Latest Ken research Report on “UAE Remittance and Bill Payments Market Outlook to 2021 – Rising Expatriate Population, Growing Business Activities and Increasing Demand for Utilities to Foster Growth” which provides a comprehensive analysis of remittance and bill payments market in UAE. The report covers market size, segmentation on the basis of remittance channel, mode of transfer, type of service and remittance corridor for international remittance market. For domestic remittance market, it covers market size, segmentation on the basis of remittance channel and type of services. It also includes the bill payments market in the country covering the market size and segmentation by type of bills. 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 readers with an 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.
UAE Remittance market is led by the international remittances and domestic remittances which are represented by the workers remittance outflow, the domestic business to business and personal remittances. During 2011-2016, the international and domestic remittance markets have showcased a remarkable growth at a CAGR of ~%. Market growth can be attributed to factors such as increasing number of expatriates, growing infrastructure and developmental activities, rising business sectors and others related factors. Similarly, there had been a decent growth in the UAE bill payments market displaying a CAGR of ~% during 2011-2016. The amplification exhibited by the market should be owed to rising utility bills due to the rising consumption of energy, water, mobile phones and other utilities.
Market Segmentation of UAE Remittance and Bill Payments Market
International Remittance Market
International remittance market in UAE is segmented on the basis of remittance channel, mode of transfer, remittance corridors and type of services.
In terms of workers remittance outflow, the market is dominated by exchange houses that account for a share of ~% in 2016 followed by banks.
Electronic mode of transfer dominated the market with a share of ~% in 2016 in the workers remittance outflow. It is followed by cash account and money order.
UAE-India represents the major international remittance corridor followed by US, Pakistan, Philippines, UK, Egypt, Bangladesh, Jordan and others.
During 2016, direct credit to bank account and online services dominated the market with a share of ~% in terms of workers remittance outflow followed by cash pick up and prepaid card services.
Domestic Remittance and Bill Payments Market
Domestic remittance market in UAE is segmented on the basis of remittance channel and type of service in terms of transaction volume.
As of 2016, the market is dominated by banks with a share of ~% followed by the non-banking transfer agents.
Direct credit to account and online services are majorly used across the country. It accounts for a share of ~% in the market in 2016 followed by cash pick up and prepaid cards.
Bill payments market is dominated by the electricity bills that held a share of ~% in 2016 followed by water, mobile, broadband and DTH bills.
International remittance market is a highly competitive market. In UAE international remittances are carried out through exchange houses and banks. Exchange houses have the major share in the transfer. There are more than ~ licensed exchange houses with more than ~ branches in the country. There are three major exchange houses that hold more than ~% share in the market. These exchange houses are competing on the basis of number of transactions, volume of transaction, number of branches, services offered and others. The major exchange houses in the country include UAE Exchange, Al Ansari Exchange, Al Fardan Exchange, Sharaf Exchange and others.
The UAE remittance and bill payments market has witnessed a considerable growth in past five years and the market is anticipated to grow at a CAGR of ~% during the forecast period, 2017-2021. Amplification of the market can be owed to the factors such as rising employment opportunities owing to the infrastructure developmental activities linked to the World Expo 2020 in Dubai, expansion of airports, the Etihad rail, air and marine transport systems and road networks in the country. Rising number of expatriates, internal migration, growing non-oil private sector businesses, rising utility prices and other related factors are set to augment growth in the market during the forecast period.
Key Topics Covered in the Report:
UAE Remittance and Bill Payments Market Overview and Genesis
Competitive Landscape of Major Players in UAE Remittance and Bill Payments Market
Macroeconomic Factors affecting UAE Remittance and Bill Payments Market
Money Transfer UAE,
Dubai Abu Dhabi Flow Corridor,
Mobile Wallets Users UAE
Dubai Abu Dhabi Remittance
Outbound Remittance in UAE
Banking Channel Money Transfer in UAE
Exchange House Money Transfer in UAE
United Arab Emirates Domestic Migration
Outbound Money Transfer in UAE
Inbound Money Transfer in UAE
Al Ansari Exchange Remittance flow
Sharaf Exchange Remittance in UAE
Trriple Money Transfer Volume in UAE
Remittance future in UAE
Cash Transfer Remittance UAE
Door to Door Services Remittance UAE
Top Recipient of UAE Remittance
UAE Expat Remittance
UAE Remittance Statistics
For More details Visit : https://www.kenresearch.com/banking-financial-services-and-insurance/financial-services/uae-remittance-bill-payment-market/110397-93.html
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