Cross Border Remittance In Russia, Remittance By Purpose Russia - Ken Research
by Ashish Kumar Market ResearcherThe report titled “Russia Remittance and Bill Payments Market by Inbound and Outbound
International Remittance, By Mode of Transfer (Cash or Electronic Transfers),
By Channel (Bank and Non-Bank) - Outlook to 2021” provides a comprehensive analysis
of remittance and bill payments market in Russia. The report covers market
size, segmentation on the basis of inbound & outbound remittance,
remittance channel, mode of transfer and remittance corridor for international
remittance market. For domestic remittance market, the report covers market
size, segmentation on the basis of region and major remittance channel. It also
includes the bill payments market in the country covering the market size and
segmentation of market by type of bills, channel of bill payment and bill
payment methods. The report also covers government regulations in the market,
competitive landscape and company profiles for major players in the remittance
and bill payments market. The report provides detailed overview on future
outlook & projections with analyst recommendations for the industry.
The report facilitate the reader with the identification and
in-depth analysis of the existing and future trends, issues and challenges
prevalent in the industry and anticipated growth in the future depending upon
changing industry dynamics in coming years. The report is useful for exchange
houses, banks, bill payment portals and other stakeholders to align their
market centric strategies according to ongoing and expected trends in the
future.
Industry Overview
The Russian Remittance Market is dominated by the
International Remittance. The international remittance holds a major share of
the market and was about ~% of the total market in 2016 in terms of transaction
volume. The major sources of remittance in Russia include the CIS countries
(i.e. Azerbaijan, Armenia, Belarus, Kazakhstan, Kyrgyzstan and others) and the
Non-CIS countries (i.e. Switzerland, China, USA and others. Growing number of
migrants domestically and from the other countries (CIS & Non-CIS) serve as
a fueling factor to the Russia Remittance Industry. The availability of jobs
and migration has collectively stimulated growth of the international as well
as domestic remittance industry. The growth in the industrial and communication
sectors have substantially given rise to the job opportunities in the country.
In the past few years the growth of the bill payment market has been over ~% in
Russia. The rapid increase in the number of households, number of smartphone
subscribers and internet users together with availability for small sector jobs
on account of the upcoming events like FIFA World Cup in 2018 have attributed
as the leading factors for the growth Bill Payment Market.
Market Segmentation of
Russia Remittance and Bill Payments Market
International Remittance
Market
International Remittance Market in Russia is segmented on the
basis inbound outbound remittance, resident and non-resident individuals,
channel of transfer, mode of transfer and remittance corridors. International
remittance in Russia is largely dominated by the remittance outflow to other
counties. Outflow of remittance from other countries has contributed a share of
~% in the overall revenues of the industry
In terms of remittance outflow, the market is dominated by
banking channels that account for a share of ~% in 2016. Cash transfers as a
mode of transfer dominate the market with a share of ~% in 2016 in the
remittance outflow. Russia-Switzerland represents the major international
remittance corridor for the outflow, while the Switzerland-Russia is the major
corridor for the inflow of remittance in Russia. In terms of flow corridors the
market is dominated by the remittance flows to the Non-CIS countries with a
share of ~% in the year 2016.
Domestic Remittance and
Bill Payments Market
Domestic Remittance Market in Russia is segmented on the
basis of flow corridors and remittance channel. Internal migration is the key
driver for domestic remittance in the country. The main reasons for people to
migrate from rural areas are better paying jobs, better standards of living and
higher education. In the year 2016 Central Russian Federal District has
dominated the regional remittance market. As of 2016, the market is dominated
by non-bank institutions that include payment cards, Russian Post, e-wallets/mobile
money and money transfer operators with a share of ~% followed by the banking
channels. Bill payments market is dominated by the grocery bills that held a
share of ~% in 2016 followed by utility bills, fuel bills, mobile recharges and
broadband and DTH payments.
Competitive Landscape
International remittance market is a highly competitive
market. In Russia international remittances are carried out through Banks and
MTOs. Non-Bank including MTOS and exchange houses have the major share in the
transfer services. There are five major MTOs that hold more than ~% share in
the market. These MTOs are competing on the basis of the transaction fees
charged, volume of transaction, number of branches, services offered and
others. The MTOs in the country include KoronaPay, Western Union, MoneyGram,
UniStream and others. Domestic remittance in the country is also dominated by
these non-bank institutions as a mode of preferred channel. ~% of the domestic
remittance market is shared by a number of non-bank financial organizations and
companies. These organizations compete with each other on the basis of
penetration in rural areas, interconnectivity, fee charged, security of
transaction made and other aspects.
Future Potential of
Russia Remittance and Bill Payments Market
The Russia remittance and bill payments market has witnessed
a growth at a decreasing rate in past five years and the market is anticipated
to grow at a CAGR of ~% during the forecast period, 2017-2021. The growth in
the market during the forecast period can be attributed to factors such as
rising number of international and domestic migrants, more employment
opportunities in the major cities which and increasing use of mobile and
internet in the country.
Key Topics Covered in
the Report:
Russia Remittance and Bill Payments Market Overview and
Genesis
Value Chain Analysis in Russia Remittance Market
Russia International Remittance Market Size
Russia International Remittance Market Segmentation
Future Outlook and Projections of Russia International Remittance
Market
Russia Domestic Remittance Market Size
Russia Domestic Remittance Market Segmentation
Future Outlook and Projections of Russia Domestic Remittance
Market
Russia Bill Payments Market Size
Russia Bill Payments Market Segmentation
Future Outlook and Projections of Russia Bill Payments Market
Trends and Developments in Russia Remittance and Bill
Payments Market
Issues and Challenges in Russia Remittance and Bill Payments
Market
SWOT Analysis of Russia Remittance and Bill Payments Market
Competitive Landscape of Major Players in Russia Remittance
and Bill Payments Market
Macroeconomic Factors affecting Russia Remittance and Bill
Payments Market
For more information on
the market research report please refer to the below link:
Related Reports by Ken
Research
Contact:
Ken Research
Ankur Gupta, Head Marketing & Communications
+91-124-4230204
Sponsor Ads
Created on Dec 11th 2017 05:32. Viewed 701 times.