Belgium Remittance Market Ecosystem
The Belgium Remittance Market is currently in the growth stage & has both formal & informal payment service providers including banks, money transfer operators, mobile wallets, postal networks etc. The market has been fueled by increased government support for new players, increased migration, improved banking & financial system knowledge & increased awareness towards digital remittance services in the ecosystem. The key players in the market are American Express Company, Visa Inc, Sofort UK Limited, Paypal Payments Private Limited, Bancontact Payconique Company.
Key Market Findings
- Remittances in Belgium increased from ~ EUR Million in the second quarter of 2022 from ~ EUR Million in the first quarter of the same year.
- The market is expected to grow at a CAGR of ~%
- The Belgium Remittance Market is moderately consolidated & is currently in its growth stage.
- There is a presence of both formal & informal players in the market including banks, money transfer operators, mobile wallets, postal networks.
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Market Size: The Belgium remittance market has displayed a steady growth when it comes to transaction value driven by an increment in both inbound & outbound remittances. The total value of transaction increased displaying a CAGR of close of 4%. This was driven basically by an increase in outbound remittance, which is led by a robust growth in employment prospects in Belgium & other European countries. Moreover, an appreciation in the currency during the period 2015-2019 is also a supporting factor.
Corona Effect: A lot of jobs were lost around the globe during the period 2020-2021 as a result of which the amount of inbound & outbound remittances declined enormously. The decline in remittance flows in 2020-21 affected Belgium & other European countries drastically with the region showcasing the steepest decline of almost ~%. The impact of COVID-19 is pervasive when viewed through a migration lens as it affects migrants and their families who rely on remittances,” said Mamta Murthi, Vice President for Human Development and Chair of the Migration Steering Group of the World Bank.
Deficit to Surplus: During the year 2020-21, personal remittances came to the rescue of Belgium. The region, thanks to its flow of personal remittances, recorded a current account deficit. Belgium showed a current account surplus of USD ~ Billion. Without personal remittances, this surplus could have easily turned into a current account deficit of USD ~ Billion in 2020.
Analysts at Ken research in their latest publication, “Belgium Remittance Market Outlook 2027F driven by flow type (Inbound & Outbound), by Channel (Bank & Non-Bank), by major flow corridors (America, ASEAN, Middle East, Africa, Australia & Oceania), by income level (lower, middle, high) observed that the Belgium remittance market is experiencing a steady growth while slowly recovering from the pandemic hit. Enhanced market size, personal remittance. It is expected that the Belgium Remittance Market will grow at a CAGR of ~% for the above mentioned tenure.
Key Segments Covered: –
International Remittance Market
By Flow Type
- Inbound
- Outbound
By Channel
- Bank
- Non-Bank
By Major Flow Corridors
- ASEAN
- Middle East
- America
- Europe
- Australia & Oceania
- Africa
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By Income Level
- Lower Level Income Group
- Middle Level Income Group
- High Level Income Group
Domestic Remittance Market
By Remittance Channels
- Banks
- Non-Banks
By Major Flow Corridors
- Urban to Rural Areas
- Rural to Rural Areas
- Urban to Urban Areas
By Income Level
- Lower Level Income Group
- Middle Level Income Group
- High Level Income Group
Key Target Audience
- Banks
- Money Transfer Operators
- M-Wallet Companies
- Hawalas
- Convenience and Retail Stores
- Supermarket Chains
- Bills and Payments Companies
- Investors & Venture Capital Firms
- Government Bodies
Time Period Captured in the Report:
- Historical Period –2017-2021
- Base Period- 2022P
- Forecast Period –2023F-2027F
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Companies Covered:
Major Bank and Non- Bank Channels in Belgium:
- Visa
- PayPal
- American Express
- Sofort UK Limited
- Bancontact Payconique Company
- GoPay
- Western Union
- Climb Niaga
Key Topics Covered
- Belgium Domestic Remittance Market Size (2017-2022P)
- Belgium Bill Payments Market Size (2017-2022P)
- Belgium International Remittance Market Size (2017-2022P)
- Belgium Remittance and Bill Payments Market Overview
- Belgium Remittance and Bill Payments Market Ecosystem
- Belgium Remittance and Bill payments Market Segmentation (2017-2022P)
- Trends and developments
- Comparative Landscape including Strength and Weakness of the major Remittance and Bill Payments players
- Company Profiles of Major Players
- Future Outlook and Projections of Belgium Domestic Remittance Market (2022P-2027F)
- Future Outlook and Projections of Belgium Bill Payments Markets (2022P-2027F)
- Future Outlook and Projections of Belgium International Remittance Markets (2022P-2027F)
- Analyst Recommendation
For More Information On The Research Reports, Refer To Below Link: –
Future Outlook of Belgium Remittance Market
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