Global Money Transfer (Remittances) Market Report: 2013 Edition
Remittance is defined as transfer of money by an individual residing in foreign country to his/her home country. The monetary fund transferred by foreign migrants to their homes represents second largest financial inflow to the respective nation. Remittance channel is collectively comprised of a sender, a recipient, intermediaries in both countries, and the payment interface used by the intermediaries. In order to ensure greatest security during any money transfer transaction, certain international standards have been set by the World Bank. The remittance system encompasses the following components: Remittance Service Providers (RSP), Remittance Corridors, Remittance Network and, Money Transfer System.
A consistent increase has been observed in the global remittance inflow and outflow over the past few years with the exception of 2009, which was on account of economic and financial turmoil. As of 2012, India, China, Philippines and Mexico, were the top four remittance receiving countries. Further, the top addressers of the remittance included the US, Russian Federation, Saudi Arabia and Switzerland during the cited period. The largest source of remittance flow to developing regions was high income countries in 2012.
The key trends providing sufficient growth opportunity for further growth of the global remittance industry include increasing employment opportunities apart from rising global GDP and rising number of international migrants. Some of the noteworthy trends and developments of this industry include the impact of remittance on health, education and poverty, wide portfolio of remittance services and correlation between remittance and foreign exchange rates. However, the growth of tissue paper industry is hindered by the difficulty in establishment of access points, tax regulations and strict regulatory compliances.
The report on global remittance market contains a comprehensive analysis of the global remittance industry along with the study of the regional markets including India, China, Mexico and Philippines. An intense competition is noted among few major players; Moneygram, Western Union, Euronet and Xoom; of the global remittance market. Apart from global competitive analysis, regional competitive landscape is also included in the report along with company profiles of the leading players in the market.
By combining SPSS Inc.’s data integration and analysis capabilities with our relevant findings, we have predicted the future growth of the industry. We employed various significant variables that have an impact on this industry and created regression models with SPSS Base to determine the future direction of the industry. Before deploying the regression model, the relationship between several independent or predictor variables and the dependent variable was analyzed using standard SPSS output, including charts, tables and tests.