Money Remittance Services Market Set for Explosive Growth | Western Union Holdings, MoneyGram, TransferWise

A Latest intelligence report published by AMA Research with title "Global Money Remittance Services Market Outlook to 2028. A detailed study accumulated to offer Latest insights about acute features of the Money Remittance Services market. This report provides a detailed overview of key factors in the Global Money Remittance Services Market and factors such as driver, restraint, past and current trends, regulatory scenarios and technology development.

Definition: A remittance is a money or a sum of money sent by someone working abroad to his or her family back home. It plays a large role in the economies of many countries as it contributes to the economic growth and to the livelihoods of those countries. Digital remittances have emerged with the advent of FinTech, leading to the rise of comparison platforms or aggregators. According to World Bank, in 2019, remittances were a total of USD 573 billion, of which USD 422 billion went to developing countries that involved 250 million migrant workers. Also, the top remittance recipients in 2018 were India with USD 79 billion, followed by China (USD 67 billion) and Mexico (USD 36 billion). Rapid developments in the industry and digitalization make individuals and even small-to-mid-sized companies enjoy faster, cheaper, and value-added foreign money transfer services.

Major Players in This Report Include,
Western Union Holdings, Inc. (United States), MoneyGram (United States), Bank of America (United States), Wells Fargo & Company (United States), TransferWise (United Kingdom), UAE Exchange (UAE), Ria Money Transfer (Euronet Worldwide) (United States), JPMorgan Chase & Co. (United States), Xoom (PayPal) (United States), Remitly, Inc. (United States)

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Regulatory Factors
Money remittance services are regulated by various countries' governments for the safe and secure transfer of money. For Instance, In India, these transactions fall under the Foreign Exchange Management Act (FEMA). FEMA has put together a list of reasons for which you can send money to India or receive money (from India).

Global Money Remittance Services the manufacturing cost structure analysis of the market is based on the core chain structure, engineering process, raw materials and suppliers. The manufacturing plant has been developed for market needs and new technology development. In addition, Global Money Remittance Services Market attractiveness according to country, end-user, and other measures is also provided, permitting the reader to gauge the most useful or commercial areas for investments. The study also provides special chapter designed (qualitative) to highlights issues faced by industry players in their production cycle and supply chain.

The Global Money Remittance Services Market segments and Market Data Break Down are illuminated below: by Type (Inward Remittance, Outward Remittance), Application (Consumption, Saving & Investments, Others (Workers Remittance)), Channel (Banks, Money Transfer Operators, Others (FinTechs)), End User (Corporate/Businesses, Personal)

Opportunities
Significant Increase in Reach of the Internet, Online and Mobile Phone
Partnership with Multiple Wallets to Scale-up The Business across the Globe

Market Drivers
The surge in International Migrant Population and Safe, Fast & Reliable Services
Increase in Adoption of Banking & Financial Services
Growing Digitalization and Use of Internet and Mobile Phones

Market Trend
Blockchain-Based Remittances for Fast Transfer Time and Relatively Low Transaction Costs

Challenges
Transparency in Other Charges, Change in Government Policies
The Entry of Wallets and FinTechs in the Remittance Business
Concerns Regarding Money Laundering and Violent Activities

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Geographically World Global Money Remittance Services markets can be classified as North America, Europe, Asia Pacific (APAC), Middle East and Africa and Latin America. North America has gained a leading position in the global market and is expected to remain in place for years to come. The growing demand for Global Money Remittance Services markets will drive growth in the North American market over the next few years.

In the last section of the report, the companies responsible for increasing the sales in the Global Money Remittance Services Market have been presented. These companies have been analyzed in terms of their manufacturing base, basic information, and competitors. In addition, the application and product type introduced by each of these companies also form a key part of this section of the report. The recent enhancements that took place in the global market and their influence on the future growth of the market have also been presented through this study.

Report Highlights:
• Comprehensive overview of parent market & substitute market
• In-depth market segmentation (Trends, Growth with Historical & Forecast Analysis)
• Recent industry trends and development activity
• Competitive landscape (Heat Map Analysis for Emerging Players & Market Share Analysis for Major Players along with detailed Profiles)

Strategic Points Covered in Table of Content of Global Money Remittance Services Market:
Chapter 1: Introduction, market driving force product Objective of Study and Research Scope the Money Remittance Services market
Chapter 2: Exclusive Summary - the basic information of the Money Remittance Services Market.
Chapter 3: Changing Impact on Market Dynamics- Drivers, Trends and Challenges & Opportunities of the Money Remittance Services;
Chapter 4: Presenting the Money Remittance Services Market Factor Analysis, Porters Five Forces, Supply/Value Chain, PESTEL analysis, Market Entropy, Patent/Trademark Analysis.
Chapter 5: Displaying the by Type, End User and Region/Country 2017-2022
Chapter 6: Evaluating the leading manufacturers of the Money Remittance Services market which consists of its Competitive Landscape, Peer Group Analysis, BCG Matrix & Company Profile
Chapter 7: To evaluate the market by segments, by countries and by Manufacturers/Company with revenue share and sales by key countries in these various regions (2023-2028)
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Key questions answered
• Who are the Leading key players and what are their Key Business plans in the Global Money Remittance Services market?
• What are the key concerns of the five forces analysis of the Global Money Remittance Services market?
• What are different prospects and threats faced by the dealers in the Global Money Remittance Services market?
• What possible measures players are taking to overcome and stabilize the situation?

Thanks for reading this article; you can also get individual chapter wise section or region wise report version like North America, Middle East, Africa, Europe or LATAM, Asia.

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