Money Remittance Services Market is Thriving Worldwide | Western Union, UAE Exchange, Azimo, PayPal
Updated · Jun 04, 2023
Published Via 11Press : The ability to transfer money back to one’s native country is provided by money remittance services for those who are working or otherwise residing abroad. The Middle East market for money remittance services is primarily driven by an increase in migrant labor and government assistance, but regulatory compliance and security concerns are stifling its expansion. Despite these obstacles, the market is anticipated to prosper thanks to the enormous potential offered by expanding digitization and the expansion of the E-commerce sector.
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Money Remittance Services Market Report Highlights:
|Unit||Value (USD Million)|
|Key Companies Profiled||Western Union, MoneyGram, UAE Exchange, Al Ansari Exchange, Xpress Money, Ria Money Transfer, Transfast, WorldRemit, Remitly, Azimo, PayPal|
By 2028, the market size for money remittance services in the Middle East might reach $4,388.40 million, growing at an estimated pace of 8.11%.
Breakdown by Application:
- Inward Remittance
- Outward Remittance
- Money Transfer operative
The Middle East Money Remittance Services market is expected to have the most growth throughout the forecast period, rendering to a research expert at HTF MI. Owing to new techniques used by participants in the money remittance services industry, it is predicted that the rivalry would get even more fierce in the upcoming years. The Money Remittance Services research report delivers information on the competitive environment and the product/service offerings of top firms to assist customers in increasing their revenue shares in the sector. Additionally, in order to maximize the advantages of development prospects, this Money Remittance Services market research identifies important areas for businesses to concentrate on and offers techniques that they can use.
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The report offers several leading players:
- Western Union
- UAE Exchange
- Al Ansari Exchange
- Xpress Money
- Ria Money Transfer
The market for money remittance services is very competitive due to the large number of participants. The primary drivers for businesses looking to expand their market reach and achieve sustainable development are mergers, acquisitions, and partnerships. The study analyses the market’s level of competition and provides in-depth company profiles for the major players, including, among others, Western Union, MoneyGram, and UAE Exchange.
Market Growth Drivers:
- The Middle Eastern market for money remittance services is expanding as a result of an increase in migrant labor and government backing.
- There are many migrant workers in the Middle East who frequently need to transfer money back to their relatives in their own nations.
- As a result, there is a high demand for money remittance services, which provide a quick, safe, and economical option to send money.
- Recognizing the crucial role that the money remittance sector plays in the economy, governments in the Middle East area have supported the sector.
- This has produced advantageous regulatory frameworks that have aided the industry’s expansion.
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- Security issues and regulatory compliance are hindering industry expansion.
- There are stringent restrictions that are tough to understand and negotiate that apply to the money remittance business.
- It may be expensive and time-consuming to comply with these restrictions, which makes it difficult for smaller market actors to compete.
- The money transfer sector is exposed to security risks including fraud, money laundering, and financing for terrorism.
- The sector faces a significant problem in ensuring transaction security, and businesses must make significant investments in security measures to safeguard both themselves and their clients.
- The Middle East’s money transfer businesses now have a sizable opportunity because of the region’s growing embrace of digital technology.
- Digital platforms provide quicker, more practical, and frequently less expensive means to transfer money, which may aid businesses in growing their client base and market share.
- The expansion of e-commerce in the Middle East offers money transfer businesses a sizable window of opportunity.
- Money remittance businesses may be extremely important in arranging these transactions as more people purchase online, which will likely lead to an increase in demand for quick and dependable payment solutions.
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