International Remittance Market in Russia is segmented on the basis inbound outbound remittance , resident and non-resident individuals , channel of transfer , mode of transfer and remittance corridors . International remittance in Russia is largely dominated by the remittance outflow to other counties . Outflow of remittance from other countries has contributed a share of ~% in the overall revenues of the industry
In terms of remittance outflow , the market is dominated by banking channels that account for a share of ~% in 2016 . Cash transfers as a mode of transfer dominate the market with a share of ~% in 2016 in the remittance outflow . Russia-Switzerland represents the major international remittance corridor for the outflow , while the Switzerland-Russia is the major corridor for the inflow of remittance in Russia . In terms of flow corridors the market is dominated by the remittance flows to the Non-CIS countries with a share of ~% in the year 2016 .
Domestic Remittance and Bill Payments Market
Domestic Remittance Market in Russia is segmented on the basis of flow corridors and remittance channel . Internal migration is the key driver for domestic remittance in the country . The main reasons for people to migrate from rural areas are better paying jobs , better standards of living and higher education . In the year 2016 Central Russian Federal District has dominated the regional remittance market . As of 2016 , the market is dominated by non-bank institutions that include payment cards , Russian Post , e-wallets / mobile money and money transfer operators with a share of ~% followed by the banking channels . Bill payments market is dominated by the grocery bills that held a share of ~% in 2016 followed by utility bills , fuel bills , mobile recharges and broadband and DTH payments .
Competitive Landscape
International remittance market is a highly competitive market . In Russia international remittances are carried out through Banks and MTOs . Non-Bank including MTOS and exchange houses have the major share in the transfer services . There are five major MTOs that hold more than ~% share in the market . These MTOs are competing on the basis of the transaction fees charged , volume of transaction , number of branches , services offered and others . The MTOs in the country include KoronaPay , Western Union , MoneyGram , UniStream and others . Domestic remittance in the country is also dominated by these non-bank institutions as a mode of preferred channel . ~% of the domestic remittance market is shared by a number of non-bank financial organizations and companies . These organizations compete with each other on the basis of penetration in rural areas , interconnectivity , fee charged , security of transaction made and other aspects .
Future Potential of Russia Remittance and Bill Payments Market