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.
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.
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.