Market Research Reports - Ken Research International Migration In Russia

Russia International Remittance Market is expected to Register Transaction volume of USD
67.9 billion by 2021: Ken Research
Russia International Remittance Market by Inbound and Outbound Remittance, by Major Flow
Corridors (CIS and Non-CIS Countries), by Mode of Transfer (Cash and Electronic Transfer) and
by Channel (Banks and MTOs), Russia Domestic Remittance Market by Region (Central Russian
Federal District, Volga Federal District, North-Western Federal District and Others) and by
Channel (Bank and Non-Bank), Russia Bill Payment Market by Recurring and Non-Recurring Bills,
by Type of Payment (Groceries, Utilities, Fuel, Mobile Recharge and DTH & Broadband), by
Mode of Payment (Cash, Debit/Credit/E-Wallets and Electronic Transfer) and by Offline and
Online Bill Payment.
The growing number of migrants from the different CIS and Non-CIS countries around the world
will support the overall growth of the international remittance market.
The infrastructural and communicational growth initiatives by the Government of Russia will
uplift the remittance market and will attract additional migrants to Russia which will lead to the
growth in the domestic remittance and bill payment market.
Increase in number of smartphone users and internet penetration will act as catalysts for the
growth of the remittance and bill payment overall industry.
The overall remittance market of Russia is expected to grow hand in hand with the revival of
the global economy from the economic crises. The number of migrants from the CIS and the
non-CIS countries are expected to grow considerably. This will increase the remittance outflow
of the country in the coming years. The expanding size of the market will attract more players
of the industry into Russia with tailored remittance and bill payment digital services. Companies
like KoroanPay, Contact, Western Union, Moneygram and UniStream are the major players of
the market and are expected to augment their network into the rural market. These factors
collectively are expected to trigger the growth of the international outbound remittance market
in Russia. The government envisions tightening the Anti-Money Laundering Law with the sight
to reduce tax evasion by making the country a cashless economy and considers the digital
remittance and bill payment industry as an ally of the government in achieving this objective.
Russia will host many sporting events in the future including FIFA World Cup 2018, ISU
European Skating Championship 2018, Universaide 2019 and UEFA European Championship
2020. The infrastructural and communication sector growth will lead to increase in job
opportunities and will be the main trigger for internal migration in the country. This trend of
migration to major cities in Russia will be the driver for growth in the domestic remittance and
the bill payment industry. The increase in number of households, number of smartphone users,