A considerable part of remittances, nearly half of all remittances sent from Germany, is sent to countries of the European Union.
Germany Remittance Market Positioning: The Germany Remittance Market is currently at the growth stage owing to the increasing digitalization, increased internet and smartphone penetration as well as government initiatives. Remittance services in Germany are available through banks, money transfer operators (MTOs), and other mobile and digital service providers.
Corona Impact: The nationwide development of the remittance market had been delayed by the COVID-19’s quick growth. The closure of Germany’s borders, which had a dramatic impact on working and temporary skilled migrants, can be partly blamed for the fall. Additionally, vulnerable populations like migrants have been disproportionately affected by the epidemic. However, the industry is starting to show signs of a respectable recovery following the disastrous COVID-19 pandemic outbreaks, as the market’s revenue has increased by around % in 2022 compared to 2020.
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Government Initiatives for reducing remittance transfer costs: Improving the regulatory environment, upgrading the financial system’s infrastructure, pursuing policies that support innovation and the exploitation of emerging technologies, and enhancing consumer protection and transparency in remittance transfers are all ways to increase the competitiveness of the remittance market. These are some steps taken by Authority to help the market expand in the years to come.
Analysts at Ken Research in their latest publication “Germany Remittance Market Outlook to 2027F – By Flow Type (Inbound and Outbound), by Application (Consumptions, Savings, Investments), and By Channels Used (Banking Channel, MTOs, M-Wallets and Others)” observed that Germany Remittance Market is expected to showcase considerable growth in the coming five years. It is anticipated to grow more quickly in the next years as a result of emerging digital platforms, government efforts, and growing internet and smartphone usage. The Remittance Market in Germany is expected to grow at ~% CAGR over the forecasted period 2022P-2027F.
Key Segments Covered in the report
- By Flow Type
- Inbound
- Outbound
- By Application
- Savings
- Investments
- Consumptions
- By Channels Used
- 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
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Time Period Captured in the Report:
- Historical Period: 2017-2022P
- Base Period: 2022P
- Forecast Period: 2022P-2027F
Companies Covered:
- HSBC Bank
- Deutsche Bank
- Lloyds Bank
- Barclays Plc
- BNP Paribas
- Barclays Plc
- Credit Agricole
- BBVA Dinero Express
- Unicredit Banca
Key Topics Covered in the Report
- Germany Remittance Market Overview
- Germany Remittance Market Segmentation
- Germany Domestic Remittance Market Overview
- Germany International Remittance Market Overview
- Ecosystem of Germany Remittance Market
- Market Share of Major Players in Germany Remittance Market
- Industry Analysis of Germany Remittance Market
- Value Chain of Germany Remittance Market
- Key Growth Drivers in Germany Remittance Market
- End User Analysis of Germany Remittance Market
- Key Challenges of Germany Remittance Market
- SWOT Analysis of Germany Remittance Industry
- Future Outlook of Germany Remittance Market
- Trends and Development of Germany Remittance Market
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