The
report titled “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)” provides a comprehensive analysis of Europe
international remittance market including market evolution, overview, genesis,
market size and market segmentations. Extensive focus has been placed in
quantifying the transaction value and volume over the period, 2013-2023. The
report covers aspects such as market segmentation (by channels used, by sending
and receiving countries, by inbound remittance point of contact and by top flow
corridors) and a brief snapshot on the major sending countries in Europe
Competitive landscape of major players including Western Union, MoneyGram, Ria
Money Transfer, Transferwise, UAE Exchange, HSBC Bank, BNP Paribas, Lloyds
Bank, Barclays Bank and XOOM by Paypal have been covered including company
overview, major business strategies, USP, distribution network, remittance
services offered, transfer speed and various other parameters. The report is
useful for existing remittance companies, potential entrants, investors and
other stakeholders to align their market centric strategies according to
ongoing and expected trends in the future.
Europe International Remittance Market
Market Overview: Europe International Remittance
Market is moderately concentrated and in the growth stage. The market includes both formal and informal payment service
providers including banks, money transfer operators, mobile wallets, postal
networks. Prominent
business strategies adopted by major players to position themselves in the
market include forming an extensive network & improved reach, new services
launched & service innovation and better pricing & handy/transparent
operations offered. The market has been fuelled by
increased migration, increasing government support for new competitors,
improved banking knowledge and increased awareness towards digitalized
remittance services in the space. In the next 5 years, players would be
expanding through acquisitions, tie-ups, increased digital modes of money
transfer and increased payout networks across and outside Europe.
Market Size: The market has displayed a steady
growth in terms of transaction value supported by an increase in both inbound
and outbound remittances. The total transaction value expanded displaying a CAGR
of close to 4%. This was majorly fueled by a rise in the outbound remittances,
which is led by a stronger growth in the employment prospects in euro area.
Moreover, the appreciation in the currency is also a supportive factor for such
growth of remittances in the region.
By
Channel: Choice of a remittance channel depends on the ease of
access for payer and payee, cost involved, range of products and services
offered, amount of remittance and similar. In the recent years, Europe’s
inbound remittances are majorly channeled through banks. As of 2018, banks
dominate the inbound remittance market in terms of volume of transactions
followed by MTOs, m-wallets and other channels including postal networks,
credit union and informal channels. The outbound remittance market of the
region is dominated by MTOs in terms of transaction volume as of 2018.
By Point of Contact: The
inbound remittance market is dominated by branch pick-ups and mobile &
online transactions equally followed by prepaid cards in terms of remittance
transaction volume.
By Major Inbound Remittance Countries: The top
remittance receiving country in EU is Poland as of 2018 that accounted for a
remittance inflow. The inflow is contributed by remittances sent by the
emigrants of Poland from other countries to Poland as well as the remittances
received from the family of immigrants in Poland who migrated to the country
for studies. Poland is among the leading countries receiving remittances from
within and outside European countries. Remittances have risen significantly in
Poland over the last twenty years, and now amount to a noticeable share of the
balance of payments and the economy. Poland was followed by Portugal, Italy,
UK, Romania and other EU-28 countries.
By Major Outbound Remittance Countries: The
outbound remittance is dominated by France in terms of transaction value in
2018. Its leading position is directly proportional to the number of migrant
population entering the country each year. It is considered to be one of the
major destinations in Europe where people migrate in search of job and
education. The major sending destinations from France are Morocco, Algeria and
Tunisia that receives nearly majority of France’s flows. Other remittance
countries receiving important flows from France include China, Viet Nam, Lebanon
and Senegal. Algeria, Comoros and Madagascar rely greatly on France for
remittances. France was followed by Spain, UK, Italy, Germany and other EU-28
countries.
By Corridors: Europe’s remittance
corridor with Asia accounted for the highest share in the remittance market of
the region in terms of the remittance transaction value in 2018. Owing to the
education, employment opportunities and living conditions in the European
countries such as Germany, UK, Spain, France and others, people from the Asian
countries migrate to Europe. Economic growth driven by revenues from oil
exports and a declining domestic labor force has attracted millions of labor
migrants. It was followed by the regions including North Africa, South and
Central Africa, South America, Non-EU countries, North America, Central
America, Near East and Middle East and Oceania.
Competition
Stage and Positioning: The Europe market is moderately concentrated with majority of the market being
captured by MTOs & Banks in 2018. There are 5 major MTOs in the market
namely Western Union, MoneyGram, Ria Money Transfer, Transferwise and UAE
Exchange in 2018. 4 major Banks include HSBC Bank, Lloyds Bank, BNP Paribas and
Barclays Plc. Major m-wallet in the region is Xoom by Paypal. Major competing
parameters for the entities include fees charged, transfer speed, services
offered, reach of the service providers, payout networks, and trust value
attached, technological advancements, promotional offers and transparency in
costs.
Future Projections: The inbound
remittance is expected to showcase a CAGR close to 4% and the outbound
remittance is anticipated to showcase a CAGR close to 7% by value of transactions
during 2018-2023. In terms of volume of transactions, the inbound remittance is
expected to register a CAGR close to 1% and the outbound remittance is expected
to showcase a CAGR close to 0.5% during the same period.
Key Segments Covered in
Europe International Remittance Market:-
By Inbound Remittance Flow
Corridor
On the Basis of Channels (Volume of Transactions)
Banking channels
MTOs
M-Wallets
Others
On the Basis of Inflow Countries (By Value of Transactions)
Italy
Poland
Portugal
Romania
United Kingdom
Other EU-28 Countries
By Outbound Remittance Flow Corridor:-
On the Basis of Channels (Volume of Transactions)
Banking channels
MTOs
M-Wallets
Others
On the Basis of Outflow Countries (By Value of Transactions)
Germany
Spain
France
Italy
United Kingdom
Other EU-28 Countries
By Point of Contact (By Volume):-
Branch Pick-up
Mobile Payment & Online Transactions
Prepaid Cards
By Flow Corridors (By Volume):-
Asia
North
Africa
South
America
Central
& South Africa
Non-EU
Countries
North
America
Central
America
Near
& Middle East
Oceania
Key
Target Audience:-
Banks
Money Transfer Operators
M-Wallet Companies
Hawalas
Convenience and Retail Stores
Supermarket Chains
Bills
and Payments Companies
Investors
& Venture Capital Firms
Government
Bodies
Time
Period Captured in the Report:-
2013-2018 – Historical Period
2019-2023 – Future Forecast
Companies Covered: HSBC Bank, Lloyds Bank, BNP Paribas,
Barclays Plc, Deutsche Bank, Bank of China, Credit Agricole, BBVA Dinero
Express, Unicredit Banca, Western Union, Money Gram, Ria Money
Transfer, Transferwise, UAE Exchange, World Remit, Metro Remittance,
Azimo, RemitGuru, Xoom by Paypal, Skrill, Neteller, Postbank, La Poste
and PosteItaliane
Key
Topics Covered in the Report:-
Market Ecosystem
Market
Overview
Market
Size on the Basis of Transaction Value, 2013–2018
Market
Size on the Basis of Transaction Volume, 2013-2018
Market
Size on the Basis of Average Transaction Size, 2013-2018
Market
Segmentation by Remittance Channels (Volume of Transactions)
Outbound
Remittance Market Segmentation by Remittance Channels (Volume of Transactions)
Inbound
Remittance Market Segmentation by Remittance Receiving Countries (Value of
Transactions)
Outbound
Remittance Market Segmentation by Remittance Sending Countries (Value of
Transactions)
Inbound
Remittance Market Segmentation by Point of Contact (Volume of Transactions)
Market Segmentation by Top Flow Corridors (Value of
Transactions)
Snapshots of Major Countries in Europe Remittance Market
Regulatory Landscape in Europe Remittance Market
Decision Making Process and Pain points in Europe Remittance
Market
SWOT Analysis in Europe Remittance Market
Competition Scenario in Europe Remittance Market
Strengths and Weaknesses of Major Players in Europe
Remittance Market
Company Profile of Major Players
Future Outlook and Projections
Analyst Recommendations
To know more, click on the
link below:-
Related
Reports:-
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