Globalization has created a unique set of opportunities and challenges for the financial services industry. One of the challenges is the secure, safe, and swift transfer of money on the go. This has boosted demand for remittance services in the industry. Remittance solutions can be installed with the help of money transfer operators (MTOs) and other financial organizations. They support trade rules and transaction flows to provide for agent-assisted and online multi-currency transferals. Resources are collected as cash from an agent or deposited in the bank or mobile money account of the recipient’s choice.
A transnational remittance is an act of sending funds to somebody in a different country to accomplish a requirement. By far, the major users of international remittance services are migrant employees, who send funds back to their families in their home country to provide for daily expenses. The remitter can use a mobile app, online portal, or agent assistance to provide the remittance details. Payment methods such as credit/debit card, cash, or bank transfers are available. A distinctive transaction identity is delivered to the remitter, and this transaction identity needs to be sent to the receiver as authentication to allow the recipient to receive the funds.
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One of the driving factors of remittance solutions market is that it lower cost while increasing productivity, efficiency, and profitability. These solutions help respond to changes; achieve greater efficiency; and meet the rigors of any payments application in the wholesale, retail, health care, and government sectors. In addition, remittance solutions enable integrated delivery of different modes of remittance such as Internet and mobile via different bank networks and e-mail. Remittance solutions send automated alerts to numerous parties such as the remitter, beneficiary, etc. through SMS and e-mail. However, the development of technologies such as block chain and AI is expected to further modernize the payments infrastructure.
The global remittance solutions market can be segmented based on mode, deployment, enterprise size, industry, and region. In terms of mode, the remittance solutions market can be classified into mobile apps, e-mail, messages, and bank networks. The mobile app segment is anticipated to expand at a significant CAGR during the forecast period. Based on deployment, the remittance solutions market can be categorized into cloud and on-premise. The cloud segment is expected to expand at a rapid CAGR during the forecast period.
In terms of enterprise size, the remittance solutions market can be divided into large enterprises and small and medium enterprises. The large enterprises segment is estimated to constitute a prominent market share during the forecast period. Based on industry, the remittance solutions market can be classified into banking financial services and institutions (BFSI), retail, health care, government, and others. The banking financial services and institutions segment is projected to dominate the remittance solutions market during the forecast period due to the increasing usage of remittance solutions in the BFSI industry.
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In terms of region, the global remittance solutions market can be segmented into North America, South America, Asia Pacific, Europe, and Middle East & Africa. The market in North America is anticipated to expand at a substantial growth rate during the forecast period. This is due to technological advancements and the preference of larger organizations for remittance solutions. Asia Pacific is projected to be a lucrative region of the remittance solutions market during the forecast period, due to increase in requirement of remittance solutions from various enterprises.
The global remittance solutions market is characterized by the presence of several key players. Major players in the market compete with others in terms of price and quality. Key players operating in the global remittance solutions market include Daemon Software, Fiserv, Inc., Girmiti Software, and RDM Corporation.