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

Related Report:-

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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Ken Research

Ankur Gupta, Head Marketing & Communications

Ankur@kenresearch.com

+91-9015378249