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Kuwait Remittance Market is led by Increasing Digitalization, Dominating Expat Population and Higher Wage Rates in the Country: Ken Research

Posted on 09 February 2018 by KenResearch Banking Financial Services and Insurance ,

Growth of non-oil private sectors, improvement in economic conditions, steady money transfer to Asian countries and increasing number of banks & exchange branches have driven the remittance industry in Kuwait.

Kuwait is well-known as a leading cosmopolitan hub in the world with wide range of investment and job opportunities, due to which it has been a major attraction for job seekers from South Asian countries. Presence of huge expat population in the country has resulted in high demand for remittance to send back money to native homes. Major contributors for boom in the remittance market in Kuwait include blue collar and white collar customers. These customers remit huge part of their salaries to support their families in their home countries. International remittance market in Kuwait had always been in a growth phase owing to rise in the number of expatriates resulting out of the job opportunities developed in the country every year. Later in the review period, the remittance market in Kuwait was unstable owing to the economic downfall of the country due to the falling oil prices but retention in oil prices and economic diversification have been strong support for remittance industry in Kuwait.

The internal migration rate in the country has also affected the domestic remittance in Kuwait. The citizens of Kuwait have been shifting from underdeveloped cities to developed cities for better job opportunities and higher wages in cities such as Al Ahmadi, Hawalli, As Salimiyah and others. Since 2015, the non-oil private sector business activities have displayed a tremendous growth in the country as the government has increased its focus on economic diversification. The bill payment industry in Kuwait has also witnessed tremendous growth with the increase in internet population and increasing dependability on e-payment wallets for bill payments. The increasing rate of internet population and the booming e-commerce market in the country have augmented the number of online purchases which thereby raised the online bill payments. With the growth of banks, exchanges, e-wallet operators and MTOs, the remittance industry in Kuwait has witnessed positive growth during the review period.

The report titled “Kuwait Remittance Market by Inbound and Outbound International Remittance, by Mode of Transfer (Electronic and Cash), by Channel (Bank and Non-Bank), by Bill Payment Methods (Cash, Credit/Debit Card/E-Wallet and Electronic Transfers), by Types of Payment (Grocery Bills, Utility Bills, Fuel Bills, DTH and Broadband Bills and Mobile Recharge Bills) and by Regions – Outlook to 2022” by Ken Research suggested that growth of bill payment market and increasing expat population in the country will majorly account for the overall transaction growth of Kuwait remittance market in next 5 years till 2022.

Source: https://www.kenresearch.com/banking-financial-services-and-insurance/financial-services/kuwait-remittance-bill-payment-market/143002-93.html

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Ken Research
Ankur Gupta, Head Marketing
sales@kenresearch.com
+91-124-4230204

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Domestic Remittance Market of Kuwait is Expected to Benefit Majorly Owing to Rising Internal Migration and Growing Business Activities: Ken Research

Posted on 08 February 2018 by KenResearch Banking Financial Services and Insurance ,

The report covers various aspects such as overall market size of Kuwait remittance market, international remittance market, domestic remittance market and bill payment market; segmentation on the basis of inbound & outbound international remittance, by major flow corridors (United States, Japan, Germany and others), by mode of transfer (electronic and cash), by channel (bank and non-bank), by bill payment methods (cash, credit/debit card/e-wallet and electronic transfers), by types of payment (grocery bills, utility bills, fuel bills, DTH & broadband bills and mobile recharge bills) and by regions. The report also covers snapshot on global remittance market, value chain analysis of Kuwait remittance & bill payment market, competitive scenario in the industry, SWOT analysis, trends & developments, issues and challenges, regulatory scenario of Kuwait remittance market. The report also covers the competitive landscape of the industry and comprehensive profile of leading players (Al Muzaini Exchange Company, Western Union, UAE Exchange, Havana Exchange Company, Bahrain Exchange Company, Dollarco Exchange Co. Limited, Al Mulla Exchange, Xendpay) operating in the market. The report concludes with future outlook and projections of Kuwait remittance market, major macroeconomic indicators and upcoming trends affecting the market have also been highlighted in the report. The report also serves competitive scenario for each market which exists in remittance industry to get an in-depth understanding of remittance sector in Kuwait.

2018 | Kuwait News

  • Kuwait is expected to witness significant increase in the number of expatriates in the country owing to growth in job opportunities in non-oil sectors which will positively aid the remittance industry.
  • Recovery in oil prices, increasing presence of banks & exchanges in Kuwait backed with technological advancement will change the shape of remittance industry in upcoming years.

Kuwait remittance industry is facing an intensified competition with the entry of new players in the market backed with banks & MTOs offering mobile banking and mobile wallet facilities to their customers for better customer satisfaction. With the growth of number of expats in the country, the demand for exchange houses in the country is also increasing. The infrastructure development activities undertaken by the government and government’s focus on economic diversity is set to increase job opportunities in the country. As majority of these jobs are expected to be in the thriving private sector of the country, there will be a significant increase in the number of expatriates in the country. This will clearly have a substantial impact on increasing remittance inflows and outflows, which are heavily dominated by the country’s expatriate population. The real estate and construction sectors are expected to grow in future which will elevate the business activities in the country and boost international remittance in Kuwait.

Kuwait is expected to witness growing penetration rate of mobile phones and internet in the country which will further augment the bill payment market in upcoming years. Electricity and water usage among Kuwaiti households has been growing significantly in the past few years and will continue to rise. The increase in consumption of these facilities and shift towards online payment will boost bill payment market in Kuwait. The domestic remittance industry in future will be driven majorly by digital money transfer business. The transaction fee for domestic money transfer is very minimal and has greater speed which will majorly aid the growth of domestic remittance market in Kuwait. Additionally, the remittance industry in the country will grow on the back of increasing immigrant population and economic recovery.

Number of immigrants in Kuwait, total number of households in Kuwait, number of Kuwaiti immigrants worldwide and internet user population in Kuwait are some other key factors that may have positive impact on the market, according to the Analyst at Ken Research.

Ken Research in its latest study, Kuwait Remittance Market by Inbound and Outbound International Remittance, by Mode of Transfer (Electronic and Cash), by Channel (Bank and Non-Bank), by Bill Payment Methods (Cash, Credit/Debit Card/E-Wallet and Electronic Transfers), by Types of Payment (Grocery Bills, Utility Bills, Fuel Bills, DTH and Broadband Bills and Mobile Recharge Bills) and by Regions – Outlook to 2022, suggests that demand for remittance in the country will grow at a positive growth rate owing to government’s increased focus towards economic diversification.

Key Topics Covered in the Report

Money Transfer Market Kuwait

Kuwait Remittance Industry

Value Chain Analysis Kuwait Remittance Market

Kuwait Remittance Market Size

Kuwait International Money Transfer Transactions

Major Players Kuwait Remittance Market

Money Transfer Companies Kuwait

Remittance Companies Kuwait

Major Money Transfer Operators Kuwait

Unbanked Population Kuwait

Non-Banking Operators in Kuwait

Kuwait International Money Transfer Market

Kuwait Domestic Remittance Market

Kuwait Bill Payment Services Market

E-wallets Market Kuwait

Kuwait Remittance Market Growth

Future of Kuwait Remittance Market

Upcoming Trends Kuwait Remittance Market

International Immigrants Kuwait

Inbound and Outbound Remittance Kuwait

Western Union Remittance Share Kuwait

Al Muzaini Exchange Competitors Kuwait

UAE Exchange Transactions Volume

Internet User Population Kuwait

Number of Kuwaiti Immigrants Worldwide


For more information on the research report, refer to below link:

https://www.kenresearch.com/banking-financial-services-and-insurance/financial-services/kuwait-remittance-bill-payment-market/143002-93.html

Related Reports by Ken Research

Nigeria Remittance and Bill Payments Market Outlook by Inbound and Outbound International Remittance, By Mode of Transfer (Cash or Electronic Transfers), By Channel (Bank and Non-Bank) - Outlook to 2022

Russia Remittance and Bill Payments Market by Inbound and Outbound International Remittance, By Mode of Transfer (Cash or Electronic Transfers), By Channel (Bank and Non-Bank) - Outlook to 2021

UAE Remittance and Bill Payments Market Outlook to 2021 - Rising Expatriate Population, Growing Business Activities and Increasing Demand for Utilities to Foster Growth

Contact Us:
Ken Research
Ankur Gupta, Head Marketing
sales@kenresearch.com
+91-124-4230204

...

Read more…