The advent and acceptability to the non-cash payments have decreased the dependency on cash for doing the payments. In the Russia Payment Services, at the end of 2018, high percentage of the money in the circulation was witnessed to be non-cash. Instantaneously, the growth witnessed in the cash in the movement was fewer than the growth in the nominal GDP, demonstrating a movement in the customer preferences to the non-cash payments. The effective increase in the non-cash payments can be further attained to the growing vendors’ implementation and breakthrough developments such as m-wallets, e-wallets and contactless payments, which have developed the convenient and rapid manner of doing the transactions.
Furthermore, across the Russia, the domestic remittance market of Russia has observed tremendous growth in the recent past few years. The effective increase in the internal migrant populace both the intra-regional and inter-regional due to the effective job occasions has fostered the size of the industry. The market is accounted by the banking channels with the great dissemination of the banking services and mainstream of the populace control the bank accounts and limitations on the cash transfers from the government. The effective and active potential of the domestic remittance has also engrossed the international players namely as the Money Gram, Western Union and several other across the market.
Not only has this, the Philippines international remittance market accounted a mainstream contribution from the inbound remittances from the other region in the recent past years. The stable progress in the assortment and exposure of the worldwide remittance networks has allowed more OFWs to remit the money at an economical price of the services which involve the automated teller machines, reusable/reloadable cash cards and web-based services. The US accounted for the majority of the total remittances sent to the Philippines in 2018. The Saudi Arabia was ranked as the second largest remittance source for the Philippines. UAE accounted for a major share of the remittance to the Philippines in 2018 and is one of the biggest employers of OFWs.
By the domestic remittance and bill payments market, the market for domestic money transfers in the Philippines is exceptionally energetic and has been development since the past decade. The optimal of the service breadwinner, to a superior degree, has been helpless upon the amount of money being reassigned. The Bank transfers and foremost PSPs were mostly utilized in order to transfer enormous amounts of money.
The Philippines remittance and bill payments market has positively observed the substantial growth. A conspicuous amount of FDI inflows was capitalized in BPO, electronics, and energy segment. With the frequent augment in the FDI flows in the BPO segment, more engagement choices are predicted that will lead to great measure immigrations to urban region. Quick growth in the establishment and usage mobile technologies in the region for money transfer and bill payments are also an influence for the future growth of domestic remittance and bill payments market of the Philippines. Therefore, in the coming years, it is anticipated that the market of payment will increase across the globe more significantly over the near future.
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Ankur Gupta, Head Marketing & Communications