The remittance industry in Europe is a rapidly growing market, valued at an estimated $108 billion in 2020, according to a report by the Boston Consulting Group. This market is expected to continue growing at a CAGR of 4.5% from 2020 to 2025.
One of the major drivers of this growth is the increasing number of immigrants in Europe and the need for them to send money back to their home countries. Additionally, advances in technology have made it easier and more convenient for people to send money electronically, leading to an increase in online and mobile remittance services.
Despite this growth, the European remittance market still faces challenges such as high fees and lack of access to formal financial services for many people. However, new startups like Azimo and TransferWise are working to address these issues by offering cheaper and more efficient services.
According to reports by McKinsey and Company, PwC and YC, these startups are expected to play a big role in the future of the European remittance market. They are also expected to impact significantly on the traditional players in the market.
Overall, the remittance industry in Europe is a dynamic and rapidly changing landscape. It is expected to witness a large disruption in the near future. Join the conversation and share your thoughts on the future of #remittances in #Europe. #fintech #moneytransfer