Australia Remittance Market is in the growing stage, owing to the rising digital platforms, increased internet and smartphone penetration and government’s initiatives. The Remittance Market in Australia is moderately consolidated with key players such as Wise, Commonwealth Bank of Australia, OFX etc.
Key Market Findings:
- Australia Remittance Market was valued at USD ~ in 2021 and is projected to grow to USD ~ by 2027F, registering a CAGR of ~% in terms of revenue during the forecast period (2022P-2027F).
- In terms of volume of transactions, the inbound remittance is expected to register a CAGR close to ~% in 2027F.
- In the Digital Remittances segment, the number of users is expected to amount to ~ users by 2027F.
Rising Mobile and Internet Penetration: The advent of innovative electronic payment systems that leverage on technology, which can be used through internet and mobile, has led to electronic payment systems rising in the remittance space. Increased mobile and internet penetration in the country has resulted in significant shift towards use of mobile/internet-based payment systems for fund transfers. Introduction of lightweight acceptance infrastructure has further facilitated the use of mobile based payments across the country. This has led to a larger population having access to convenient payment systems at their disposal, leading to the growth of the Industry.
Adoption of Digital Technologies: The government has ambitious plans to rely on digital technologies to improve its operations, procedures, and decision-making, as well as its capacity to communicate information with people. Improvements in governance mechanisms, enabling a digital workforce, strengthening agile development and analytical platforms, and implementing strong cyber security controls are all given particular attention. These efforts will increase employment in the digital sector, which will in turn encourage the inflow of workers into the nation resulting in the overall rise in the Remittance Industry in the country.
Rising Digital Platforms for Fund Transfer: Legacy providers in the Australia Remittance Market are banks, post offices and specialized money transfer services such as Western Union and MoneyGram. These services charge comparatively high fees, and the digital companies such as Wise, WorldRemit and InstraRem have won their share of the market by offering reduced transfer fees. This is possible due to optimizing the use of digital infrastructures to bypass much of the costs. This has led to the increase in digital payments and will lead to the increase in use of digital platforms for fund transfers, contributing to the growth of the Remittance Industry in Australia.
Analysts at Ken Research in their latest publication “Australia Remittance Market Outlook to 2027F – By International Remittance Flow Corridor (Inbound and Outbound Countries and Point of Contact), By Domestic Remittance Flow Corridor (Urban to Rural, Urban to Urban, Rural to Rural and Rural to Urban) and By Channels Used (Banking Channel, MTOs, M-Wallets and Others)” observed that Australia Remittance Market is expected to showcase considerable growth in the coming five years. In the upcoming years, it is predicted to expand more rapidly due to rising digital platforms, government’s initiatives and increased internet and smartphone penetration. The Remittance Market in Australia is expected to grow at ~% CAGR over the forecasted period 2022P-2027F.
Key Segments Covered in the report
- By International Remittance Flow Corridor
- By Inbound Countries (By Value of Transactions)
- India
- US
- Saudi Arabia
- France
- China
- Russia
- By Outbound Countries (By Value of Transactions)
- India
- Pakistan
- Mexico
- China
- Egypt
- Philippines
- By Point of Contact (By Volume)
- Branch Pick-up
- Mobile Payment & Online Transactions
- Prepaid Cards
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- By Domestic Remittance Flow Corridor (Value of Transactions)
- Urban to Rural
- Urban to Urban
- Rural to Rural
- Rural to Urban
- By Channels Used (Value of Transactions)
- Banking Channel
- MTOs
- M-Wallets
- Others
Key Target Audience
- Banks
- Money Transfer Operators
- Digital Payment Companies
- M-Wallet Companies
- Bills Payments Companies
- Investors & Venture Capital Firms
- Government Bodies
- Mobile Money Companies
Time Period Captured in the Report:
- Historical Period: 2017-2022P
- Base Period: 2022P
- Forecast Period: 2022P-2027F
Companies Covered:
- Wise
- Commonwealth Bank of Australia (CBA)
- OFX
- TorFX
- InstaRem
- WorldRemit
- Xe Money Transfer
Key Topics Covered in the Report
- Australia Remittance Market Overview
- Australia Remittance Market Segmentation
- Australia Domestic Remittance Market Overview
- Australia International Remittance Market Overview
- Ecosystem of Australia Remittance Market
- Market Share of Major Players in Australia Remittance Market
- Industry Analysis of Australia Remittance Market
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- Key Growth Drivers in Australia Remittance Market
- End User Analysis of Australia Remittance Market
- Key Challenges of Australia Remittance Market
- SWOT Analysis of Australia Remittance Industry
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For more information on the research reports, refer to below link:
Australia Remittance Market Outlook to 2027F: Ken Research
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