Italy Remittance Market Research Report, 2029

The Italian remittance market is a vital component of the country's financial landscape, driven by its significant immigrant population and strong economic ties with other countries. Italy has historically been a major sender of remittances, with substantial outflows to countries such as Romania, Morocco, and Bangladesh. The market is well-regulated, with the Banca d'Italia and the Autorità di Vigilanza sui Crediti (IVASS) overseeing compliance with international standards to ensure the safety and efficiency of transactions. The rise of digital platforms and fintech solutions has made remittances more accessible and cost-effective, catering to the evolving needs of both senders and recipients. The Italian government has also implemented initiatives to reduce remittance costs and improve financial inclusion, such as the "envoidargent.fr" website, which provides price comparison and transparency for migrants. The Italy remittance market has a rich history, marked by significant outflows to countries like Romania, Morocco, and Bangladesh. Since 2010, remittance flows from Italy have shown a steady increase, reaching approximately €6.2 billion in 2018. The market is well-regulated, with the Banca d'Italia and the Autorità di Vigilanza sui Crediti (IVASS) ensuring compliance with international standards. The Italian National Remittance Plan, part of the G20 initiative, aims to reduce remittance costs and improve financial inclusion for migrants. The "mandasoldiacasa.it" website provides transparency and price comparison for remittance services. According to the research report "Italy remittance Market Research Report, 2029," published by Actual Market Research, the Italy remittance market is anticipated to grow at more than 6.71% CAGR from 2024 to 2029. The Italy remittance market is experiencing significant growth, driven by several key trends and drivers. Technological advancements have played a crucial role, with digital remittance platforms becoming increasingly popular. These platforms offer faster, cheaper, and more convenient options for transferring money, attracting a growing number of users1. The high rate of internet and mobile phone penetration in Italy has facilitated the adoption of these digital solutions. Additionally, the large immigrant population in Italy, particularly from countries like Romania, Morocco, and Bangladesh, contributes to the robust volume of remittances sent from Italy. The Italian diaspora living abroad also plays a significant role in the remittance market, with substantial inflows from countries like the United States and Argentina. Regulatory support from authorities such as the Banca d'Italia and the Autorità di Vigilanza sui Crediti (IVASS) ensures a secure and compliant framework for remittance services. Key players in the market include traditional banks, well-established Money Transfer Operators (MTOs) like Western Union and MoneyGram, and emerging fintech companies such as Wise (formerly TransferWise), Remitly, and Satispay1. These players are continuously innovating to provide competitive exchange rates, lower fees, and enhanced user experiences. The COVID-19 pandemic has further accelerated the shift towards digital solutions, as people increasingly relied on online platforms to send money safely during lockdowns.

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The Italy remittance market is segmented by type into inward and outward remittances. Inward remittances involve funds being received in Italy from abroad, often by migrant workers sending money back home to support their families. These transactions are facilitated through various channels, including traditional banks, digital platforms, and money transfer operators like Western Union and MoneyGram. Outward remittances involve funds being sent from Italy to other countries, primarily to support families and communities in the sender's home country. The market also includes digital remittances, which use internet services or mobile applications to facilitate cross-border money transfers, bypassing traditional banking channels and reducing transaction costs. Prepaid cards are another product type, allowing recipients to access funds in a flexible and convenient manner. The market is characterized by a mix of traditional and innovative solutions, with a growing emphasis on digital platforms to enhance efficiency and accessibility. The regulatory framework ensures the safety and transparency of these transactions, with the Banca d'Italia and the Autorità di Vigilanza sui Crediti (IVASS) playing pivotal roles in overseeing compliance with international standards. The Italy remittance market is segmented by platform type into several key categories, each catering to the specific needs of senders and recipients. Traditional banking channels remain a significant segment, offering reliable and secure remittance services through established financial institutions. These banks provide a wide range of services, including wire transfers and international money orders, ensuring compliance with regulatory standards. Money transfer operators (MTOs) like Western Union and MoneyGram are also prominent, providing convenient and accessible remittance services globally. These operators have extensive networks and partnerships, facilitating cross-border transactions efficiently. Digital platforms have gained significant traction, leveraging internet services and mobile applications to offer cost-effective and user-friendly remittance solutions. These platforms bypass traditional banking channels, reducing transaction costs and enhancing accessibility, especially for users in remote areas. Fintech companies are emerging as key players, introducing innovative solutions such as blockchain technology and peer-to-peer transfers to streamline the remittance process. These companies focus on improving transaction speed, security, and transparency, catering to the growing demand for digital financial services. The regulatory framework ensures the safety and transparency of these transactions, with the Banca d'Italia and the Autorità di Vigilanza sui Crediti (IVASS) playing pivotal roles in overseeing compliance with international standards. The Italy remittance market is segmented by channel type into several key categories, each catering to the specific needs of senders and recipients. Traditional banking channels remain a significant segment, offering reliable and secure remittance services through established financial institutions. These banks provide a wide range of services, including wire transfers and international money orders, ensuring compliance with regulatory standards. Money transfer operators (MTOs) like Western Union and MoneyGram are also prominent, providing convenient and accessible remittance services globally. These operators have extensive networks and partnerships, facilitating cross-border transactions efficiently. Digital platforms have gained significant traction, leveraging internet services and mobile applications to offer cost-effective and user-friendly remittance solutions. These platforms bypass traditional banking channels, reducing transaction costs and enhancing accessibility, especially for users in remote areas. Fintech companies are emerging as key players, introducing innovative solutions such as blockchain technology and peer-to-peer transfers to streamline the remittance process. These companies focus on improving transaction speed, security, and transparency, catering to the growing demand for digital financial services. The regulatory framework ensures the safety and transparency of these transactions, with the Banca d'Italia and the Autorità di Vigilanza sui Crediti (IVASS) playing pivotal roles in overseeing compliance with international standards.

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Kripa Shah

Senior Analyst

The Italy remittance market is segmented by end user type into several key categories, each catering to the specific needs of senders and recipients. Individuals are the primary end users, often migrant workers sending money back to their families in their home countries. These remittances play a crucial role in supporting household incomes and contributing to the economic development of recipient countries. Businesses also utilize remittance services for international transactions, including payments to suppliers, partners, and employees abroad. Non-governmental organizations (NGOs) and charitable organizations use remittance services to transfer funds for humanitarian aid, development projects, and disaster relief efforts. Financial institutions act as intermediaries, facilitating remittance transactions and providing services to both individual and corporate clients. The regulatory framework ensures the safety and transparency of these transactions, with the Banca d'Italia and the Autorità di Vigilanza sui Crediti (IVASS) playing pivotal roles in overseeing compliance with international standards. Considered in this report • Geography: Global • Historic Year: 2018 • Base year: 2023 • Estimated year: 2024 • Forecast year: 2029 Aspects covered in this report • Global Remittance Market with its value and forecast along with its segments • Region & country wise Remittance market analysis • Application wise Remittance distribution • Various drivers and challenges • On-going trends and developments • Top profiled companies • Strategic recommendation

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By Types • Inward remittance • Outward remittance By Platform • Non-Digital • Digital By Channel • Bank • Money Transfer Operators (MTO) • Mobile banking/Online platform • Others By End User • Business • Personal The approach of the report: This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and listing out the companies that are present in the market. The secondary research consists of third-party sources such as press releases, annual report of companies, analyzing the government generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducted trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers in regional aspects, tier aspects, age group, and gender. Once we have primary data with us we have started verifying the details obtained from secondary sources. Intended audience This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to agriculture industry, government bodies and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.