Future Outlook of Australia Remittance Market: Ken Research

What Is The Size Of Australia Remittance Industry?

Australia Remittance market is growing at a CAGR of ~% in 2017-2022P and is expected to reach ~USD Bn by 2027F.

The Australia Remittance Market is largely driven by the rising digital platforms, increased internet and smartphone penetration and government's initiatives.

The Australian Government remains committed to delivering on the 2014 G20 Call to Action on Remittances. Australia is engaging with commercial banks and industry associations to support low cost remittance transfers in its region. Australia is also leveraging its aid initiatives and a seasonal workers program to better prepare workers from the Pacific to invest remittance savings upon return to their home countries. Australia continues to support transparency initiatives, such as remittance price comparison websites. Additionally, Australia is engaging with global standard setting bodies, and its domestic authorities, to review the impact of Australia's anti-money laundering and counter terrorism legislation on remittance transfers. The National Remittance Plan of Australia intends to make it possible for everyone to send money in a secure and economical manner.

Australia Remittance Market By International Remittance Flow Corridor

The Australia Remittance market is segmented by International Remittance Flow Corridor into Inbound and Outbound Remittance Flow.

The international remittance flow was observed to be dominated by the outbound flow corridor in Australia which was far more that the inflow that was observed in the country in 2022P. Outbound remittance in international remittance market has accounted for a significant portion of overall transaction volume owing to outflow of remittance from Australia to other countries.

Australia Remittance Market By Domestic Remittance Flow Corridor

The Australia Remittance Market is segmented by Domestic Remittance Flow Corridor into Urban to Rural, Urban to Urban, Rural to Rural and Rural to Urban. the highest market share in 2022P, as people migrate from rural areas to urban areas for job opportunities and send money back home.

Australia Remittance Market By Channels Used

The Australia Remittance market is segmented by Channels Used into Banking Channel, MTOs, M-Wallets, Digital Platforms and Others.

Banking Channels dominated the Remittance Market in Australia. With digitalization and internet and smartphone penetration, people have started using digital platforms and it is gaining momentum in the market.

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Key Segments Covered in the report

By International Remittance Flow Corridor

By Inbound Countries (By Value of Transactions)

India
US
Saudi Arabia
France
China
Russia

By Outbound Countries (By Value of Transactions)

India
Pakistan
Mexico
China
Egypt
Philippines

By Point of Contact (By Volume)

Branch Pick-up
Mobile Payment & Online Transactions
Prepaid Cards

By Domestic Remittance Flow Corridor (Value of Transactions)

Urban to Rural
Urban to Urban
Rural to Rural
Rural to Urban

By Channels Used (Value of Transactions)

Banking Channel
MTOs
M-Wallets
Digital Platforms
Others

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Key Target Audience

Banks
Money Transfer Operators
Digital Payment Companies
M-Wallet Companies
Bills Payments Companies
Investors & Venture Capital Firms
Government Bodies
Mobile Money Companies

Time Period Captured in the Report:

Historical Period: 2017-2022P
Base Period: 2022P
Forecast Period: 2022P-2027F

Companies Covered:

Wise
Commonwealth Bank of Australia (CBA)
OFX
TorFX
InstaRem
WorldRemit
Xe Money Transfer

Key Topics Covered in the Report

Australia Remittance Market Overview
Australia Remittance Market Segmentation
Australia Domestic Remittance Market Overview
Australia International Remittance Market Overview
Ecosystem of Australia Remittance Market
Market Share of Major Players in Australia Remittance Market
Industry Analysis of Australia Remittance Market
Value Chain of Clinical Laboratory Market in Thailand
Key Growth Drivers in Australia Remittance Market
End User Analysis of Australia Remittance Market
Key Challenges of Australia Remittance Market
SWOT Analysis of Australia Remittance Industry
Future Outlook of Australia Remittance Market
Trends and Development of Australia Clinical Lab Market

For more insights on the market intelligence, refer to the link below: -

https://www.kenresearch.com/banking-financial-services-and-insurance/financial-services/australia-remittance-market-outlook-to-2027/596236-93.html

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Ken Research is a Market Research and Consulting Firm, based out of India, Indonesia and UAE. Since 2011, we have been assisting clients globally with our Syndicate and Bespoke Market Research and Advisory Services.

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