Money Transfer in Brazil, Brazil Remittance, Western Union Brazil - Ken Research
by Ashish Kumar Market ResearcherGrowing internal migration in Brazil owing to better job
opportunities, increasing family responsibilities and higher education have
triggered the size of the domestic remittance industry in the country.
The remittance market of Brazil has witnessed a transactional
change from traditional money transfer methods to digital payment methods. The
digital payment market is evolving at a fast pace in the country. The last few
years have witnessed heighten activities with the entry of several non-banking
institutions offering online payment services and solutions. The money is
majorly transferred through non banking institutions in the country which have
widely spread their presence across the urban and rural areas in Brazil. The
competition in the market has increased with the entry of many small and medium
sized players offering online digital payment services to the clients but the
remittance market in Brazil is dominated by large multinational players of
which many have spread their services across more than 100 countries. Almost
40% of the Brazilian population is unbanked which has increased the dependence
of the users on non-banking services and other MTOs.
The remittance industry in the country has witnessed a change
from agent based business model to digital modes of money transfer. This trend
is likely to continue in future with the proliferation of smart phones that
makes online transfers more convenient and cheaper. The users have shifted from
traditional methods such as money orders, telegrams and bank deposits to
transfer through e-wallet and other online methods. 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. With the
introduction of e-payment methods the users have discovered improved security,
easy transfer, and better speed and reduced leakages. The digital payment modes
have helped the immigrants to directly pay the utility bills rather than
sending the money. The market of bill payment has surged during the review
period owing to direct payment of bills through online channels which has
positively affected the overall Brazil remittance market.
The report titled “Brazil Remittance Market by Inbound and Outbound International
Remittance, by Mode of Transfer (Electronic and Cash), by Channel (Bank and
Non-Bank), by Bill Payment Methods (Cash, Credit/Debit Card/E-Wallet and
Electronic Transfers), by Types of Payment (Grocery Bills, Utility Bills, Fuel
Bills, DTH and Broadband Bills and Mobile Recharge Bills) and by Regions –
Outlook to 2022”
by Ken Research suggested that growing immigration to foreign countries and
increasing urbanization for better job opportunities will majorly account for
the overall transaction growth of Brazil remittance market in next 5 years till
2022.
Key Topics Covered in
the Report
Brazil Remittance
Brazil International Money Transfer
Number of Brazilian Immigrants Worldwide
Western Union Brazil
Money Transfer in Brazil
Unbanked Population Brazil
Money Transfer Companies in Brazil
International Immigrants Brazil
Internet User Population Brazil
Transfer Wise Transaction Volume
For more information
on the research report, refer to below link:
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Created on Feb 7th 2018 02:04. Viewed 931 times.