India’s $40.21 Billion Remittance Market (2022-2027): Increase in Government

DUBLIN–()–The “India Remittance Market (2022-2027) by Appliance, Channel, Type, End User, Competitive Analysis and the Impact of Covid-19 with Ansoff Analysis” report has been added to’s offering.

India’s Remittance Market is estimated to be USD 40.21 Bn in 2022 and is expected to reach USD 54.12 Bn by 2027, growing at a CAGR of 6.12%.

Market Dynamics

Market dynamics are forces that impact the prices and behaviors of India’s Remittance Market stakeholders. These forces create pricing signals which result from the changes in the supply and demand curves for a given product or service. Forces of Market Dynamics may be related to macro-economic and micro-economic factors. There are dynamic market forces other than price, demand, and supply. Human emotions can also drive decisions, influence the market, and create price signals.

As the market dynamics impact the supply and demand curves, decision-makers aim to determine the best way to use various financial tools to stem various strategies for speeding the growth and reducing the risks.

Market Segmentation

  • India’s Remittance Market is segmented based on Appliance, Channel, Type, and End User
  • Appliance, the market is classified into Consumption, Saving, and Investment.
  • Channel, the market is classified into Life-Time Coverage, and Term Insurance.
  • Type, the market is classified into Inward Digital Remittance, and Outward Digital Remittance.
  • End User, the market is classified into Business, and Personal.

Company Profiles

The report provides a detailed analysis of the competitors in the market. It covers the financial performance analysis for the publicly listed companies in the market. The report also offers detailed information on the companies’ recent development and competitive scenario. Some of the companies covered in this report are Azimo Ltd., Bank Of – America, Citigroup, Inc., HDFC Bank Ltd (Remitnow), Remitr Payments, Sendah, UAE Exchange, Wise Payments Limited, WorldRemit Ltd, Xoom Corporation(PayPal), etc.

Competitive Quadrant

The report includes Competitive Quadrant, a proprietary tool to analyze and evaluate the position of companies based on their Industry Position score and Market Performance score. The tool uses various factors for categorizing the players into four categories. Some of these factors considered for analysis are financial performance over the last 3 years, growth strategies, innovation score, new product launches, investments, growth in market share, etc.

Ansoff Analysis

The report presents a detailed Ansoff matrix analysis for India’s Remittance Market. Ansoff Matrix, also known as Product/Market Expansion Grid, is a strategic tool used to design strategies for the growth of the company. The matrix can be used to evaluate approaches in four strategies viz. Market Development, Market Penetration, Product Development and Diversification. The matrix is also used for risk analysis to understand the risk involved with each approach.

The analyst analyses India’s Remittance Market using the Ansoff Matrix to provide the best approaches a company can take to improve its market position.

Based on the SWOT analysis conducted on the industry and industry players, the analyst has devised suitable strategies for market growth.

Companies Mentioned

  • Azimo Ltd.
  • Bank Of America
  • Citigroup, Inc.
  • HDFC Bank Ltd (Remitnow)
  • Euronet Worldwide, Inc
  • InstaReM India Pvt. Ltd.
  • JPMorgan Chase & Co.
  • MoneyGram International Inc.
  • Remit2India
  • Remitr Payments
  • Ria Financial Services Ltd.
  • TransferGo Ltd.
  • Sendah
  • UAE Exchange
  • U.S. Bank
  • Wells Fargo
  • Western Union Holdings Inc.
  • Wise Payments Limited
  • WorldRemit Ltd.
  • Xoom Corporation(PayPal)

Report Highlights:

  • A complete analysis of the market, including the parent industry
  • Important market dynamics and trends
  • Market segmentation
  • Historical, current, and projected size of the market based on value and volume
  • Market shares and strategies of key players
  • Recommendations to companies for strengthening their foothold in the market

Market Dynamics


  • Shift in Flows From Cash to Digital and From Informal to Formal Channels
  • Rise in Cross-Border Transactions
  • Increase in Government Initiatives – Diaspora Bonds
  • Reduced Remittance Cost & Transfer Time


  • Rise in Number of Financial Frauds


  • Increase in Mobile-Based Payment and Internet Banking Channels
  • Growing Significance as a Source of External Financing
  • Technological Innovations in Digital Remittance


  • Lack of Awareness for Digital Remittance

For more information about this report visit

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