The regain of oil and gas prices after a dip and increased number of migration from CIS and Non-CIS countries in Russia has been a major growth driver in Russia Remittance and Bill Payments market of 2018.
Analysts at Ken Research in their latest publication “Russia Remittance and Bill Payments Market Outlook to 2023 (Second Edition) – By Domestic Remittance Banking and Non Banking (MTO) Channels, International Remittance Flow Corridors and Channel; Bill Payment Segment” believe that pawnshops in Russia can play a major part in expansion plans for money transfer operators. Fast-changing technology and mode of payments will require quick adoptions by the major players and small players. A failure to do so will lead to their eventual disappearance as new service models continue to emerge in Russia. This will help the sector to register a positive CAGR of 5.0% during the period 2018-2023 in terms of transaction volume in the International Remittance market.
Internal & External Migration Growth: Russia has been one of the major migration destinations for overseas workers from CIS and Non-CIS countries and ranked amongst top remittance generating countries. With improving economic conditions after the recession in 2014-2015, there has been an increasing trend of migration in the country in search of jobs. Major migration corridors are Switzerland, the USA, Uzbekistan, Tajikistan, and other countries. Additionally, an increase in internal migrations to Central Federal Districts, Northwestern Federal District and Volga Federal District was observed in 2018 due to increased investments in infrastructure development projects in the country and Russian from other districts looking for better job opportunities.
Stiff Competition in Russian Remittance Market: The remittance market of Russia is dominated by banking channels in both international and domestic markets with low commission fees such as Sberbank, VTB Bank, and others. In non-banking channels, local money transfer operators dominate the remittance market with low fees charged compared to international money transfer operators. Growing penetrations of mobile phones and new payment technologies have provided entrance to new players of m-wallets and others in the remittance market.
Demand for Utility Services: In recent years, with development in economic conditions of the country and increased inter-regional and intra-regional migrations in the country, the trend of nuclear families and growing expat population has increased the demand of utility services. The bill payment market has registered transaction volume growth at the CAGR of 13.0% in 2013-2018.
Key Segments Covered:-
International Remittance Market
By Flow Type
Inbound
Outbound
By Individuals
Residents
Non-Residents
By Major Flow Corridors
CIS (Kazakhstan, Uzbekistan, Tajikistan, Kyrgyzstan, Ukraine and Others)
Non-CIS (Switzerland, Latvia, USA, UK, Germany and Others)
By Remittance Channels
Banks
Non Banks
By Payout Mode
Cash
Non-Cash/Electronic Transfer
By Channels
Bank
Non-Banks
Domestic Remittance Market
By Remittance Channels
Banks
Non Banks
By Major Flow Corridors
Central Russian Federal District
Volga Federal District
North-western Federal District
Bill Payments Market
By Mode of Payment
Offline
Online
Method of Payment
Cash
Credit / Debit Cards / E-Wallets
Direct Bank Debits and Transfers
Key Target Audience:-
Money Transfer Operators
Banks
Pawnshops
Bill Payment Companies
M-Wallets
Mobile Money Companies
Central Bank
Investors and PE Firms
Convenience Stores
Time Period Captured in the Report:-
Historical Period – 2013-2018
Forecast Period – 2019-2024
Companies Covered:-
Major Bank Channel in Russia:-
Sberbank
VTB Bank
Gazprombank
Alfa Bank
Major Non-Banking Channel in Russia:-
Russian Post
Koronapay
Unistream
CONTACT (QIWI)
Money Gram
Western Union
Key Topics Covered in the Report:-
Russia Remittance and Bill Payments Market
Russia Remittance and Bill Payments Market Revenue
Russia International Remittance Market Growth
Inbound Remittance Market Russia
Cash Transfer Russia Remittance Market
Electronic Transfers Russia Remittance Market
Russia Remittance Offline Payment Market
Russia Remittance Online Payment Market
Russia Remittance Credit Cards Payment Market
Pawnshops Russia Remittance Market
Money Gram Remittance Market Shares Russia
Third-Party Bill Payment Market Russia
Contact Us:-
Ken Research
Ankur Gupta, Head Marketing & Communications
Sales@kenresearch.com
+91-9015378249