Market Research Reports - Ken Research Brazil Remittance Market Research Report | Page 3

of even more job opportunities. However, since the average salaries being paid in these
industrial belts and developed areas is much higher that what can be earned in the
underdeveloped areas, the workers support their families by regularly remitting money back
home as their income is on the higher side as compared to what their families earn. Money
order and telegraph majorly contribute in total transaction of domestic remittance. Telegraph
and money order are the traditional, very popular and the safest way for transferring money
from one place to another. Banks also account for a major share of overall transaction volume
during 2017. Other modes of domestic remittance include e-wallet operators and money
transfer operators.
Brazil Bill Payment Market
Large number of businesses has been set up to cater to the needs and demands of the Brazilian
population working outside the country. Companies like Xoom, Money Gram and others offer
cheap and easy ways for customers to pay their bills directly rather than initially remitting
money to their home and then the residents of their home making the payment. The growth of
e-payments in the country supported by growing penetration of internet has made it easy for
the users to pay bills online through various operators. The major target segments of the bill
payment companies include cash-based and unbanked customers within Brazil. Brazil has made
progress in improvement in quality of life of its citizens which has increased consumption of
electricity, broadband, mobile recharge and other facilities. Major types of bills include grocery
bills, utility bills, fuel bills, DTH & broadband bills and mobile recharge bills.
Future Outlook of Brazil Remittance and Bill Payment Market
It is expected that Brazil remittance and bill payment market in future will grow at a descent
growth rate, augmenting to USD ~ million during 2022 rising from USD ~ million during 2018 at
a CAGR of ~% during 2018-2022. Brazil is expected to witness rise in job opportunities and
better wages in developed regions which will attract residents from various cities to move to
urban areas for work. It is believed that companies and banks will expand their network in
coming future in order to be easily accessible to the customers. It is anticipated that
international remittance in the country will increase at a good pace with the economic growth
and development of Brazil. The rising Brazilian immigrants in foreign countries will result in
increase in number of transactions from other countries to Brazil. Additionally, with the growth
of immigrants worldwide, increasing use of technology and growing internet penetration will
drive the remittance market in upcoming years.
Key Topics Covered in the Report
Money Transfer Companies in Brazil