Can Germany Remittance Market hit a Milestone of $27 Bn by 2027? Uncovering the Potential: Ken Research
The report covers Germany Payment Service Sector, Germany digital Remittance market, Inbound Remittance Market, Outbound Remittance, Germany M-Wallet Service Industry, Germany Payment Gateway Service Industry, UPI Service Industry, Credit Transfer Industry, Money Transfer Market, Challenges Germany remittance market, Emerging Players Germany remittance market, Leading companies in remittance market Germany, Competitors Germany digital remittance market, International Remittance Industry, Rural remittance market Germany, HBSC Financial Technology Service, Barclays Plc Bank Market Share, Deutsche Bank revenue, Lloyds Bank Remittance services.
Gurugram, India, April 20, 2023 (GLOBE NEWSWIRE) -- *Germany Remittance Market* is in the growing stage, owing to the reduced remittance cost and transfer time, rising digital platforms, increased internet and smartphone penetration and government’s initiatives. The Remittance Market in Germany is fragmented with key players such as *HSBC, Deutsche Bank and Barclays Plc* etc.
*Adoption of Digital Technologies: *The government has grand aspirations to use digital technology to enhance its processes, decision-making, and operations as well as its capability to share information with the public. The implementation of robust cyber security measures, improving agile development and analytical platforms, enabling a digital workforce, and enhancing governance procedures are all given special consideration. The country's remittance industry will grow overall as a result of these initiatives to promote employment in the digital sector, which will in turn stimulate the influx of employees*.*
*Rising Mobile and Internet Penetration: *Electronic payment methods are on the rise in the remittance industry because to the introduction of cutting-edge technology-based systems that can be accessed by mobile and the internet. The use of mobile/internet-based payment methods for financial transfers has significantly changed as a result of increased mobile and internet penetration in the nation. The adoption of mobile-based payments across the nation has been made easier by the introduction of lightweight acceptance infrastructure. As a result, a bigger populace now has access to practical payment methods, which has fuelled the industry's expansion.
*Reduced Remittance cost and Transfer Time: *Cross-border payments become insignificant in cost, quick, auditable, and accessible to everyone owing to the use of digital transfer networks such as mobile phone technology, mobile money, digital currencies, distributed ledgers, electronic identity, and others to send money.
Analysts at *Ken Research* in their latest publication *“**Germany Remittance Market Outlook to 2027 - By Flow Type (Inbound and Outbound), by Application (Consumptions, Savings, Investments), and By Channels Used (Banking Channel, MTOs, M-Wallets and Others)**”* observed that Germany Remittance Market is expected to showcase considerable growth in the coming five years. It is anticipated to grow more quickly in the next years as a result of emerging digital platforms, government efforts, and growing internet and smartphone usage. The Remittance Market in Germany is expected to grow at ~% CAGR over the forecasted period 2022-2027.
*Key Segments Covered in the report:-*
*By Flow Type*
· Inbound
· Outbound
*By Application*
· Savings
· Investments
· Consumptions
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*By Channels Used*
· Banking Channel
· MTOs
· M-Wallets
· Others
*Key Target Audience*
· Banks
· Money Transfer Operators
· Digital Payment Companies
· M-Wallet Companies
· Bills Payments Companies
· Investors & Venture Capital Firms
· Government Bodies
· Mobile Money Companies
*Time Period Captured in the Report:-*
· *Historical Period: *2017-2022
· *Base Period:* 2022
· *Forecast Period: *2022-2027
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*Companies Covered:-*
· HSBC Bank
· Deutsche Bank
· Lloyds Bank
· Barclays Plc
· BNP Paribas
· Barclays Plc
· Credit Agricole
· BBVA Dinero Express
· Unicredit Banca
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*Key Topics Covered in the Report:-*
· Germany Remittance Market Overview
· Germany Remittance Market Segmentation
· Germany Domestic Remittance Market Overview
· Germany International Remittance Market Overview
· Ecosystem of Germany Remittance Market
· Market Share of Major Players in Germany Remittance Market
· Industry Analysis of Germany Remittance Market
· Value Chain of Germany Remittance Market
· Key Growth Drivers in Germany Remittance Market
· End User Analysis of Germany Remittance Market
· Key Challenges of Germany Remittance Market
· SWOT Analysis of Germany Remittance Industry
· Future Outlook of Germany Remittance Market
· Trends and Development of Germany Remittance Market
*For more insights on the market intelligence, refer to below link:-*
*Germany Remittance Market*
*Related Reports By Ken Research:-*
*Bahrain Remittance Market Outlook to 2027F- Bahrain Remittance Market Outlook to 2027F - By International (Inbound & Outbound Remittance), By Banking and Non-Banking Channel, By Inflow & Outflow Remittance Corridors, by Domestic remittance flow corridor*
Bahrain Remittance Market is moderately concentrated and in the growth stage. The market includes both formal and informal payment service providers including banks, money transfer operators, mobile wallets, postal networks. The market has been fueled the increasing inflow of expatriates, digitization, e-wallets, increasing internal migration and major government investments. The market has displayed steady growth in terms of transaction value supported by an increase in both inbound and outbound remittances. The total transaction value expanded displaying a CAGR of close to ~%. This was majorly fueled by a rise in the outbound remittances, which is led by a stronger growth in the employment prospects. Moreover, the rising fuel prices is also a supportive factor for such growth of remittances in the region.
*France Remittance Market Outlook to 2027- By Inbound & Outbound Remittance, By Channels (Banks, MTOs, M-wallets and Others), By Inflow & Outflow Remittance Corridors, By Point of Contact (Branch Pick-up, Mobile Payment & Online Transactions, Prepaid Cards)*
The France market is moderately concentrated with majority of the market being captured by MTOs & Banks. There are 5 major MTOs in the market namely Western Union, MoneyGram, Ria Money Transfer, Transferwise and UAE Exchange. 4 major Banks include HSBC Bank, Lloyds Bank, BNP Paribas and Barclays Plc. Major m-wallet in the region is Xoom by Paypal. Major competing parameters for the entities include fees charged, transfer speed, services offered, reach of the service providers, payout networks, and trust value attached, technological advancements, promotional offers and transparency in costs.
*Belgium Remittance Market Outlook 2027F- driven by personal remittance, active competition & favorable government policies*
Belgium Remittance Market witnessed steady growth in terms of transaction value supported by an increase in both inbound and outbound remittances. The total transaction value expanded displaying a CAGR of close to ~%. This was majorly fuelled by a rise in outbound remittances, which is led by stronger growth in the employment prospects in the euro area. Moreover, the appreciation in the currency is also a supportive factor for such growth of remittances in the region.
*Australia Remittance Market Outlook to 2027F- By International Remittance Flow Corridor (Inbound and Outbound Countries and Point of Contact), By Domestic Remittance Flow Corridor (Urban to Rural, Urban to Urban, and others)*
According to Ken Research estimates, the Australia Remittance Market is forecasted to grow at a robust CAGR in the period of 2022P-2027F, owing to the increased internet and smartphone penetration, rising digital platforms for fund transfer and government initiatives. The growing penetration rate of the internet and smartphones are driving more and more people to switch to digital platforms for fund transfer. The international outbound remittance flow was significantly more than the international inbound remittance flow in Australia in 2021.
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Ken Research Private Limited
Ankur Gupta, Director Strategy and Growth
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+91-9015378249
CONTACT: Contact Us:-
Ken Research Private Limited
Ankur Gupta, Director Strategy and Growth
Ankur@kenresearch.com
+91-9015378249