Global Remittance Market

  • Published date: 09/08/2021
    • Canberra, Australian Capital Territory, Australia

The Global Remittance market accounted for US$ 49.49 million in 2020 and is anticipated to register a CAGR of 7.6%. Remittances are a term used to describe international money transfers. According to the World Bank, global remittances reached an all-time high of $689 billion in 2018, up from $633 billion in 2017. Increased migration to affluent nations, UN pressure to cut transfer fees, burgeoning FinTech and mobile payments technologies, and an increase in the number of non-bank remittance vendors such as MoneyGram and Western Union are all contributing to the rise in global remittances.

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