France Remittance Market Growth Outlook to 2027: Mobile Payments, Cross-Border Transactions, Reduced Costs

Dublin, Aug. 24, 2023 (GLOBE NEWSWIRE) — The “France Remittance Market Outlook to 2027” report has been added to ResearchAndMarkets.com’s offering.

France Remittance Market: Thriving in Digital Transformation and Cross-Border Transactions

The France Remittance Market is currently in a state of moderate concentration and growth, marked by the participation of formal and informal payment service providers, such as banks, money transfer operators (MTOs), mobile wallets, and postal networks.

The market’s momentum is propelled by factors like escalating migration rates, governmental backing for new market entrants, improved financial literacy, and a growing preference for digitized remittance services. This growth has been evident in the consistent rise of transaction values, driven by both inbound and outbound remittances. Notably, the surge in outbound remittances, attributed to improved employment opportunities in the euro area, along with currency appreciation, has significantly contributed to this upward trajectory.

Driving Factors: Mobile Payments, Cross-Border Transactions, and Reduced Costs

The market’s expansion is steered by the increasing adoption of mobile-based payment channels, facilitating cross-border transactions and reducing both time and cost associated with remittance transfers. Embracing digital remittance services is poised to diminish reliance on cash agents in both sending and receiving countries, thereby curbing the prevalence of high transaction fees.

Fintech Startups and Cost-Efficiency

The surge in fintech startups within the industry is expected to drive down the costs associated with fund transfers in the near future. This development is set to be further supported by heightened security checks and safety regulations, already underway, as exemplified by DBS Bank.

Key Trends by Market Segment

By Channel: The choice of a remittance channel hinges on factors such as accessibility for both payer and payee, cost considerations, the array of services offered, remittance amount, and more. Recent trends indicate that France’s inbound remittances predominantly flow through banks. As of 2022 projections, banks dominate the inbound remittance landscape in terms of transaction volume, followed by MTOs, mobile wallets, and other channels including postal networks, credit unions, and informal channels.

By Point of Contact: The inbound remittance segment is largely led by branch pick-ups and mobile/online transactions, followed closely by prepaid cards in terms of remittance transaction volume.

Competitive Landscape

The French market showcases a moderate concentration of players, with MTOs and banks being the primary contenders. The market is influenced by five major MTOs, namely Western Union, MoneyGram, Ria Money Transfer, Transferwise, and UAE Exchange. Additionally, four major banks hold a significant presence, including HSBC Bank, Lloyds Bank, BNP Paribas, and Barclays PLC. Noteworthy players also encompass mobile wallets, with Xoom by Paypal being a major contender.

Key competitive parameters revolve around fees, transaction speed, service range, reach, payout networks, trustworthiness, technological advancements, promotional offers, and cost transparency.

Key Topics Covered

1. Executive Summary

2. France Remittance Market Overview
2.1 Taxonomy of the France Remittance Market
2.2 Industry Value Chain
2.3 Ecosystem
2.4 Government Regulations/Initiatives for the France Remittance Market
2.5 Growth Drivers of the France Remittance Market
2.6 Issues and Challenges of the France Remittance Market
2.7 Impact of COVID-19 on the France Remittance Market
2.8 SWOT Analysis

3. France Remittance Market Size, 2017-2022

4. France Remittance Market Segmentation
4.1 By Product Type, 2017-2022
4.2 By Application, 2017-2022
4.3 By Regional Split (North/East/West/South/Central), 2017-2022

5. Competitive Landscape
5.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
5.2 Strategies Adopted by Leading Players
5.3 Company Profiles (Top 7 Major Players)

• HSBC Bank
• Lloyds Bank
• BNP Paribas
• Barclays PLC
• Deutsche Bank
• Bank of China
• Credit Agricole

6. France Remittance Future Market Size, 2022-2027

7. France Remittance Future Market Segmentation
7.1 By Product Type, 2022-2027
7.2 By Application, 2022-2027
7.3 By Regional Split (North/East/West/South), 2022-2027

8. Analyst Recommendations

9. Research Methodology

A selection of companies mentioned in this report includes:

• HSBC Bank
• Lloyds Bank
• BNP Paribas
• Barclays PLC
• Deutsche Bank
• Bank of China
• Credit Agricole
• BBVA Dinero Express
• Unicredit Banca
• Western Union
• Money Gram
• Ria Money Transfer
• Transferwise
• UAE Exchange
• World Remit
• Metro Remittance
• Azimo
• RemitGuru
• Xoom by Paypal
• Skrill
• Neteller
• Postbank
• La Poste
• Poste Italiane

For more information about this report visit https://www.researchandmarkets.com/r/b6ac80

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