Dublin, Dec. 12, 2023 (GLOBE NEWSWIRE) -- The "China International Remittance Market Business and Investment Opportunities - Analysis by Transaction Value & Volume, Inbound and Outbound Transfers to and from Key States, Consumer Demographics - Q2 2023" report has been added to ResearchAndMarkets.com's offering.
The Chinese international inbound remittance market has increased at -2.1% during 2022 to reach US$ 51.00 billion in 2023. Over the forecast period (2023-2028), market size is expected to record a CAGR of 4.4%, increasing from US$ 52.08 billion in 2022 to reach US$ 63.26 billion by 2028.
The international outbound remittance market in China has increased at 15.8% during 2022 to reach US$ 18.25 billion in 2023. Over the forecast period (2023-2028), market size is expected to record a CAGR of 13.4%, increasing from US$ 15.76 billion in 2022 to reach US$ 34.26 billion by 2028.
The remittance industry in poised to grow at a steady pace over the next three to four years in China. Tech giants such as Tencent are leveraging innovative technologies and artificial intelligence risk control capabilities to improve user experience and cross-border payments. Firms are also forging strategic alliances in the segment to further drive the development of cross-border payment.
Chinese remittance service providers are also expanding their footprint in the global market to tap into the lucrative growth opportunity. Over the last few years, remittance providers have expanded their footprint in Southeast Asian region, and the trend is projected to further continue from the short to medium-term perspective. Overall, the publisher maintains a positive growth outlook for the sector over the next three to four years in China.
Firms are entering into strategic collaboration to grow Chinese remittance through digital wallet
To make remittance inflows easier and seamless for Chinese individuals, domestic firms are forging strategic alliances with global payments giants. These partnerships are aimed at boosting the remittance market growth through digital channels. Going forward, the publisher expects more such strategic collaborations in the Chinese market, thereby aiding the growth of the digital remittances sector from the short to medium-term perspective.
Chinese firms are expanding presence to offer more convenient remittance services in the region
Amid the growing competition in the segment, domestic firms are expanding their presence across the region to tap into more customers, subsequently targeting higher growth rate in the market.
XTransfer has launched the service in Q2 2023 in Hong Kong, focusing on cross-border payments and other financial services related to trade. When Hong Kong buyers use XTransfer to pay mainland suppliers, the process will be as simple as making local payments in Hong Kong. Additionally, XTransfer enables 24/7 instant payments between other XTransfer accounts, with the expectation of slashing remittance fees by 95% and reducing exchange costs by 20%. This move is set to significantly enhance the efficiency of managing funds for businesses.
This report provides a comprehensive analysis of the international inbound and outbound remittance market in China. It covers the market opportunity by transaction value, transaction volume, average value per transaction, key market players, market opportunity by channel, consumer profile, and by sending/receiving countries.
Report Scope
International Inbound Market Opportunity Trend Analysis in China
- By Transaction Value
- By Transaction Volume
- By Average Value Per Transaction
Market Share of Key Players in China
International Inbound Market Opportunity Trend Analysis by Channel in China
- Digital (transaction value, transaction volume, average value per transaction)
- Mobile (transaction value, transaction volume, average value per transaction)
- Non-Digital (transaction value, transaction volume, average value per transaction)
International Inbound Remittance Analysis of Consumer Profile in China
- Analysis by age group of senders
- Analysis by income of senders
- Analysis by occupation of senders
- Analysis by occupation of beneficiaries
- Analysis by purpose
International Inbound Remittance Flow Analysis (Country to State/Region) in China
- Market opportunity by key sending countries (transaction value, transaction volume, average value per transaction)
- Market share by transfer channel by key state/regions
International Outbound Market Opportunity Trend Analysis in China
- By Transaction Value
- By Transaction Volume
- By Average Value Per Transaction
International Outbound Market Opportunity Trend Analysis by Channel in China
- Digital (transaction value, transaction volume, average value per transaction)
- Mobile (transaction value, transaction volume, average value per transaction)
- Non-Digital (transaction value, transaction volume, average value per transaction)
International Outbound Remittance Analysis of Consumer Profile in China
- Analysis by age group of senders
- Analysis by income of sender
- Analysis by occupation of sender
- Analysis by occupation of beneficiaries
- Analysis by purpose
International Outbound Remittance Flow Analysis (State/Region to Country) in China
- Market opportunity by key sending countries (transaction value, transaction volume, average value per transaction)
- Market share by transfer channel by key state/regions
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 130 |
| Forecast Period | 2023 - 2028 |
| Estimated Market Value (USD) in 2023 | $51 Billion |
| Forecasted Market Value (USD) by 2028 | $63.3 Billion |
| Compound Annual Growth Rate | 4.4% |
| Regions Covered | China |
For more information about this report visit https://www.researchandmarkets.com/r/3ahysh
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