Australia Remittance Market Research Report: Ken Research

Competition Scenario In Australia Remittance Market

Australia Remittance Market is in the growing stage, owing to the rising digital platforms, increased internet and smartphone penetration and government's initiatives. The Remittance Market in Australia is moderately consolidated with key players such as Wise, Commonwealth Bank of Australia, OFX etc.

What Is The Expected Future Outlook For The Overall Australia Remittance Market Across The Globe?

The Australia Remittance market was valued at USD ~billion in 2022P and is anticipated to reach USD ~billion by the end of 2027F, witnessing a CAGR of ~% during the forecast period 2022P-2027F. The realistic growth scenario represents the most likely scenario as per current market conditions. This scenario assumes that there will be no overall impact on the market due to any potential COVID-19 waves in the future.

The Australia Remittance market is driven by high internet penetration in the country, adoption of advance technologies, favorable government initiatives, emergence of new players and influx of foreign investments. However, the market is also constantly being influenced by rapid development in technology, product innovation, and diversification in some countries.

The advent of innovative electronic payment systems that leverage on technology, which can be used through internet and mobile, has led to electronic payment systems rising in the remittance space. Increased mobile and internet penetration in the country has resulted in significant shift towards use of mobile/internet-based payment systems for fund transfers. Introduction of lightweight acceptance infrastructure has further facilitated the use of mobile based payments across the country. This has led to a larger population having access to convenient payment systems at their disposal, leading to the growth of the Industry.

Legacy providers in the Australia Remittance Market are banks, post offices and specialized money transfer services such as Western Union and MoneyGram. These services charge comparatively high fees, and the digital companies such as Wise, World Remit and Instra Rem have won their share of the market by offering reduced transfer fees. This is possible due to optimizing the use of digital infrastructures to bypass much of the costs. This has led to the increase in digital payments and will lead to the increase in use of digital platforms for fund transfers, contributing to the growth of the Remittance Industry in Australia.

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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
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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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