international money transfer operators. Growing penetrations of mobile phones and new payment technologies has provided entrance to new players of m-wallets and others in remittance market.

Demand for Utility Services: In the recent years, with development in economic conditions of the country and increased inter-regional and intra-regional migrations in the country, trend of nuclear families and growing expat population has increased the demand of utility services. Bill payment market has registered transaction volume growth at the CAGR of 13.0% in 2013-2018.

Key Segments Covered:-

International Remittance Market

By Flow Type

Inbound

Outbound

By Individuals

Residents

Non-Residents

By Major Flow Corridors

CIS (Kazakhstan, Uzbekistan, Tajikistan, Kyrgyzstan, Ukraine and Others)

Non-CIS (Switzerland, Latvia, USA, UK, Germany and Others)

By Remittance Channels

Banks

Non Banks

By Payout Mode

Cash

Non-Cash/Electronic Transfer

By Channels

Bank

Non-Banks

Domestic Remittance Market

By Remittance Channels

Banks

Non Banks

By Major Flow Corridors

Central Russian Federal District

Volga Federal District

North-western Federal District

Bill Payments Market

By Mode of Payment

Offline

Online

Method of Payment

Cash

Credit / Debit Cards / E-Wallets

Direct Bank Debits and Transfers

Key Target Audience:-

Money Transfer Operators

Banks

Pawnshops

Bill Payment Companies

M-Wallets

Mobile Money Companies

Central Bank

Investors and PE Firms

Convenience Stores

Time Period Captured in the Report:-

Historical Period – 2013-2018

Forecast Period – 2019-2024

Companies Covered:-

Major Bank Channel in Russia:-

Sberbank

VTB Bank

Gazprombank

Alfa Bank

Major Non-Banking Channel in Russia:-

Russian Post

Koronapay

Unistream

CONTACT (QIWI)

Money Gram

Western Union

Key Topics Covered in the Report:-

Russia Remittance and Bill Payments Market

Russia Remittance and Bill Payments Market Revenue

Russia International Remittance Market Growth

Inbound Remittance Market Russia

Cash Transfer Russia Remittance Market

Electronic Transfers Russia Remittance Market

Russia Remittance Offline Payment Market

Russia Remittance Online Payment Market

Russia Remittance Credit Cards Payment Market

Pawnshops Russia Remittance Market

Money Gram Remittance Market Shares Russia

Third Party Bill Payment Market Russia

For more information, refer to below link:-

Russia Remittance and Bill Payments Market

Related Reports:-

Singapore International Remittance Market Outlook to 2023 - By Inbound & Outbound Remittance, By Banking and Non-Banking Channel, By Inflow & Outflow Remittance Corridors

Philippines Remittance and Payments Market Outlook to 2024 - Growth Backed by Sustained Internal Migration, Rise in Overseas Filipino Workers and Surge in BPO Sector

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

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Ken Research
Ankur Gupta, Head Marketing & Communications
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