Market Research Report Trriple Money Transfer Volume in UAE,Banking Chann | Page 2

The ever-growing remittance transaction volume in UAE is anticipated to escalate
further in the coming years. Owing to the rising number of expatriate population in
the country, the remittance outflow from the country is expected to grow manifold
in the coming years. On these grounds, there is a growth in the demand for exchange
houses in the country. Exchange houses such as Al Ansari Exchange, Al Fardan
Exchange and others are in plans to geographically expand within the country.
Banks have not been active players in the international remittance market in the past
years, but the rising volume of remittance transactions has induced them to turn
their attention towards the market in recent years. This trend is anticipated to
intensify competition in the international remittance market. Infrastructure
developmental projects linked to the World Expo 2020 in Dubai, expansion of
airports, the Etihad rail, air and marine transport systems and road networks in the
country are expected to increase job opportunities. It is expected to increase the
internal migration rate and the inflow of expatriates leading to an increase in both
domestic personal remittance and international remittance. Moreover, rising
business activities in the non-oil private sector led by new projects, improvement in
the economic conditions and the market demand is anticipated to augment the
business to business remittances within the country.
The country’s gross domestic electricity consumption will reach 141 terawatt-hours
in 2020 from 113 terawatt-hours in 2016. To reduce the consumption rate, the
government is constantly increasing the energy prices augmenting the bill payments
market. Moreover, the penetration rate of mobile phone and internet is expected to
increase further thereby increasing the size of bill payments market
Ken Research in its latest study, UAE Remittance and Bill Payments Market
Outlook to 2021, analyzed that the companies can encourage their customers to use
digital modes of transfers to reduce the float time. The exchange houses can focus on
mobile transfers to withstand the competition in the market. Moreover, the exchange
houses and banks can offer door to door facilities, though the cost for the exchange
houses may rise, there will be an increase in the number of customers.
The UAE remittance market is estimated to register a positive CAGR during 2017-
2021. Future growth in the expatriate population, rising business activities and
infrastructure developmental activities are expected to be key drivers for spiked
demand for remittance in the country.
The report provides information on the remittance channel, mode of transfer, type of
service, remittance corridor and type of bills dominating the market in terms of
transaction volume. It also covers the major players in the market such as UAE
Exchange, Al Ansari Exchange, Al Fardan Exchange, Sharaf Exchange, GCC
exchange, Trriple and Payfort.
Topics Covered in The Report