JANUARY 9, 2015 BY
Remittance is defined as transfer of money by a person who resides in a foreign country to his or her home country. In most of the developing countries, money sent by foreign migrants to their home countries constitutes the second largest financial inflow to the respective nations. Furthermore, in the money receiving countries, remittance industry promotes further economic dependence on the global economy instead of building sustainable local economies.
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Remittance channel is collectively comprised of a sender, a recipient, intermediaries in both countries and the payment interface used by the intermediaries. The remittance system encompasses the following components: Remittance Service Providers, Remittance Corridors, Remittance Network and, Money Transfer System. Remittance Services are divided primarily on the basis of ways a network of access points is created and linked. There are broadly four categories: unilateral services, franchised services, negotiated services, and open services.
The key factors driving growth of the global remittance industry include rising employed and urban population, ameliorating global economic development, and unceasingly climbing migrant population. Some of the noteworthy developments of this industry include unstable remittance cost, the impact of remittance on health, education and poverty, wide portfolio of remittance services and correlation between remittance and foreign exchange rates. Also, the number of electronic payment service providers that offer over-the-counter-payments, mobile money payment and payment cards have increased rapidly. However, the growth of remittance industry is hindered by the difficulty in establishment of access points, tax regulations and strict regulatory compliances along with the lack of transparency and understanding.
This report offers a comprehensive analysis of the global remittance market, along with an in-depth study of top remittance receiving and contributing countries. The report also includes detailed description of regional markets. The competition in the respective market is highly diversified and fragmented.