Banking Financial Services and Insurance Financial Services

Germany Remittance Market Is Expected To Grow Owing To The Rising Digital Platforms, Reduced Remittance Cost And Transfer Time, And Government Initiatives: Ken Research

January 12, 2023

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Germany Remittance Market

Germany Remittance Market is in the growing stage, owing to the reduced remittance cost and transfer time, rising digital platforms, increased internet and smartphone penetration and government’s initiatives. The Remittance Market in Germany is fragmented with key players such as HSBC, Deutsche Bank and Barclays Plc etc.

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Key Market Findings:

Germany Remittance Market was valued at USD ~ in 2021 and is projected to grow to USD ~ by 2027F, registering a CAGR of ~% in terms of revenue during the forecast period (2022P-2027F).
In terms of volume of transactions, the inbound remittance is expected to register a CAGR close to ~% in 2027F.
In the Digital Remittances segment, the number of users is expected to amount to ~ users by 2027F.

Adoption of Digital Technologies: The government has grand aspirations to use digital technology to enhance its processes, decision-making, and operations as well as its capability to share information with the public. The implementation of robust cyber security measures, improving agile development and analytical platforms, enabling a digital workforce, and enhancing governance procedures are all given special consideration. The country’s remittance industry will grow overall as a result of these initiatives to promote employment in the digital sector, which will in turn stimulate the influx of employees.

Rising Mobile and Internet Penetration: Electronic payment methods are on the rise in the remittance industry because to the introduction of cutting-edge technology-based systems that can be accessed by mobile and the internet. The use of mobile/internet-based payment methods for financial transfers has significantly changed as a result of increased mobile and internet penetration in the nation. The adoption of mobile-based payments across the nation has been made easier by the introduction of lightweight acceptance infrastructure. As a result, a bigger populace now has access to practical payment methods, which has fueled the industry’s expansion.

Reduced Remittance cost and Transfer Time: Cross-border payments become insignificant in cost, quick, auditable, and accessible to everyone owing to the use of digital transfer networks such as mobile phone technology, mobile money, digital currencies, distributed ledgers, electronic identity, and others to send money.

Analysts at Ken Research in their latest publication “Germany Remittance Market Outlook to 2027F – By Flow Type (Inbound and Outbound), by Application (Consumptions, Savings, Investments), and By Channels Used (Banking Channel, MTOs, M-Wallets and Others)” observed that Germany Remittance Market is expected to showcase considerable growth in the coming five years. It is anticipated to grow more quickly in the next years as a result of emerging digital platforms, government efforts, and growing internet and smartphone usage. The Remittance Market in Germany is expected to grow at ~% CAGR over the forecasted period 2022P-2027F.

Key Segments Covered in the report