Europe Inbound remittance Transaction Value is Anticipated to Reach over EUR 26 Billion by 2023: Ken Research

• It is expected that by the end of 2023, Banks would continue to lead the inbound remittance space capturing more than half of the market and registering a CAGR of close to -2% during 2018-2023. MTOs will lead the outbound remittance segment in terms of remittance transaction volume and register a robust CAGR of over 5% during the same.
• Europe’s corridor with Asia and North Africa is likely to showcase the highest CAGRs close to 7% and 4% respectively during 2018-2023. This would be owing to rise in demand for remitting money to and from the region to these regions. A rising influx of migrants is expected towards European countries such as Italy, Germany, France and others from Asian and African regions.
The coming five years has been poised to be positive for the remittance industry. The market is facing an intensified competition and new players are entering the market every year. To curb the intensity of the competition, both banks and MTOs are focusing on mobile transfers through launching their wallets and applications. The use of cash is still dominant in the region. In 20 out of 28 EU countries cash represents over 50% of all remittance transactions. Countries like Greece, Bulgaria and Romania almost solely pay by means of cash and cash is the largest payment instrument in terms of volume in all EU countries, except Denmark, Sweden and Luxembourg. However, the launch of mobile wallets and applications by the major players in the industry is expected to reduce the share of cash remittances in the coming years. In inbound remittance the major point of contact in the coming years is expected to be the online and mobile transactions leaving the branch pick-up option behind. By the year 2023, the online and mobile transactions are anticipated to account for a share of 60% in terms of inbound remittance transaction volume.

Ken Research in its latest study “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)” suggests that the growth is dependent upon European government to unlock migrant entry barriers restraining the industry. This would lead the market to grow registering a CAGR close to 4% for inbound remittance market and close to 7% for the outbound remittance market in terms of transaction value of the region during the forecast period 2018-2023.

For more information on market research report, please refer to the link below:
https://www.kenresearch.com/banking-financial-services-and-insurance/financial-services/europe-international-remittance-market/194013-93.html

Key Segments Covered in Europe International Remittance Market
• By Inbound Remittance Flow Corridor
On the Basis of Channels (Volume of Transactions)
o Banking channels
o MTOs
o M-Wallets
o Others
On the Basis of Inflow Countries (By Value of Transactions)
o Italy
o Poland
o Portugal
o Romania
o United Kingdom
o Other EU-28 Countries
• By Outbound Remittance Flow Corridor
On the Basis of Channels (Volume of Transactions)
o Banking channels
o MTOs
o M-Wallets
o Others
On the Basis of Outflow Countries (By Value of Transactions)
o Germany
o Spain
o France
o Italy
o United Kingdom
o Other EU-28 Countries
• By Point of Contact (By Volume)
o Branch Pick-up
o Mobile Payment & Online Transactions
o Prepaid Cards
• By Flow Corridors (By Volume)
o Asia
o North Africa
o South America
o Central & South Africa
o Non-EU Countries
o North America
o Central America
o Near & Middle East
o 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

Related Reports
https://www.kenresearch.com/banking-financial-services-and-insurance/financial-services/egypt-remittance-market/182340-93.html

https://www.kenresearch.ae/banking-financial-services-and-insurance/financial-services/kuwait-remittance-bill-payment-market/143002-93.html

https://www.kenresearch.ae/banking-financial-services-and-insurance/financial-services/philippines-money-transfer-bill-payments-market/152427-93.html

https://www.kenresearch.com/banking-financial-services-and-insurance/financial-services/nigeria-remittance-bill-payment-market/142292-93.html

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

Contact Us:
Ken Research
Ankur Gupta, Head Marketing & Communications
Ankur@kenresearch.com
+91-9015378249

Ken Research Pvt. Ltd.,
Unit 14, Tower B3, Spaze I Tech Business Park, Sohna Road, sector 49 Gurgaon, Haryana - 122001, India

Ken Research is a Global aggregator and publisher of Market intelligence, equity and economy reports. We provides business intelligence and operational advisory in 300+ verticals underscoring disruptive technologies, emerging business models with precedent analysis and success case studies.

This release was published on openPR.