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 ~ Billion. Without personal remittances, this surplus could have easily turned into a current account deficit of ~ Billion in 2020.
Competitive Scenario: The Belgium Remittance market is moderately concentrated with formal & informal players operating in the market at the same time. The market has been fueled by increased migration, increasing government support for new competitors, improved banking knowledge and increased awareness towards digitalized remittance services in the space. The key players operating in the market are HSBC Bank, Lloyds Bank, Visa, American Express, Barclays, Deutsche Bank, Ria Money Transfer. As of 2018, banks dominate the inbound remittance market in terms of volume of transactions followed by MTOs, m-wallets and other channels including postal networks, credit unions and informal channels. MTOs dominate the outbound remittance market of the region in terms of the transaction volume as of 2018.
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Market Restraints: While personal remittances saved the Belgium remittance market to a large extent, Covid still had an impact on the overall growth, hindering the robust growth & causing fluctuations when it came to profit generation. Moreover, Europe’s resistance to the inflow of migrants can also affect the market to a large extent. If this one factor is taken care of effectively, the market is predicted to grow at a CAGR of ~%, generating a total revenue of ~ Billion.
Market Size: The Belgium remittance market has displayed steady growth when it comes to transaction value driven by an increment in both inbound & outbound remittances. The total value of the transaction increased displaying a CAGR of close of 4%. This was driven basically by an increase in outbound remittance, which is led by 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.
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, and 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 Strengths 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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