Remittance is one of the major driving forces of the world economy, driven by international migration. For some of the developing countries, money sent by migrant workers is the largest source of external funding.
The remittance industry was undergoing a drastic change even before the COVID-19 pandemic but this pandemic has made the market dynamics more complex than ever before. With more than half of the world’s population under some form of lockdown, it’s important to discuss and analyze the effect of this crisis on the service providers, the customers, and the remittance market as a whole. This whitepaper gives a detailed view of the remittance market and examines the market landscape, emerging trends, challenges, and factors that will affect the remittance business during this pandemic and after it.