The
report titled “Russia Remittance and Bill Payments Market Outlook to 2023
(Second Edition) – By Domestic Remittance Banking & Non Banking Channels;
International Remittance Flow Corridors and Channel; and Bill Payment Segment” provides a comprehensive analysis of both international and
domestic remittance and bill payments market of Russia. The report covers
market size, market segmentation on inbound and outbound remi-ttance, resident
and non-resident, major flow corridors, bank & non-bank, mode of remittance
for international remittance. For domestic remittance, the report covers market
size, market segmentation on remittance channel and major flow corridors. It
also includes the bill payments market covering the market size and
segmentation by mode of payments, type of platform and channel of payments. The
report also covers government regulations in the market, market share and
company profiles of major banking and non-banking channels in Russia remittance
and bill payments market. The report provides detailed overview on future
outlook & projections with analyst recommendations for the industry. The
report provides detailed insights on the existing and future trends, issues and
challenges prevalent in the industry and anticipated growth in the future
depending upon changing industry dynamics in forecasted period.
Russia
is well-known as a leading cosmopolitan hub in the world with a wide range of
investment and job opportunities, due to which it has been a major attraction
for job seekers in Commonwealth of Independent States (CIS) and the
non-independent States (non-CIS) countries. Russian population majorly
constitute of expatriates. The Russian remittance industry is thus, dominated
by the outflow of the remittances. During the period 2013-2018, the market for
remittance has increased on account of increasing migrants to Russia, increase
in internet penetration and increase in the use of digital methods for wire
transfers including account to account, account to card and card to card transfers.
Russia
International Remittance Market Segmentation
By Inbound & Outbound: The Russia international remittance market registered a
majority of contribution from outbound remittances segment within Russia in the
year 2018. Stable progress in diversity and coverage of global
remittance networks has enabled more CIS and Non-CIS workers to remit money at
a reasonable cost of services which include automated teller machines,
web-based services, and reusable / reloadable cash cards.
By Countries:
Switzerland accounted for majority of the total remittances sent and received
in Russia during 2018 in Non-CIS countries. In CIS countries, Kazakhstan was
the highest sender of money in Russia in 2018. Major decrease in inbound and
outbound remittance was seen Ukraine in 2018 which was among the highest flow
corridor before the ban during 2016.
Competitive
Landscape in International Remittance Market
Russian
international remittance market is fragmented with the presence of small,
medium and large companies. The large players such as Sberbank, VTB Bank,
Koronapay, Western Union and others are dominating the industry in terms of
transaction volume during the year 2018. The Russia-Ukraine is the second
largest migration corridor in the world and the Ukraine-Russia is the fourth
largest corridor in the world. These corridors facilitate large scale migration
and rise in competition among the players in Russia in terms of offering
services for remittance flows.
Russia Domestic Remittance
and Bill Payments Market
Market Overview:
Domestic remittance market
of Russia has witnessed tremendous growth in the past few years. Rising
internal migrant population both intra-regional and inter-regional owing to
better job opportunities has triggered the size of the industry. The internal
immigrant population has increased slightly from 2013-2018. Also, in the recent times the Russian economy
has witnessed rapid industrialization and growth in GDP which resulted to an
increase in the country’s standard of living at tremendous rate owing to which
the public spending on utilities, entertainment and others has increased. This
has depicted a positive impact on the bill payments market. The bill payments
market in Russia includes the payments made for all the utilities consumed in
the country by both expatriates and citizens in the country. The market grew at
positive double digit CAGR during 2013-2018.
Domestic Remittance Market Segmentation
Flow Corridors (Major Sending and Receiving Region): Internal Migration within Russia in search of Jobs
accounted for major share of the total domestic remittances. Domestic
remittances were observed to be transferred to districts of Central Federal
Districts with highest migration in 2018 followed by Northwestern Federal
District and Volga Federal Districts with highest migrations.
Mode of Payment (Offline and Online): Majority of bill payments in Russia were made offline
through banking channel facilities such as ATMs, bank deposits, POS and others,
whereas increasing usage of online mode have been observed in major metro
cities with maximum utilization of online mode such as M-wallets, E-money and
card transfers.
Competitive
Landscape in Domestic Remittance and Bill Payments Market
The market is dominated by
the banking channels with high penetration of banking services and majority of
population hold bank accounts and restrictions on cash transfers from
government. The enormous potential of domestic remittances has also engrossed
international players such as the Western Union, Money Gram and others into the
market. Conversely, the Russian-based service providers such as banks, regional
and national money transfer operators including Sberbank, Koronapay, Russian
Post and others have a noteworthy presence in the domestic market and have
provided stiff competition to international players. Sberbank was the largest
bank in the Russian domestic remittance market in 2018 followed by other major players
in domestic remittance market in terms of transaction volume. Whereas,
competition within the bill payments market is highly fragmented with presence
of many third party platforms and billers desk in the country providing
different types of bill payment services.
Future Potential of Domestic Remittance and Bill Payments Market
The rising
infrastructural & developmental activities undertaken by the government of
Russia and rising business sector in the country are anticipated to foster
growth in the country’s domestic remittance market. Also,
rising number of households due to
internal migrations is expected to increase the usage of groceries, fuel,
electricity, water, broadband, phones and other utilities in the major cities
of the country. Moreover, increasing per capita household disposable income,
rising standard of living, increasing salaries, emerging bill payment
companies, expansion of bill payment services and others will surge the size of
bill payment industry of Russia in the near future.
Key Segments Covered:-
International Remittance
Market
By Flow Type
Inbound
Outbound
By Individuals
Residents
Non-Residents
By Major Flow Corridors
CIS
(Kazakhstan, Uzbekistan, Tajikistan, Kyrgyzstan, Ukraine and Others)
Non-CIS
(Switzerland, Latvia, USA, UK, Germany and Others)
By Remittance Channels
Banks
Non
Banks
By Payout Mode
Cash
Non-Cash/Electronic
Transfer
By Channels
Bank
Non-Banks
Domestic Remittance Market
By Remittance Channels
Banks
Non
Banks
By Major Flow Corridors
Central
Russian Federal District
Volga
Federal District
North-western
Federal District
Bill Payments Market
By Mode of Payment
Offline
Online
Method of Payment
Cash
Credit
/ Debit Cards / E-Wallets
Direct
Bank Debits and Transfers
Key Target Audience:-
Money
Transfer Operators
Banks
Pawnshops
Bill
Payment Companies
M-Wallets
Mobile
Money Companies
Central
Bank
Investors
and PE Firms
Convenience
Stores
Time Period Captured in the Report:-
Historical Period – 2013-2018
Forecast Period – 2019-2024
Companies Covered:-
Major Bank Channel
in Russia:-
Sberbank
VTB
Bank
Gazprombank
Alfa
Bank
Major Non-Banking
Channel in Russia:-
Russian
Post
Koronapay
Unistream
CONTACT
(QIWI)
Money
Gram
Western
Union
Key Topics Covered in the Report:-
Russia Domestic Remittance Market Size (2013-2018)
Russia Bill Payments Market Size (2013-2018)
Russia International Remittance Market Size (2013-2018)
Russia Remittance and Bill Payments Market Overview
Russia Remittance and Bill Payments Market Ecosystem
Russia Remittance and Bill payments Market Segmentation
(2013-2018)
Trends and developments
Comparative Landscape including Strength and Weakness of the
major Remittance and Bill Payments players
Company Profiles of Major Players
Future Outlook and Projections of Russia Domestic Remittance
Market (2018-2023E)
Future Outlook and Projections of Russia Bill Payments
Markets (2018-2023E)
Future Outlook and Projections of Russia International
Remittance Markets (2018-2023E)
Analyst Recommendation
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