Belgium Remittance Market Outlook 2027F
driven by personal remittance, active competition & favorable government policies
December 2022
70
About the Report
About the Report
The report provides a comprehensive analysis of the Remittance Market in Europe. The report covers a wide range of aspects including an overview, genesis, market size, market restraints, segmentation by flow type( Inbound & Outbound), by Channel( Bank & Non-Bank), by Major Flow Corridors (ASEAN, Middle East, America, Europe, Australia & Oceania), by Income Level ( Low Income & Middle Income). The report also covers comprehensive details on the recent trends & developments, problems & challenges, SWOT analysis & major acquisition & merger deals in the industry. An elaborated competitive landscape including competitive scenario, cross-comparison matrix, strengths & weaknesses of key players, and market share is also available. The report concludes with the future projections for the above-mentioned market segments & analyst recommendations that involve key strategies for the key players to ensure that they enhance their existing profit levels for the foreseeable future as well as some major suggestions for the potential entrants highlighting the significant opportunities available & some cautions.
Market Overview
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.
- Belgium has a moderately concentrated remittance market that is still in its growth stage.
- The market has been fuelled by increased migration, increasing government support for new competitors, improved banking knowledge and increased awareness towards digitalized remittance services in the space.
- Banks dominate the inbound remittance market in terms of volume of transactions followed by MTOs, m-wallets and other channels including postal networks, credit union and informal channels.
Key Trends by Market Segment
By Flow Type: Both Inbound & Outbound remittances accounted for an almost equal share of the market. Although the Inbound remittance accounted for a slightly larger share as compared to outbound remittance.
By Channel: Choice of a remittance channel depends on the ease of access for payer and payee, cost involved, range of products and services offered, amount of remittance and similar. In recent years, Europe’s inbound remittances are majorly channelled through banks. As of 2022P, banks dominate the inbound remittance market in terms of volume of transactions followed by MTOs, m-wallets and other channels including postal networks, credit unions and informal channels. MTOs dominate the outbound remittance market of the region in terms of the transaction volume as of 2022P.
By Point of Contact: The inbound remittance market is dominated by branch pick-ups and mobile & online transactions equally followed by prepaid cards in terms of remittance transaction volume.
Competitive Scenario:
The Belgium Remittance market is moderately concentrated with formal & informal players operating in the market at the same time. The market has been fuelled by increased migration, increasing government support for new competitors, improved banking knowledge and increased awareness towards digitalized remittance services in the space. The key players operating in the market are HSBC Bank, Lloyds Bank, Visa, American Express, Barclays, Deutsche Bank, and Ria Money Transfer. Banks dominate the inbound remittance market in terms of volume of transactions followed by MTOs, m-wallets and other channels including postal networks, credit unions and informal channels. MTOs dominate the outbound remittance market of the region in terms of the transaction volume as of 2022P.
Future Outlook
The inbound remittance is expected to showcase a CAGR close to ~% and the outbound remittance is anticipated to showcase a CAGR close to ~% by value of transactions during 2017-2027F. In terms of volume of transactions, the inbound remittance is expected to register a CAGR close to ~% and the outbound remittance is expected to showcase a CAGR close to ~% during the same period.
Key Topics Covered
- Belgium Domestic Remittance Market Size (2017-2022P)
- Belgium Bill Payments Market Size (2017-2022P)
- Belgium International Remittance Market Size (2017-2022P)
- Belgium Remittance and Bill Payments Market Overview
- Belgium Remittance and Bill Payments Market Ecosystem
- Belgium Remittance and Bill payments Market Segmentation (2017-2022P)
- Trends and developments
- Comparative Landscape including Strength and Weakness of the major Remittance and Bill Payments players
- Company Profiles of Major Players
- Future Outlook and Projections of Belgium Domestic Remittance Market (2022P-2027F)
- Future Outlook and Projections of Belgium Bill Payments Markets (2022P-2027F)
- Future Outlook and Projections of Belgium International Remittance Markets (2022P-2027F)
- Analyst Recommendation
Scope Of The Report
Scope of the Report
By Flow Type |
Inbound Outbound |
By Income |
Low-Income Middle-Income |
By Channel |
Bank Non-Bank |
By Company |
Visa American Express HSBC Bank Lloyd Bank Barclays Deutsche Bank |
By Major flow Corridors |
ASEAN Middle East America Europe Africa Others |
Products
Products
Key Target Audience
- Banks
- Money Transfer Operators
- M-Wallet Companies
- Hawalas
- Convenience and Retail Stores
- Supermarket Chains
- Bills and Payments Companies
- Investors & Venture Capital Firms
- Government Bodies
Time Period Captured in the Report:
- Historical Period – 2017-2021
- Base Period- 2022P
- Forecast Period – 2023F-2027F
Companies
Companies Covered:
Major Bank and Non- Bank Channels in Belgium:
- Visa
- PayPal
- American Express
- Sofort UK Limited
- Bancontact Payconique Company
- GoPay
- Western Union
- Climb Niaga
Table of Contents
Table of Contents
1. Executive Summary
2. Belgium Remittance Market Overview
2.1 Taxonomy of the Belgium Remittance Market
2.2 Industry Value Chain
2.3 Ecosystem
2.4 Government Regulations/Initiatives for the Belgium Remittance Market
2.5 Growth Drivers of the Belgium Remittance Market
2.6 Issues and Challenges of the Belgium Remittance Market
2.7 Impact of COVID-19 on the Belgium Remittance Market
2.8 SWOT Analysis
3. Belgium Remittance Market Size, 2017 – 2022
4. Belgium Remittance Market Segmentation
4.2 By End-User, 2017 – 2022
4.3 By Distributions Channel, 2017 – 2022
4.4 By Regional Split (North/East/West/South/Central), 2017 – 2022
5. Competitive Landscape
5.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
5.2 Strategies Adopted by Leading Players
5.3 Company Profiles – (Top 5 - 7 Major Players)
5.3.1 Visa
5.3.2 PayPal
5.3.3 American Express
5.3.4 Sofort UK Limited
5.3.5 Bancontact Payconique Company
5.3.6 GoPay
5.3.7 Western Union
5.3.8 Climb Niaga
6. Belgium Remittance Future Market Size, 2022 – 2027
7. Belgium Remittance Future Market Segmentation
7.1 By End-User, 2022 - 2027
7.2 By Distributions Channel, 2022 - 2027
7.3 By Regional Split (North/East/West/South/Central), 2022 - 2027
8. Analyst Recommendations
9. Research Methodology
10. Disclaimer
11. Contact Us
Research Methodology
Research Methodology
Step 1: Identifying Key Variables:
Our team will initially create an ecosystem for all the entities in the Crop Protection Market that are providing Crop Protection and fund transfer services in Australia Market.
Step 2: Market Building:
In the next step, we have referred to multiple secondary and proprietary databases to perform deck research around the market and collate industry-level information to create an initial level hypothesis. We also explore company-level info by referring press releases, annual reports, financial statements, and other documents to understand basic information about the companies and market level.
Step 3: Validating and Finalizing:
Later our team conducts a series of Interviews with multiple C-Level Executive and other stakeholders belonging to different companies to confirm the market hypothesis, validate statistics and seek operational and financial information from company representatives.
Step 4: Research Output:
Furthermore, to validate this data our team pitchs each company as a potential customer through a mystery shopping exercise and confirms the operational and financial performance of Australia Crop Protection Market Entities which have been shared by company executives and available on secondary databases. We also conduct another set of CATIs with the respective entities to understand customer behaviour, channel preference, and other factors. We assess customer analysis in terms of their preferences and pain points.
Frequently Asked Questions
Frequently Asked Questions
01 What is the Study Period of this Market Report?
The Belgium Remittance market report is covered from 2017–2027 in this report, including a forecast for 2022-2027.
02 Who are the Key Players in the Belgium Remittance Market?
Visa, Barclays, Deutsche Bank, American Express & HSBC Bank are some of the key players in the market
03 What is the Future Growth Rate of Belgium Remittance Market?
The Belgium Remittance Market is expected to witness a CAGR of ~% over the next five years.
04 What are the Key Factors Driving the France Online Advertisement Market?
Personal Remittances, Government policies are likely to drive growth.
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