The Remittance Market in Australia saw a drop in the growth in terms of transaction value in 2020 due to the Covid-19 pandemic, but as things are going back to normal with time, the industry is expected to recover faster.

Australia Remittance Market Overview: The Australia Remittance Market is currently at the growth stage owing to the increasing digitalization, increased internet and smartphone penetration as well as government initiatives. Remittance services in Australia are available through banks, money transfer operators (MTOs), and other mobile and digital service providers. The market is moderately consolidated with ~ players owning the majority of the market.

Impact of Covid-19 on Australia Remittance Market: The rapid growth of COVID-19 has slowed the Remittance Market's expansion across the country. Outbound remittances from Australia decreased by almost half between 2019 and 2020. A portion of the decline can be attributed to Australia's border shutdown, which resulted in a sharp decline in working and temporary skilled migrants. Additionally, the pandemic had disproportionately impacted vulnerable groups, including migrants. However, after the devastating COVID-19 pandemic outbreaks, the sector is beginning to show indications of a reasonable recovery as the market's revenue has recovered by around ~% in 2022 compared to 2020.

Government Initiatives: The Australian Government remains committed to delivering on the 2014 G20 Call to Action on Remittances. Australia is engaging with commercial banks and industry associations to support low cost remittance transfers in its region. Australia is also leveraging its aid initiatives and a seasonal workers program to better prepare workers from the Pacific to invest remittance savings upon return to their home countries. Australia continues to support transparency initiatives, such as remittance price comparison websites. Additionally, Australia is engaging with global standard setting bodies, and its domestic authorities, to review the impact of Australia’s anti-money laundering and counter terrorism legislation on remittance transfers. The National Remittance Plan of Australia intends to make it possible for everyone to send money in a secure and economical manner.

Learn more about report @ https://www.kenresearch.com/banking-financial-services-and-insurance/financial-services/australia-remittance-market-outlook-to-2027/596236-93.html

Analysts at Ken Research in their latest publication “Australia Remittance Market Outlook to 2027F - By International Remittance Flow Corridor (Inbound and Outbound Countries and Point of Contact), By Domestic Remittance Flow Corridor (Urban to Rural, Urban to Urban, Rural to Rural and Rural to Urban) and By Channels Used (Banking Channel, MTOs, M-Wallets and Others)” observed that Australia Remittance Market is expected to showcase considerable growth in the coming five years. In the upcoming years, it is predicted to expand more rapidly due to rising digital platforms, government’s initiatives and increased internet and smartphone penetration. The Remittance Market in Australia is expected to grow at ~% CAGR over the forecasted period 2022P-2027F.

Key Segments Covered in the report

By International Remittance Flow Corridor
By Inbound Countries (By Value of Transactions)
India
US
Saudi Arabia
France
China
Russia
By Outbound Countries (By Value of Transactions)
India
Pakistan
Mexico
China
Egypt
Philippines
By Point of Contact (By Volume)
Branch Pick-up
Mobile Payment & Online Transactions
Prepaid Cards
By Domestic Remittance Flow Corridor (Value of Transactions)
Urban to Rural
Urban to Urban
Rural to Rural
Rural to Urban
By Channels Used (Value of Transactions)
Banking Channel
MTOs
M-Wallets
Digital Platforms
Others

Request for Free Sample Report @ https://www.kenresearch.com/sample-report.php?Frmdetails=NTk2MjM2

Key Target Audience

Banks
Money Transfer Operators
Digital Payment Companies
M-Wallet Companies
Bills Payments Companies
Investors & Venture Capital Firms
Government Bodies
Mobile Money Companies

Time Period Captured in the Report:

Historical Period: 2017-2022P
Base Period: 2022P
Forecast Period: 2022P-2027F

For more details about report @ https://www.kenresearch.com/banking-financial-services-and-insurance/financial-services/australia-remittance-market-outlook-to-2027/596236-93.html

Companies Covered:

Wise
Commonwealth Bank of Australia (CBA)
OFX
TorFX
InstaRem
WorldRemit
Xe Money Transfer

Key Topics Covered in the Report

Australia Remittance Market Overview
Australia Remittance Market Segmentation
Australia Domestic Remittance Market Overview
Australia International Remittance Market Overview
Ecosystem of Australia Remittance Market
Market Share of Major Players in Australia Remittance Market
Industry Analysis of Australia Remittance Market
Value Chain of Clinical Laboratory Market in Thailand
Key Growth Drivers in Australia Remittance Market
End User Analysis of Australia Remittance Market
Key Challenges of Australia Remittance Market
SWOT Analysis of Australia Remittance Industry
Future Outlook of Australia Remittance Market
Trends and Development of Australia Clinical Lab Market

For more information on the research reports, refer to below link:

https://www.kenresearch.com/banking-financial-services-and-insurance/financial-services/australia-remittance-market-outlook-to-2027/596236-93.html

Related Reports:

https://www.kenresearch.com/banking-financial-services-and-insurance/financial-services/philippines-remittance-payments-market/204157-93.html

https://www.kenresearch.com/banking-financial-services-and-insurance/financial-services/egypt-remittance-market/182340-93.html

https://www.kenresearch.com/banking-financial-services-and-insurance/financial-services/kuwait-remittance-bill-payment-market/143002-93.html

https://www.kenresearch.com/banking-financial-services-and-insurance/financial-services/south-africa-domestic-international-market/193845-93.html