DUBLIN, Jan. 15, 2024 /PRNewswire/ — 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 international inbound remittance market in China 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.
According to the report, 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.
- Tencent Financial Technology, in November 2023, entered into a strategic collaboration with Visa. This partnership will allow Weixin users to seamlessly receive incoming remittances directly into their digital wallets, greatly extending the Visa Direct network’s access to over one billion users on Weixin in Mainland China. This positions Visa Direct as a significant participant in the worldwide inbound remittance market.
- Teaming up with Tencent is an extension of Visa’s earlier partnerships with Thunes and TerraPay, making Visa Direct even more powerful. Now, Visa Direct can connect with over 8.5 billion devices, which includes 3 billion cards, 3 billion accounts, and 2.5 billion digital wallets.
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, a Chinese fintech firm providing financial services for B2B foreign trade, has officially announced its intention to introduce financial services tailored for local small and medium-sized enterprises (SMEs) in Hong Kong.
- Since 2010, there has been a growing trend of stricter global financial regulations. This has made it tough for traditional financial institutions to adequately support SMEs in mainland China involved in exporting. The challenge stems from the need to factor in compliance and operational costs comprehensively, leading to increased hurdles and expenses for SMEs in their day-to-day operations.
- Even if SME exporters in mainland China successfully set up overseas foreign currency accounts, Hong Kong importers often encounter issues such as lengthy processing times, high costs, and compliance reporting requirements when making payments to suppliers in mainland China. Consequently, both importers in Hong Kong and exporters in mainland China are in urgent need of streamlined processes for cross-border payments.
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.
Reasons to buy
- Comprehensive and Up-to-Date Information: The report provides comprehensive and up-to-date information on the China international inbound and outbound remittance market, including market size, growth trends, transaction value, transaction volume, average value per transaction, and market share analysis by transfer channel, consumer demographics, and key countries.
- Understand Competitive Landscape: Get a high-level view of competitive landscape through market share data on key players in the market.
- Actionable Insights for Businesses and Investors: The report provides data centric analysis for businesses and investors operating in the China remittance market. It helps them identify new opportunities, assess risks, and make informed business decisions.
- Forecasts for Future Market Growth: The report provides forecasts for future market growth, enabling businesses and investors to plan and strategize effectively.
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
For more information about this report visit https://www.researchandmarkets.com/r/k0ymou
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