Competition Scenario In Australia Remittance Market
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.
What Is The Expected Future Outlook For The Overall Australia Remittance Market Across The Globe?
The Australia Remittance market was valued at USD ~billion in 2022P and is anticipated to reach USD ~billion by the end of 2027F, witnessing a CAGR of ~% during the forecast period 2022P-2027F. The realistic growth scenario represents the most likely scenario as per current market conditions. This scenario assumes that there will be no overall impact on the market due to any potential COVID-19 waves in the future.
The Australia Remittance market is driven by high internet penetration in the country, adoption of advance technologies, favorable government initiatives, emergence of new players and influx of foreign investments. However, the market is also constantly being influenced by rapid development in technology, product innovation, and diversification in some countries.
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.
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, World Remit and Instra Rem 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.
To learn more about this report Download A Free Sample
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
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
- Digital Platforms
- Others
Visit this Link Request for a custom report
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
- Value Chain of Clinical Laboratory Market in Thailand
- 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
- Future Outlook of Australia Remittance Market
- Trends and Development of Australia Clinical Lab Market
For more insights on the market intelligence, refer to the link below: –
Australia Remittance Market Outlook to 2027F: Ken Research
Related Reports by Ken Research: –
Philippines Remittance and Payments Market Outlook to 2024
Egypt Remittance Market Outlook to 2023
South Africa Domestic and International Remittance Market Outlook to 2023
