The “Remittance Software Market to 2025 by Software (Web-Based Software, and Application Based Software), Deployment type (On-Premise and Cloud), and by Application (Personal Remittance Software, Business Remittance Software and Public Remittance Software) – Global Analysis and Forecast” The scope of study involves B2B, B2C and money transaction between families living abroad by using smartphone, tablet and computer. Also, provides the estimate and forecast of the revenue and market share analysis and also spots the significant remittance software market players in the market and their key developments.

The remittance software market is US$ 1279.64 Mn in 2017 and is estimated to reach US$ 3323.41 Mn by 2025. Increasing migrants signify a huge and fast-growing customer base for the worldwide remittance industry. Unusually, the local money remittance market has an even larger annual spend than the international market. People in developing areas depend heavily on money transfer services for their financial needs and daily living. With smartphone or online website, customers can make international transfers to other 147 countries across the globe, eliminating visit to banks and agents. Thus, rise of migrant’s number cross-border is driving the remittance software market by a CAGR of 12.7% during the forecast period i.e. 2018-2025.

Increasing number of migrants across globe will be the major driving factor for growth in the remittance software market between 2016 and 2025

In addition to this, point of concerns in remittance market is money exchange and foreign bank payment to provide secured services within the regulatory frameworks. As the International money transfer industry has witnessing increased cross-border money transfers but also faces various challenges, such as many payment systems are based on local laws and regulations within existing domestic banking and financial infrastructures while making the cross-border transactions difficult. The remittance industry has strict Anti-Money Laundering (AML) regulations that are forcing many banks for not deploying remittance software.

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The application segment of remittance software is further classified into: personal remittance software, business remittance software and personal remittance software. Out of which personal remittance software market contribute the largest market share and expected to have the highest growth rate during the forecast period. Due to the growing migrants across countries and increasing adoption of smartphone and tablets has been the most responsible factor for the growth of personal remittance software. This is due to the remittance transaction cross border with the growing migration of people from country to country. Thus, creates an opportunity in personal remittance software market.

Remittance software market by application is segmented into three types, namely - personal remittance software, business software and public remittance software. Among these three, personal remittance software is most used software application with large number of P2P and P2B transaction. The propagation of digitalization and modernization over traditional method used for remittance are some of the trends contributing to the emerging remittance software market. Moreover, according to World Bank approx. 89% of transactions are between families and friends within the country and cross-border. Therefore, most of the organization opted for this personal remittance software consequently cross border transaction become easy and cheap.

The report profiles key players such as Remit One Ltd., Remit Anywhere, FinCode Ltd., MTS, Girmiti Software Private Limited, Grey Systems, ControlBox Corp. NextGen Systems UK Limited, Fiserv, Inc., and Daemon Software among others. Some of the remarkable developments done by top key players such as, WorldRemit introduced its money transfer service in New York.  Through a smartphone or online website, customers can make international transfers to other 147 countries across the globe, eliminating visit to banks and agents. Similarly, WorldRemit and Wing Cambodia Limited Specialised Bank, a mobile banking service provider has introduced instant money transfer services in Cambodia. This new service simplify money transfer for the Cambodians to send money to Wing’s mobile banking accounts.

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