Bill Payment Industry Report Forecasts Revenue Growth At The Global, Regional And Country Level: Ken Research

Remittance discusses the exchange of a monetary sum from one party to another, habitually overseas. Thus, it can be normally described as the international money transfer. Migrants from countless parts of the world utilise the remittance services to transfer money to their home nations, which could be personal transfers between family and friends or in the method of business payments. Across the today’s globalised world, the high overseas migration for work and educational resolves has increased the requirement for remittance transactions. As a result, remittance serves as a durable force in the growth of several developing nations.

Based on the Bill Payment Industry Report, the efficient augment in mobile-based payment channels and cross-border transactions and deduction in the remittance transfer time & cost propels the growth of the market. In addition, advancement in adoption of banking & financial sectors in the globe develops the remittance market growth. However, massive increment in number of financial crimes and lack of awareness for digital remittance is projected to impede the market growth. Furthermore, technological advancements in the digital remittance market is expected to convey the lucrative opportunities for the market growth.

The Remittance Market Major Companies are profiled in the remittance market analysis are Bank of America, Citigroup Inc., JPMorgan Chase & Co., MoneyGram International Inc., RIA Financial Services Ltd., TransferWise Ltd., UAE Exchange, Wells Fargo, Western Union Holdings Inc. and XOOM. These foremost players have adopted several strategies, such as product portfolio expansion, mergers & acquisitions, agreements, geographical enlargement, and collaborations, to increment their market penetration and strengthen their foothold in the industry.

Digital transformation plays an imperative role here since it enables providing new and improved products and services while controlling and deducting in the operational costs. Professionals with expertise in developing technologies are helping the future dynamics of the BFSI sector. Digital remittance is one of the foremost factors encouraging the growth of this industry as remittances are considered as one of the imperative assets for this sector. This connects to the fact that with the growth of the BFSI industry, the Digital Remittance Market is also propelled.

Not only has this, the increment in cross-border transactions and move toward mobile banking and mobile-based payment solutions register the payment trends in Asia-Pacific, which is anticipated to propel the growth of the remittance market. In addition, due to rise in international commerce, migration and transforming economic trends across the globe. In addition, new innovations in the world of cross-border payments are the prospect of making the real-time international payments a reality. Furthermore, number of banks are striving to convey the timely cross-border remittances and value-added services utilizing a relationship-centric approach, which propel the growth of the remittance market.

Furthermore, the usage of modern technologies and government-led public awareness initiatives progressively lower remittance costs. The utilized of digital remittance is predicted to develop as a result of this deduction.  Moreover, the developing number of cross-border transactions and the rising adoption of mobile-based payment channels are anticipated to propel market growth over the forecast duration.

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Remittance Market Major Companies

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Electronics Payment Methods to Drive the Bill Payment Industry over the Forecast Period: Ken Research

Robust development within the digital banking have made it imperious for banks to rework their existing operations into an all channel approach, involving web, mobile, or physical branch. Therefore, banks are now offering various sorts of digital experiences like online banking, digital banking, internet banking. The Bill payments have now evolved at a rapid pace with new providers, new platforms, and new payment tools launched day to day. The consumer behaviour have evolved over an expectation of Omni commerce emerges – that's the power to pay with an equivalent method whether buying in-store, online or via a mobile device. This shift precipitates a requirement for retailers to adapt toward fast, simple and secure mobile payments. New entrants, especially from big tech, are aggressive as payments are becoming increasingly effortless, new sorts of fraud have also been threatening the data security and privacy. The demand for comfortable bill payments offerings is making opportunities across different spaces.

The growing E-Commerce & Technology-led Initiatives further augmenting market Growth. The e-commerce company, are facilitating the bill payment services between sellers and customers to enhance their operations and improve customer engagement. Moreover, the adoption of Distributed Ledger Technology (DLT) offers several benefits, such as scalable and decentralized business continuity. For instance, Civic, a provider of the e-KYC platform, offers secured digital identity at reduced cost. Similarly, cloud technology has also driven the research and development in digital payment offerings.

As per the bill payment industry report the increasing Adoption of payment contributing to the Growth of the Market include adopting of non-cash payment methods that offers a simpler and convenient way to transferring money across bank accounts. The lower-cost terminals and asset modes such as QR code are expected to see prominent growth in the bill payment industry over the coming years. The ever rising digital payment is attributed over a rapid adoption of digital payment services. The bill payment is naturally more inclined towards adoption of digitized services. The prevailing online banking is most frequently used banking channels with more personalized, flexible, and highly relevant consumer experience. Additionally, growing demand for enhanced user experience is also one of the key factors driving business growth.

The increasing use of smart phones with high-speed internet access is the major factor that drives the electronics bill payment. Mobile internet enables on-the-go access to various payment portals and enables customers in carrying out various transactions associated using of payments from debit card and credit card, online bank transfer and accessing of the latest e-bills via e-mails instantaneously. Enterprises also are promoting the utilization of mobile devices to their employees with smart phones and tablets in leading to increase in revenue by boosting employee productivity. The strong penetration of laptops and notebooks, gaining trend of BYOD (Bring Your Own Devices) methods, growth of mobile internet networks, and increase in internet enabled smart phones drives supported EBPP market. The size and the potential impact of remittance witnessing larger inflows in the developing countries are large. Remittances increase the recipient country’s exchange reserves. Although capital flows tend to extend during favourable economic cycles and decline in bad times, major remittance channels in remittance tend to be counter cyclical relative to recipient countries.

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Market Share Major Bank And Non Bank Channels

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Philippines Money Transfer and Bill Payments Market Outlook to 2023 - By Domestic Remittance Banking and Non Banking (Pawnshops, MTO) Channels, International Remittance Flow Corridors and Channel; Bill Payment Segment

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Surging Landscape of Blockchain Technology in the Asia Pacific Remittance Market Outlook: Ken Research

According to the report analysis, ‘Market Research Reports For Remittance’ states that the technologies in the Asia Remittance industry have become vital in the recent trend and remittance from another country’s worker made up a huge chunk for most of the Asian Nations’ GDP. Hence, the remittances are a crucial support for many in Asia Pacific region.

The technologies is playing significant role in the Asia Pacific remittance industry and this significant usage of technologies in this industry will lead to significant rise in the growth across the globe. However unsurprisingly, by the time and technological development this industry is become effective and profitable. Moreover, this industry has a significant impact on the GDP of the economy and economic growth and it may also affect the livelihoods of people around the world. The underdeveloped regions of Asia Pacific region are the highest destinations for remittance inflows the Middle East Asia regions are the major players or contributors to the Asia Pacific remittance market carried by the outstanding remittance outflows by the foreign employees.

Many of the major key players are working significantly with the technologies of Asia remittance industry which make this market more effective and attractive. The market remittance is directly relying on that population which is migrated and living around the globe. With the significant technological development this remittance industry leads to an outstanding growth in the coming years. Moreover, the technology of Blockchain is very much prominent in this market as this eliminates the middle man, less time consuming and less costly. With the help of this technology anyone can easily transfer the money from one country to another country without any hesitation and it is become very much popular in making effective transactions across the globe. According to the report analysis, ‘Remittance Industry Research and Market Reports’ states that effective applications of blockchain lead the Asia remittance market more significantly as this technology help in reduction of transaction fee and less time consuming.  The prominent applications and features of blockchain technology is split across the globe due to the less time consumption and provide better experience to the customers. Most effectively the applications of blockchain totally eliminate the middle man in the processing to blockchain. In addition, the key players are also doing significant job for enhancing the applications of blockchain which make the market more effective.

In the Asia Pacific region, the market blockchain in remittance industry is growing in an outstanding manner. Moreover, the Ripple is one of the broadly used blockchain technology for the remittance across the globe and majorly for the Asia Pacific region. As the technology, totally eliminate the traditional way of doing remittance, this will lead to significant growth to the remittance industry and expected to acquire huge share with the more development in the technology. Not only has this, the government of Asia Pacific region is processing so many related projects and significant development in the enhancement and innovations in the existing technology as the industry of remittance is becoming more attractive and competitive which can attract so many new investors. Therefore, in the coming years it is expected that the Asia Pacific remittance industry will grow effectively over the decades.

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Increasing Use of Blockchain Technology in the Indian Remittance Market Outlook: Ken Research

India is developing nation by the time with the more development in the technologies of remittance. In the last years, according to annual remittance data through The World Bank, India has the highest remittance recipient across the globe followed by China. Unsurprisingly, in India many new Fintech companies are startup with the new technology which is likely to change the traditional way of doing remittance across the globe. Since India is the largest receiver of remittance, any upgradation in the technology of cross border payments is likely to have a positive impact. According to the report analysis, ‘Remittance Industry Research and Market Reports’ states that technology of blockchain is playing vital role in the remittance from non-resident Indians (NRIs) as the major portion of Indian population is directly depend on the remittances to pay for things which includes rent, food and several other necessities. The government is also serious related to the development in India’s economy and enabling prosperity to all its citizens, it needs to settles the problems related to remittance. Hence, it can be done by the adaptation of blockchain technology which is very much helpful as it reduces cost and less time consuming process.

If we talk about the traditional way of doing remittance, it was too much time consuming process and expensive process whereas, sometimes due to error the payment lead to failure. The cross border payment can take three to five days to arrive and often go missing in the ancient times. Meanwhile, the longer a foreign worker’s money is pinned up in the process of remittance, the more exposed their payment is to volatile the market of forex. In the constitution law of India everyone is having the right to know when their payment will arrive at its destinations, at what cost and at what exchange rate whereas, which is done by the blockchain technology. This technology make international remittance more effective, easy and real time process. According to the report analysis, ‘Market Research Reports for Remittance’ states that in the cross border payment, the blockchain technology is playing wide role as it totally abolish the traditional way of doing remittance and removes the need for related banking which include middle man by enabling the interaction to a sender bank with a recipient bank when initiating a payment. However unsurprisingly, the blockchain technology is just a game changer for India.

The Indian Companies of technology are doing so many significant alteration for the development in the specification of blockchain technology. Indian government is also doing effective functioning for establishing the new technologies and new innovations in the existing functions of this technology as the remittance from another country effect the GDP of India and this development is very much helpful in attaining the highest share across the globe in the remittance industry. The key players are doing significant working for minimizing the efforts and results in effective cross border payments. Therefore, in the coming years the Indian remittance industry will grow more significantly over the decades with the more development in the economy and blockchain technology.

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Efficient Incorporation of Biometrics in Remittance Market Outlook: Ken Research

The technology of biometrics is playing effective role as this technology is considered highly effective and efficient because of the unique process. Moreover, in the recent trend the financial institutions across the globe is adopting this technology for authenticate customers accessing their facilities more effectively and significantly. As the cases of financial crime and frauds is increasing day by day and this technology in banking and financial services facilitate numerous offers to the solution by identifying the customers through their fingerprint scanning or retina scanning as these two things never be same or matched with another person. According to the report analysis, ’Remittance Market Research Reports’ states that numerous forms such as retina scanning, fingerprint scanning, facial expression and several others of this technology totally transform this industry and could further enlarge the nature of this market whereas, the form of fingerprint scanning is presently leading the industry. Moreover, many of the key players of this technology are also investing in the voice recognition that could turned up the market of remittance across the globe.

In the ancient era, the technology of biometrics has been used for law enforcement agencies and identification in government. In addition, the Biometrics payment is a point of sale technology that employ biometric verification to identify the customers and authorize the deduction of funds from a bank account. Moreover, in the present era with the more development and opportunities the researchers has observed a simultaneous increase in both biometrics and remittance industry and concurrently their combination into one solitary technology has been extraordinary especially with the advancement of biometrics within smart devices and smart cards that serve a more assured and efficient method of transferring monetary measures. According to the report analysis, ‘Market Research Reports For Remittance’ states that in United States, the biometrics payment has gained popularity more significantly as their number of foreign workers are increasing by the time and it is observed that millions of customers had enrolled in their biometric services and that Pay By Touch had identified approximately USD 8.0 billion in transactions as this technology include so many application such as speedy transaction, enhanced security for the end user, less expensive as compared to standard debit or charge card fees and several others. Moreover, in this technology there is no need to recollect or remember complex PINs or password, users require smiling at the camera, tapping their finger or saying few words which automatically identify the settlement.

In New Zealand, the Mobilis Networks Limited had introduced finger print identification for the cross border payments through smart phones moreover, in India the ICICI bank has also inaugurated voice based cross border payments on its Money2India employment. Moreover, in London Azimo is an online cross border payment setup which attributes biometric identification with the chat bots application which enable easy and quick transfer of money. Furthermore, there are various key players which are working effectively and accomplish the growth mobility of both remittance and biometrics industry. Therefore, in the coming year it is expected that the remittance industry will grow more significantly with the effective usage of biometrics authentication in the financial institutions over the decades.

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Increasing Demand of Blockchain and Digital Transaction Technologies in the North American Remittance Market Outlook: Ken Research

The North American remittance market is growing rapidly with the more technological development in the existing technologies as doing remittance is growing more significantly as the major portion of the economy is presently depend on this money. In addition, remittance refers to that process where a migrated worker transfer money to his/her home and with the technology doing remittance much easier and accessible by everyone. Whereas, the GDP of underdeveloped countries also affected by the remittance received and drive the region growth more significantly. According to the report analysis, ‘Market Research Reports for Remittance’ states that the technology of blockchain and digital transaction fueling the growth of the North American remittances market and with both the technology the traditional way doing remittances across the globe. In addition, the key players of both the technology are doing outstanding working and with their efficient working the remittance industry is growing with the new innovations in the technological applications.

The blockchain technology is very much helpful for the migrated persons as with the usage of this technology any one can send money from one region to another and further it saves time and result less cost. Most importantly the blockchain abolish the traditional way of doing remittances which include high cost and time consuming. Moreover, in a research it is observed that the nations of North America receives or transfer tens of billions of US dollars as remittance as the case may be and the industry is becoming more innovated with the new innovations in the specifications of blockchain. Not only has this, the digital transactions technology is also become prominent in the recent trend as the youth of present era make an extensive usage of smart phones through which anyone can transfer money from anywhere to anywhere across the globe. According to the report analysis, ‘Remittance Industry Research and Market Reports’ states that both the technology having significant applications and make the North American remittance market more reliable and effective for both the users and investors. However unsurprisingly, in the present era the innovations in the existing technologies totally abolish the earlier way of doing remittance which involve being waiting in a queue for long hours and most importantly with both the technology the elimination of middle man is done and resulted less costly and less time consuming process. Hence undoubtedly, both the technologies of the remittance playing a significant role in the lives of migrated persons.

The North America region is dominating the handsome amount of share in the remittance market across the globe and for being an effective player the North America region is investing more in this technologies for enhancing the applications of the blockchain and digital transactions. Many of the tech companies are blending up with the IT companies so that they can work across the globe with the effective solutions of doing remittance. In addition, the companies are also adopting latest technologies and will fueling the North American remittance market and which further providing better consumer experience. Therefore, in the coming years it is expected that the North American remittance market will grow more significant across the globe with the more technological development.

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Rising Landscape of Digital Technology in the Europe Remittance Market Outlook: Ken Research

The Europe remittance industry is rising with the increase in the demand of digital transactions as this will improve the efficiency and have an even impact on the cross border payments. In the ancient time, the cross border payment lead to high cost and time consuming process but with the more development in the economy or technologies doing remittance is become more effective as now it result less expense and less time consuming process. Doubtlessly, major portion an economy is directly depend on this money and the remittance has also a positive impact on the GDP. According to the report analysis, ‘The Remittance Industry Research Report’ states that the key players of Europe remittance industry are doing more research and development in the technology of digital transaction which provide high customer satisfaction. With the effective functioning of key players the market is become more competitive and attractive which easily attract the view and investors.

The significant development in the technology, eliminate the traditional way of doing remittance and make an easy way which reduce waiting in line for various hours. The technology of remittance has been changing the processes in the cross border payments and with this technological advancement the Europe remittance market have an effective growth with the additional innovations in the technology. Moreover, in the recent trend the urbanization and usage of mobile phones is increasing which leads to more opportunities and enhance the way of transferring the money from one country to another country. Not only in the developed country, the developing countries are also done the prominent usage of smart phones and which is uncontrollable. The significant usage of mobile phones and other smart products lead to effective growth to the digital transaction technology across the globe. According to the report analysis, ‘Remittance Industry Research and Market Reports’ states that the number of mobile phones users are gaining worldwide and will exceed 2.0 billion in the near future and make the Europe remittance market more successful. Moreover, with the extensive usage of smart phones the consumption of internet technology is also rising significantly in the recent trend which rigorously less efforts associated while sending money and also lead to reduction in cost of doing cross border transactions. Therefore, the technology of smart phones and internet, anyone can easily transfer the money from one economy to another very quickly and easily. Moreover, in Europe technology of digital remittance can enable the people everywhere by allowing them to what they wanted to do with their respective money.

With the internet technology, the rise of digital remittance industry is operate by rise in digitalization, reduced remittance cost and gaining in adoption of financial facilities. In the Europe region many of the key players are serving the latest technologies at a reasonable cost and the integration is the key to development and enhancement in the technologies and expected that Europe remittance industry will grow more effectively with more innovations. The Europe remittance industry is consolidated and concentrated with the few key players and moreover, it is also fragmented with smaller players which are making the market more competitive. Therefore, in the near future it is expected that the Europe remittance market will grow more significantly over the decades.

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Increasing Demand of Blockchain Technology in the North American Remittance Market Outlook: Ken Research

The present scenario and development in the technology represent the significant growth in the coming years. Moreover, the transferring of money from one country to another country by a foreign worker is known as remittances. Whereas, in the ancient era, the remittance was much difficult as the doing remittance the person have to stand in a line for a long time at the financial institutions but in the modern trend, technology is transforming the industry of remittance. The North American Companies are showing their efforts for developing the technology which is less time consuming and required little expense rather than the traditional way of doing remittance. According to the report analysis, ‘Remittance Industry Research and Market Reports’ states that the major portion of the population is presently depending in this money directly and the introduction of blockchain technology in the North American remittance industry has become more attractive and outflow of remittance has become more effective and less expensive as the blockchain eliminate the presence of middle man which automatically reduces the cost.

Remittances were expensive before the introduction of blockchain technology in the North America region as the senders had to pay both foreign exchange and transaction fee. The North America sustainable development goal refers to reducing remittance costs as a key development objective. Moreover, in this region the blockchain holds great capacity for enhancing payment systems, but for the moment that capacity remains largely unrealized. The technology of blockchain provided guaranteed, real time transactions across borders, minimizing the risk of loss due to currency variation. In the coming years, the technology of blockchain will exert far reaching influence on the North American remittance market and will occupy for more share in the following years. According to the report analysis, ‘The Market Research Reports for Remittance’ states that North America, especially The United States, is playing a significant role which cannot be neglect. Not only has this, GDP of under developed countries is also affected by the remittances received and results to the significant economic growth. Moreover, the leading players of North America are playing significant role in the remittance industry and the market is becoming more advanced with the more development and innovations in the applications of the blockchain technology. The government of North America is also using the blockchain technology with the increasing concern of fraud, terrorists, criminals and others to transfer their money around the globe.

In the recent trend, the digitalization and urban population is growing rapidly by time which highly make the use of mobile phones as the major opportunity which will enlarge the way of transferring money by the foreign worker. In addition, the companies of North America are also adopting the new techniques and serves cheaper, reliable and faster money transfer with the use of blockchain network. With the further development in the applications of the blockchain technology the market of North American remittance will become more attractive which will attract new investors to support the market more significantly and provide more opportunities for both the new investors and consumers which will make the market more competitive. Therefore, in the coming years it is expected that with the significant development in the applications of the blockchain with the new techniques the North American Remittance market will grow more effectively over the decades.

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Rising Blockchian Technology in the Remittance Market Outlook: Ken Research

Overview: Remittance refers to that process in which transfer of money is done by a foreign worker to any individual in their home country. Most of developing countries are depending on the remittance which comes from the foreign worker. Not only has this the GDP of developing countries also affected by the remittances received and lead to the economic growth. In the past few years the global remittances is totaled in billions. Some countries such as India, China and others receives tens of billions of US dollars as remittances. Accordingly to the World Bank, it is estimated that remittance will total USD 585.1 billion in 2016. Moreover, according to the report analysis, Remittance Market Research Report’ suggests that remittance is having significant impact on the development of the economy growth with the increase in the income of the foreign workers.

Outlook: Transfer of money at home places from abroad through bank is bit costly and time consuming process whereas converting currencies also occur loss and need excessive time for transfer approvals. For making effective transaction blockchain platforms are established in which usage of bitcoin is done. The platform of blockchain are able to reduce fees and transfer money more quickly. The old system with the banks has been bogged down and blockchain technology is creating a new payment network that can be helpful majorly for the foreign workers as well as businesses. The applications of blockchain for remittance is broadly classified across the globe which includes no higher cost of transfer, high speed, simplified experience, elimination of middle man, security measures, privacy measures and others. Moreover, governments are using this technology related to concern over terrorists and criminals to move their money around the world. Blockchain is observed as opening the door to working with underdeveloped markets, particularly those in Africa as well as in countries throughout Asia. Whereas, the World Bank estimated that India had USD 69 billion as remittance in 2015 while China had USD 64 billion, Mexico had USD 25 billion and Nigeria had USD 21 billion. Additionally, evolution is continue in the technology of blockchain across the all types of applications which will help in remittance and generating more options related to sending and receiving money anywhere in the world. Therefore, the blockchain is very much reliable and secure thus prevents hackers. Not only has this, the key players are doing well in developing more application and reducing the average cost of transfer.

Market Size: According to the report, ‘Remittance Industry Analysis’ suggests that the remittance in many countries has gone up and in the coming years it will grow more significantly. Globally, significant growth is seen in the urbanization and there is tremendous increase in the urban population. Due to the transparency also the usage of blockchain is done majorly and can be easily accessed by the users. The rapid growth in the remittance industry is currently influencing the global GDP at a rate of 2.5% which is observed by the World Bank. Remittances from foreign workers made up a big chunk majorly of many Asian Nations’ GDPs. Additionally, the blockchain is the fastest-emerging technology and it is the key to a safe, cost-efficient, and fast money transfer channel that can support the needs of the Asia remittances industry.

Competition: Transfer of money can be done through bank to bank or with the help of independent agencies whereas, an independent agency includes PayPal, RIA, Western Union and others and banks include Bank of America, DBS Bank, Citi Bank and others. In addition, establishment of many new companies is done in the past recent year which includes Money Gram, Western Union and others which are resistant to adopt this new technology whereas willing companies will drive the market of remittances and providing much reliable, cheaper and faster money transfer using blockchain network. Moreover, remittances in Southeast Asia is a huge market, and many believe it’s ripe for innovation. Whereas, key player such as Coins.ph partners with banks and other financial institutions to make the remittances possible more significantly at a reasonable fee.

Conclusion: With the more development in the technology of blockchain in the remittance industry will result in the entire industry. Many key players are doing their job more efficiently and investing more in the industry which will lead to growth in the coming years over the decades and increase the knowledge related to blockchain also admire the growth of the remittance industry.

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Integration of Biometrics in Remittance Industry Market Outlook: Ken Research

Traditionally biometrics has been used for identification in government and law enforcement agencies. Biometrics is considered highly efficient and reliable due to the uniqueness this technology possesses. We can witness a simultaneous increase in both remittance and biometric industry and simultaneously their integration into one single technology has been phenomenal especially with the development of biometrics within smart cards and mobile devices that provide a more secure and convenient method of transferring monetary resources unlike orthodox means of PIN verification. There have been various forms of cross over’s between the remittance market and biometric industry. Some of the forms are fingerprint scanning, retina scanning, and facial recognition among the many with fingerprint scanning currently leading the market segment. Many companies are also investing in the voice recognition technology that could further expand the scope of this industry. Remittance Industry Analysis suggests that global biometric mobile remittance transfers shall hit 1 trillion transactions by 2022 and grow to roughly USD 51.6 Billion in revenue terms with approximately 5.5 Billion devices in use.

The impact can be witnessed in the benefits that biometric technology offers in remittance market. Biometric transaction makes the payment more secure since no two people have the same fingerprint, voice or facial features. This feature of enhanced security can motivate people to use digital remittance transfer rather than physical transfer of money. Apart from security, the customers look for convenience associated with a particular transfer mode. In biometric technology there is no need to remember complex passwords or PINs, users require tapping their finger, smiling at the camera or saying a few words that automatically authorize the payment. Biometric technology in remittance industry also saves on time and money. Remittance Market Research Reports reveals that the biometric technology is easy to use, difficult to forge and cost effective since it reduces password administration costs or increases ROI in areas like fraud prevention or time and attendance.  There are various factors driving the growth of this industry. Massive capital behind FinTechs is causing innovation in areas especially authentication and security. Increasing demand by customers for newer better payment modes like mobiles, wearable’s, contactless devices has cultivated the need for integration of biometrics with these devices to make the process much more efficient.

ICICI bank, one of India’s largest private banks has launched voice based international remittance on its Money2India application. The bank has been able to integrate Apple’s voice assistance Siri with its payment mechanism allowing users to authenticate payments via voice recognition. Mobilis Networks Limited (New Zealand) had launched finger print authentication for international money transfer via mobile phones. Azimo is an online remittance transfer

Setup based in London which features biometric verification and in app chatbots to allow quick and easy transfer of money.

There are numerous companies working in this domain combining the growth potential of both biometric and remittance industry. Digital biometric remittances can help people everywhere make their lives easier by allowing them to do what they want with their money, more securely, efficiently and affordably. The growth of overall industry will only increase with even governments pushing payment mechanism to digital modes with special emphasis on biometrics in order to improve both convenience and accountability.

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Gulf Remittance to India Market Outlook: Ken Research

India’s immense population is in a way benefitting the country. This statement, though debatable, has been backed by the remittance sector of the country. Market Research Reports for remittance crown India as the 2017 leading recipient of international personal remittances claiming nearly 11% of global inflows. Despite its large contribution of more than 55% to India’s total remittance, remittance from the Middle East has recently witnessed a major fall of more than 9%. This fall has been attributed to the decrease in the average annual income per Indian migrant across the region.

The Middle East accommodates the highest number of Indian migrants around the world who account for nearly 20% of the total global migrants in the Middle East and almost 55% of the total Indian migrants globally. Despite this it was revealed that more than 40% of the migrants in the Middle East were unskilled labor. Indians occupy various positions with nearly 10% working as trained professionals but the majorities (around 75%-80%) however, work as laborers and technicians in construction companies. The Gulf may appear as a haven for employment but this does not mean it is immune to economic disturbances.

1.      Remittance Industry Research Reports attribute the fall in remittance to the ongoing economic downturn in the Gulf due to fall in crude oil prices, internal political disturbances , the extra burden of taxes on expats, like the family dependent tax in Saudi Arabia and the growing inclination to recruit locals.

2.      Further Indian workers in the region have   reported violations of contractual terms, adverse working conditions, poor wages and problems related to medical insurance and compensation claims. As a result many Indian workers have shown an interest in returning home and more than 3,000 had requested repatriation from Indian authorities in 2017 with most of them being from Saudi Arabia.

3.      Indian policies towards the migrants heading to the Gulf are also a cause for the decline, like the introduction of a tax on conversion of remittances, extra regularization of foreign recruiting markets and the recent color coding of ECR passports. Since ECR status was included on a separate page, India’s government intended to remove this page by coloring the passport jacket orange to identify ECR emigrants. This could create a sense of inferiority among the ECR passport holders due to their poor economic and educational status and further decrease labor flow. After public anger this policy has now been abandoned. 

The effects of such unfavorable factors are visible as material trade and labor between India and Arabia has declined. Consequently NRI remittances to India from the GCC (Gulf Cooperation Council) countries have decreased alarmingly. A decline of remittance inflows creates a major cause for concern due to adverse impact on India’s balance of payment and on the domestic employment adjustment. The government must take remedial measures to curb such decline and to prevent the discriminatory behavior against ECR migrants.

Remittance is a major component in terms of contribution to GDP, especially for developing nations like India where domestic resources and national production are insufficient to provide full employment for the existing labor supply. Also while India’s remittance inflows are similar to China’s the share of remittances as a percentage of GDP is higher in India which reflects a higher dependency of India’s domestic economy on foreign remittances. Also, the average wage in India is lower than that of the Gulf and since it is a major source for India’s remittance inflow, a decline in earnings in the region could adversely affect India’s employment and balance of payment.

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https://www.kenresearch.com/tag/banking-financial-services-and-insurance/remittance/177.html

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Ken Research

Ankur Gupta, Head Marketing & Communications

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0124-4230204

Finance Technology and Remittance Market Outlook: Ken Research

The remittance sector is constantly expanding and so is financial technology (fintech). Remittance Market Research Reports show that remittance has constituted the single largest source of foreign exchange in developing countries from 2000 onwards. The global community is searching for technologies that will improve the efficiency and safety of cross border money transfers known as remittances. Transferring money is expensive because there are limited connections between financial institutions and systems. Currently, there is a need to have a neutral network to tie dissimilar and isolated institutions so that money can be moved cheaply and seamlessly from one country to another.

Traditional remittance involves waiting in line for several hours and the burden of fees as well. Remittances cross national boundaries, currencies and financial institutions which lead to inefficient and expensive transactions for everyone. The rise of mobile and digital technology is changing the way we manage and move money.

1.                  Mobile phone usage is rampant and nowadays smart phones and internet technology are helping to reduce the cost and effort of transferring money. People who live in one city or country can now use basic cellular fintech services such as SMS to send money across to their family members. This method is widely accepted by people and is secure, convenient and affordable.

2.                  Digitalization of remittance has also originated in recent years thereby changing the very nature of money. Internet has driven this market and has reduced the transfer cost and time.

The remittance market is a valuable external source of funding for many families around the world. With help of internet, the growth of remittance market is driven by rise in digitalization and automation. Financial technology has been innovating in recent years in order to cater to the global remittance market which according to Remittance Industry Analysis is expected to surge shortly. Investments in fintech have majorly been for money transfer services. India occupies a prominent position in the global remittance market as remittances from Indians living abroad rose by nearly 10% in 2017 and India retained the top spot as the largest recipient of such payments. India was followed by China, Philippines and Mexico as the top countries receiving remittances.

New ventures are capitalizing on the trend propelled by the rise of mobile technology. There are a handful of popular fintech money transfer service providers influencing the fintech remittance industry out of which a considerable number of companies are based in the UK. These include WorldFirst, TransferWise, TransferGo and WorldRemit with the latter two having operations in 44 and 120 countries respectively. London based WorldRemit is highly renowned and competes with the US based Western Union who is the global leader in cross border/cross currency money movement operating in over 200 countries. Despite this WorldRemit is undertaking developments in order to increase its customer base from 2 million currently to 10 million by 2020.

The fintech developments are greatly augmenting the digital remittance market. The US and UK are catering well to the industry and are reaping profits evident by the fact they are world leaders. India though not as technologically advanced can be considered as a significant player having immense potential.

For more information, click on the link below:

https://www.kenresearch.com/tag/banking-financial-services-and-insurance/remittance/177.html

Contact Us:

Ken Research

Ankur Gupta, Head Marketing & Communications

sales@kenresearch.com

0124-4230204