Showing posts with label Money Transfer Within Russia. Show all posts
Showing posts with label Money Transfer Within Russia. Show all posts

Tuesday, December 12, 2017

Russia International Remittance Market is expected to Register Transaction volume of USD 67.9 billion by 2021: Ken Research

Russia International Remittance Market by Inbound and Outbound Remittance, by Major Flow Corridors (CIS and Non-CIS Countries), by Mode of Transfer (Cash and Electronic Transfer) and by Channel (Banks and MTOs), Russia Domestic Remittance Market by Region (Central Russian Federal District, Volga Federal District, North-Western Federal District and Others) and by Channel (Bank and Non-Bank), Russia Bill Payment Market by Recurring and Non-Recurring Bills, by Type of Payment (Groceries, Utilities, Fuel, Mobile Recharge and DTH & Broadband), by Mode of Payment (Cash, Debit/Credit/E-Wallets and Electronic Transfer) and by Offline and Online Bill Payment.
The growing number of migrants from the different CIS and Non-CIS countries around the world will support the overall growth of the international remittance market.
The infrastructural and communicational growth initiatives by the Government of Russia will uplift the remittance market and will attract additional migrants to Russia which will lead to the growth in the domestic remittance and bill payment market.
Increase in number of smartphone users and internet penetration will act as catalysts for the growth of the remittance and bill payment overall industry.
The overall remittance market of Russia is expected to grow hand in hand with the revival of the global economy from the economic crises. The number of migrants from the CIS and the non-CIS countries are expected to grow considerably. This will increase the remittance outflow of the country in the coming years. The expanding size of the market will attract more players of the industry into Russia with tailored remittance and bill payment digital services. Companies like KoroanPay, Contact, Western Union, Moneygram and UniStream are the major players of the market and are expected to augment their network into the rural market. These factors collectively are expected to trigger the growth of the international outbound remittance market in Russia. The government envisions tightening the Anti-Money Laundering Law with the sight to reduce tax evasion by making the country a cashless economy and considers the digital remittance and bill payment industry as an ally of the government in achieving this objective. Russia will host many sporting events in the future including FIFA World Cup 2018, ISU European Skating Championship 2018, Universaide 2019 and UEFA European Championship 2020. The infrastructural and communication sector growth will lead to increase in job opportunities and will be the main trigger for internal migration in the country. This trend of migration to major cities in Russia will be the driver for growth in the domestic remittance and the bill payment industry. The increase in number of households, number of smartphone users, internet usage, DTH connections and utility bills will continue to augment the bill payment market.
Ken Research in its latest study, “Russia Remittance and Bill Payments Market by Inbound and Outbound International Remittance, By Mode of Transfer (Cash or Electronic Transfers), By Channel (Bank and Non-Bank) - Outlook to 2021” analyzed that the companies can encourage their customers to use digital modes of transfers to reduce the float time. Both the remittance and bill payment companies can focus on mobile transfers to withstand the competition in the market. Moreover, the companies can offer door to door pickup, innovative discount schemes and after transfer confirmation service which will aid in increasing their customer base.
The Russia Remittance Market is estimated to register a positive CAGR during 2017-2021. Future growth in the migrant population, rising number of mobile phone and internet users are expected to be key drivers of growth in the market.
The report provides information on the remittance channels, mode of transfer, type and remittance corridors which dominates the market in terms of transaction volume. It also covers the company profiles of the major players (i.e. KoronaPay, UniStream, Western Union and MoneyGram), banks (Sberbank, VTB Bank, Gazprom Bank and Alfa Bank), major e-wallets (i.e. Yandex, Webmoney, Paypal and Visa Qiwi) and Russian Post.
Key Topics Covered in the Report:
Russia Remittance and Bill Payments Market Overview and Genesis
Value Chain Analysis in Russia Remittance Market
Russia International Remittance Market Size
Russia International Remittance Market Segmentation
Future Outlook and Projections of Russia International Remittance Market
Russia Domestic Remittance Market Size
Russia Domestic Remittance Market Segmentation
Future Outlook and Projections of Russia Domestic Remittance Market
Russia Bill Payments Market Size
Russia Bill Payments Market Segmentation
Future Outlook and Projections of Russia Bill Payments Market
Trends and Developments in Russia Remittance and Bill Payments Market
Issues and Challenges in Russia Remittance and Bill Payments Market
SWOT Analysis of Russia Remittance and Bill Payments Market
Competitive Landscape of Major Players in Russia Remittance and Bill Payments Market
Macroeconomic Factors affecting Russia Remittance and Bill Payments Market
For more information on the market research report please refer to the below link:
Related Reports by Ken Research
Contact:         
Ken Research
Ankur Gupta, Head Marketing & Communications
+91-124-4230204

Monday, December 11, 2017

Russia Remittance and Bill Payments Market is Expected to be Led by Rising Migration, Growing Internet Penetration and industrial Growth: Ken Research

Increase in the number of immigrants, industrial growth, and growing mobile application based payments were the key factors driving growth in the remittance and bill payments market in Russia.      
Russia is one of the most preferred migrant destinations in the world. In 2016 it was the 3td largest country in the world in the list of remittance sending countries. International migration to Russia is very high because of which the market is dominated by outflow of remittance funds. The migrants migrate to Russia in search of better job opportunities with high salaries and an improved standard of living. The migrants in Russia belong to both CIS as well as Non-CIS countries. The outflow to CIS countries is dominated by Uzbekistan and the outflow to non-CIS is dominated by Switzerland. The inflow of funds is dominated by the Kazakhstan owing to the large base of Kazakhstani students in Russia. The country has a large portion of population living in rural areas. People in search of better job opportunities and higher education migrate to developed cities such as Moscow, Saint Petersburg and Novosibirsk results in substantial rise domestic remittance in the country. The mushrooming migrant population in cities has also led to an increase in the households which resulted to an overall increase in use of groceries, utilities such as electricity and water. This increase has sustained the healthy growth of the bill payment market. In the past few years, the Russian currency has weakened against USD and the fall in oil prices has disturbed the growth of the remittance industry in Russia. The existence of a large number of unlicensed MTOs and a large percentage of unbanked population are some of the major concerns for the remittance and bill payment market.
The bill payments market in Russia includes the payments made for all the groceries, utilities consumed in the country by both immigrants and citizens in the country. The market grew at a CAGR of ~% during 2011-2016. The bill payment transaction volume has grown on the back of rising utility consumption and growing number of immigrants. Furthermore, rising consumption of electricity and water has led the government to cut the subsidies on these utilities for the citizens and to raise its cost for immigrants.
The report titled “Russia Remittance and Bill Payments Market by Inbound and Outbound International Remittance, By Mode of Transfer (Cash or Electronic Transfers), By Channel (Bank and Non-Bank) - Outlook to 2021” by Ken Research suggested a positive CAGR in terms of transaction volume in the remittance and bill payments market for the next 5 years till 2021.
Key Topics Covered in the Report:
Money Transfer Channel in Russia
Russia Vtb Bank Remittance Transactions
Money Transfer Data Russia
Internal Migration in Russia
Money Transfer Within Russia
Inmigrant Data Russia
E-Wallet Market in Russia
For more information on the market research report please refer to the below link:
Related Reports by Ken Research
Contact:         
Ken Research
Ankur Gupta, Head Marketing & Communications
+91-124-4230204