Outbound Money Transfer in UAE, Inbound Money Transfer in UAE- Ken Research

1
UAE Remittance and Bill Payments Market Report
2021 Ken Research
2
UAE Remittance and Bill Payments Market Outlook
to 2021 Rising Expatriate Population, Growing
Business Activities and Increasing Demand for
Utilities to Foster Growth which provides a
comprehensive analysis of remittance and bill
payments market in UAE. The report covers market
size, segmentation on the basis of remittance
channel, mode of transfer, type of service and
remittance corridor for international remittance
market. For domestic remittance market, it covers
market size, segmentation on the basis of
remittance channel and type of services. It also
includes the bill payments market in the country
covering the market size and segmentation by type
of bills. The report also covers government
regulations in the market, competitive landscape
and company profiles for major players in the
remittance and bill payments market. The report
provides detailed overview on future outlook
projections with analyst recommendations for the
industry.
3
The report facilitate the readers with an
identification and in-depth analysis of the
existing and future trends, issues and challenges
prevalent in the industry and anticipated growth
in the future depending upon changing industry
dynamics in coming years. The report is useful
for exchange houses, banks, bill payment portals
and other stakeholders to align their market
centric strategies according to ongoing and
expected trends in the future. Industry
Overview UAE Remittance market is led by the
international remittances and domestic
remittances which are represented by the workers
remittance outflow, the domestic business to
business and personal remittances. During
2011-2016, the international and domestic
remittance markets have showcased a remarkable
growth at a CAGR of .
4
Market growth can be attributed to factors such
as increasing number of expatriates, growing
infrastructure and developmental activities,
rising business sectors and others related
factors. Similarly, there had been a decent
growth in the UAE bill payments market displaying
a CAGR of during 2011-2016. The amplification
exhibited by the market should be owed to rising
utility bills due to the rising consumption of
energy, water, mobile phones and other
utilities. Market Segmentation of UAE Remittance
and Bill Payments Market International Remittance
Market International remittance market in UAE is
segmented on the basis of remittance channel,
mode of transfer, remittance corridors and type
of services. In terms of workers remittance
outflow, the market is dominated by exchange
houses that account for a share of in 2016
followed by banks.
5

• Electronic mode of transfer dominated the market
  with a share of in 2016 in the workers
  remittance outflow. It is followed by cash
  account and money order.
• UAE-India represents the major international
  remittance corridor followed by US, Pakistan,
  Philippines, UK, Egypt, Bangladesh, Jordan and
  others.
• During 2016, direct credit to bank account and
  online services dominated the market with a share
  of in terms of workers remittance outflow
  followed by cash pick up and prepaid card
  services.
• Domestic Remittance and Bill Payments Market
• Domestic remittance market in UAE is segmented on
  the basis of remittance channel and type of
  service in terms of transaction volume.
• As of 2016, the market is dominated by banks with
  a share of followed by the non-banking
  transfer agents.

6

• Direct credit to account and online services are
  majorly used across the country. It accounts for
  a share of in the market in 2016 followed by
  cash pick up and prepaid cards.
• Bill payments market is dominated by the
  electricity bills that held a share of in 2016
  followed by water, mobile, broadband and DTH
  bills.
• Competitive Landscape
• International remittance market is a highly
  competitive market. In UAE international
  remittances are carried out through exchange
  houses and banks. Exchange houses have the major
  share in the transfer. There are more than
  licensed exchange houses with more than
  branches in the country. There are three major
  exchange houses that hold more than share in
  the market.

7
These exchange houses are competing on the basis
of number of transactions, volume of transaction,
number of branches, services offered and others.
The major exchange houses in the country include
UAE Exchange, Al Ansari Exchange, Al Fardan
Exchange, Sharaf Exchange and others. Future
Potential The UAE remittance and bill payments
market has witnessed a considerable growth in
past five years and the market is anticipated to
grow at a CAGR of during the forecast period,
2017-2021. Amplification of the market can be
owed to the factors such as rising employment
opportunities owing to the infrastructure
developmental activities linked to the World Expo
2020 in Dubai, expansion of airports, the Etihad
rail, air and marine transport systems and road
networks in the country. Rising number of
expatriates, internal migration, growing non-oil
private sector businesses, rising utility prices
and other related factors are set to augment
growth in the market during the forecast period.
8
For More details Visithttps//www.kenresearch.co
m/banking-financial-services-and-insurance/financi
al-services/uae-remittance-bill-payment-market/110
397-93.html Related Reports by Ken
Research India Bills Payment Market Outlook to
2020 - Rising Internet Penetration and Advent of
Mobile Wallet to Shape Future Growth Philippines
Domestic and International Money Transfer
Industry Outlook to 2019 - Driven by Mobile Money
and Increase in OFWs Philippines Pawnshop Market
Outlook to 2020 - Convenience with Pawning and
Remittance Services to Stimulate Growth
9
Contact UsKen ResearchAnkur Gupta, Head
Marketing CommunicationsAnkur_at_kenresearch.com
91-9015378249