Qatar is home 2.8 Million population with more than 88% of population being expatriates from India, Nepal, Philippines, Bangladesh, Sri Lanka, Egypt and other countries. With an unemployment rate of less than 1%, expat population is employed majorly in construction, manufacturing, wholesale and retail trade and other industries. A poll opinion conducted by Ken Research indicated that ~55-60% of total expat population earns less than QAR 5,000 per month while only ~5-8% earned more than QAR 15,000 per month. These migrant workers send money back to their home, generally during the first and last week of month.
Moreover,
migrant workers prefer to send money in a single transaction to avoid paying
transaction charges multiple times. During 2019, the worldwide average
remittance cost of sending USD 200 was around 7% while in Qatar it averaged
around 4.5% to send USD 200 to India. The remittance fees has been decreasing
steadily in Qatar since Q3 2017 yet is still higher than the sustainable
development goal of 3% by 2030.
International remittance Market Size
in Qatar
How is the competitive landscape in International
Remittance Industry of Qatar?
Owing
to high quantum of expat population working as blue collar workers in
construction, mining and manufacturing sectors, exchange houses are preferred
entity for remitting money. Al Dar for Exchange works, established in 2006,
operates the highest number of 21 branches across Qatar. Further, top 5
exchange houses contribute ~50% to total industry size with players majorly
competing on the basis of exchange rates, branch proximity, marketing
campaigns, corridor specific quality services (same day credit, cash pickup)
etc.
What is the future takeaway for industry players?
Given
the backdrop of decrease in volume and value of outbound international
remittance transactions, analysts at Ken Research expect a growth of ~9% during
2020-21 and CAGR of 3.5% in international remittance transaction value during
2020-25F. During this period, value of transactions is expected to peak in 2022
owing to expected arrival of more than 1.5 Million foreign travelers for FIFA
World Cup 2022 event with strong focus on digitalization of services by leading
players. The need of the hour is to re-assess the business strategy and
strengthen technological capabilities aimed at offering hassle free,
do-it-yourself experience to customers.
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Key Topics Covered in the Report
Overview
of International Remittance Industry in Qatar (Statistics on Corridor wise
Transaction volume and value)
Industry
segmentation (By Type of Transfers, Type of Intermediary Operators, Corridor
wise, Type of Source Entities)
Cross
Comparison of Major Exchange houses on Operational and Financial Parameters
(December 2020, June 2021)
Company
Profile of Major Exchange Houses (Overview, Products and Services, USP,
Business Strategies, Branch wise Operational Performance, Cumulative Financial
Performance, Recent Developments)
Growth
Drivers and Challenges to Qatar International Remittance Industry
Industry
trends and developments
Rules
and Regulations by Government Bodies
Impact
of COVID-19 and Future Outlook of Industry
For More Information, refer to below link:-
International Remittance Market Growth in Qatar
Related Reports
Contact Us:-
Ken
Research
Ankur
Gupta, Head Marketing & Communications
