Remittance is the transfer of money by foreign migrants to their homes. Moreover, the significant developments and rising trade working leads the job vacancies around the globe and unlocked the door for the huge population in the developing regions which concludes the remittance market growth around the globe. The existence of jobs and migration has cooperatively stimulated growth of the international remittance market as well as domestic remittance industry. Whereas, the remittance channel considers of sender, intermediaries in both the countries and recipient in both the region, and the bill payment interface utilized by the intermediaries. It is expected that the North America, particularly The United States, will still play an efficient role which cannot be ignored. Any transformation of shifts from United States might affect the development trend of Remittance. Additionally, The UAE was classified as the second largest remittance source for Philippines. Saudi Arabia registered for a prominent share of the remittance to Philippines in 2017 and is one of the principal employers of OFWs.
Although, the market growth can be credited to aspects like significant increase in the number of OFWs, rising infrastructure and developmental activities, growing business segments and increasing job opportunities within the country, upsurge in the BPO sector and other related factors. According to the research, it is states that there are several key players which are recently functioning in this market more effectively for accounting the major share around the globe by proving better platform for transferring the money from one region to another more efficiently and within the less time includes Microsoft Corporation, Amazon.com, Inc., BitGo, NVIDIA Corporation, Advanced Micro Devices Inc., BitFury Group, Intel Corporation, AlphaPoint Corporation, Xilinx Inc., MoneyGram International Inc., Western Union Holdings, Inc., Euronet Worldwide, Inc., The Kroger Co., ABSA, Banco Bradesco SA, U.S. Bank, Scotiabank, SocieteGenerale, UBA and several others. Moreover, the key players of this market are adopting the effective strategies and policies for making significant developments in the technology of transferring money which further provide better consumer satisfaction and eliminate the time of being in a queue. This will also results in leading the fastest market growth during the forecasted period.
Nevertheless, significant increase in the number of migrants has a direct and positive impact on the growth of the remittance industry. The significant growth in the industrial and communication segments have considerably fueling to the market growth with job opportunities in the country. Therefore, in the near future outlook, it is expected that the market of remittance will increase across the globe more significantly over the decades.
Furthermore, the international remittance market around the globe presents the employee’s remittance outgoing and incoming from and to the respected region. With the effective advancements of the technology in the worldwide market attached with growing eminence of the online payments and e-wallets, the international remittance market has transformed its contour over the coming years.