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Remittances are an important source of income for households, particularly in developing countries. Remittances are gaining importance in the economic planning of all major developing economies of the world. With globalization and growing socio-political activities, more and more people from underdeveloped or developing economies are working outside the countries of their origin. Remittances are being considered as an important financial resource for development as well as a social change by financial planners in developing economies. The worldwide inflow and outflow of remittances is rising constantly since past several years with the exception of 2009, which was characterized by global economic slowdown.
The developing nations which include both low-income and middle income countries account for the majority of the global remittance inflow with majority contribution from India, China, Mexico and Philippines, due to their large emigrant population. The largest source of remittance flow to developing regions is high income countries including the US and Western Europe, with the GCC countries fast developing as an important source.
The companies operating in the global remittance market are faced with strong competition with few large competitors and numerous small and niche competitors. The leading money transfer organization like Western Union, Money Gram, Euronet, and other independent players compete on the basis of technology, price and quality of service offered to remitters.
The report analyzes the global remittances market with focus on India, China, Mexico and Philippines. The key trends observed within the market include exchange rate, fluctuating remittance cost, regional employment...