Egypt Inbound Remittance Market has intensified due to high Egyptian migration in countries such as Saudi Arabia, Kuwait, UAE, Jordan, and more. Additionally, the increase in mobile users, banking population, and nuclear families are few of the major supporting factors that have helped in the growth of Domestic Remittance and Bill Payment Market in the country.
Transform Evolution in Egypt Remittance Market: Remittance market in Egypt is still in the development stage and many transformational changes are required from the perspective of policy, technology, awareness and acceptance.
Transformation of Remittance Business Model in Egypt: The market has witnessed a change from agent based business model to digital modes of money transfer. This trend is likely to pertain in future with the proliferation of smart phones that makes online transfers more convenient and economical. This shift presents a technological challenge for existing companies which requires upgrading its platform that can support both traditional as well as the digital modes of services. The four electronic payment systems that are currently being used by aid agencies are pre-paid debit cards, smart cards, mobile money transfer systems and electronic vouchers. The most important benefits that were noted for all four e-payment systems include improved security for staff and recipients, reduced leakage, improved reconciliation and control of expenditure, greater speed and efficiency of transfers, reduced costs for the agency and recipient.
Analysts at Ken Research in their latest publication “Egypt Remittance Market Future Outlook to 2023 – By Inbound and Outbound Remittance, By Mode of Transfer (Bank Transfer, Through Friends or Relatives, Through Agent or Courier, Carried Money on Their Visits, and Others), By Banking and Non Banking Channel, By Bill Type (Mobile Services, Internet Services, Utilities, and Others), By Bill Payment Mode (Cash Payments, Card Payments, and Fund Transfers)” expect the market to register a tremendous growth in terms of transaction value during the forecast period 2019E-2023E. The growth will be mainly driven by high growth in Bill payments system and rise in inbound domestic remittance.
Inbound remittance from foreign countries has helped the country to earn foreign exchange and with improved penetration of banking and MTOs, the formal channel of money transfer is gaining prominence. Domestic Remittance Market is dominated by Egypt Post in which it holds about majority of the market share (in terms of transaction volume), followed by other banks and MTOs.
Egypt Bill Payment Market: Bill Payment is the fastest emerging market and in the last few years it has seen a sudden growth mainly on account of rise in number of mobile and internet users. The sector has registered a double digit growth rate in the last five years and trend is expected to continue in the years to come. Mobile recharge has registered the highest transactions and is followed by bill payment for utilities such as electricty, water and others. Many bill payment companies such as Fawry, Bee: Smart, Masary and others have evolved over few years. Major payments gateways such as Mastercard and Visa have enabled many services for online bill payment.
Keywords:-
Egypt Remittance Market
Egypt Domestic Remittance Market
Egypt Bill Payment Market
Inbound Remittance in Egypt
Outbound Remittance in Egypt
Bill Payment Solution in Egypt
Mode Of Remittance In Egypt
Types Of Bills In Egypt
Fawry Bill Payment In Egypt
Moneygram Egypt Company Profile
Company Profile Of Fawry Egypt
Company Profile Masary Egypt
Company Profile Of Egypt Post
Company Profile Of ITSC Egypt
Company Profile Of HSC Egypt
QR Code Bill Payment Market In Egypt
Utilities Bill Payment Market Egypt
Mobile Bill Payment Market Egypt
Key Segments Covered:-
Egypt International Remittance Market
By Inbound and Outbound Remittance
By Major Flow Corridors
Inbound Flow Corridors
Outbound Flow Corridors
By Mode of Transfers
Bank Transfers
Through Friends or Relatives
Through Agent or Courier
Carried Money on Their Visits
Single Size
Custom Size
Egypt Domestic Remittance Market
By Channel of Transfer
By Major Flow Corridors
Banking Transactions
Non-Banking Transactions
By Major Flow Corridors
Bank Transfers
Egypt Bill Payments Market
By Type of Bill Payments
Mobile Services
Internet Services
Utilities
By Mode of Bill Payments
Cash Payments
Card Payments
Fund Transfers
Key Target Audience:-
Money Transfer Organization
Bill Payment Companies
Banks
Time Period Captured in the Report:-
Historical Period – 2013-2018
Forecast Period – 2019-2023
Companies Covered:-
Western Union
RIA Money Transfer
MoneyGram
Egypt Post
ITSC Egypt
HSBC Egypt
Fawry
Masary
Bee: Smart Payment Solutions
For more information on the research report, refer to below link:
Related Reports By Ken Research:-
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Ken Research
Ankur Gupta, Head Marketing & Communications
Sales@kenresearch.com
+91-9015378249
