France Remittance Market Outlook to 2027

Market Overview:

France Remittance Market is moderately concentrated and in the growth stage. The market includes both formal and informal payment service providers including banks, money transfer operators, mobile wallets, postal networks. The market has been fueled by increased migration, increasing government support for new competitors, improved banking knowledge and increased awareness towards digitalized remittance services in the space. The market has displayed a steady growth in terms of transaction value supported by an increase in both inbound and outbound remittances. This was majorly fueled by a rise in the outbound remittances, which is led by a stronger growth in the employment prospects in euro area. Moreover, the appreciation in the currency is also a supportive factor for such growth of remittances in the region.

Growth in mobile-based payment channels and cross-border transactions and deduction in remittance transfer time & cost propels the growth of the market.

Adoption of digital remittance is projected to reduce the dependency on cash agents in both the sending and receiving countries, who currently contributes to sustaining high transaction fees.

The increasing numbers of startups in Fintech industry are expected to push the cost of fund transfers down in the coming years. All this will be complimented by increased security checks and safety regulations, as have already been started by DBS bank.

Key Trends by Market Segment

• By Channel: Choice of a remittance channel depends on the ease of access for payer and payee, cost involved, range of products and services offered, amount of remittance and similar. In the recent years, France’s inbound remittances are majorly channeled through banks. As of 2022P, banks dominate the inbound remittance market in terms of volume of transactions followed by MTOs, m-wallets and other channels including postal networks, credit union and informal channels
• By Point of Contact: The inbound remittance market is dominated by branch pick-ups and mobile & online transactions equally followed by prepaid cards in terms of remittance transaction volume

Competitive Landscape

The France market is moderately concentrated with majority of the market being captured by MTOs & Banks. There are 5 major MTOs in the market namely Western Union, MoneyGram, Ria Money Transfer, Transferwise and UAE Exchange. 4 major Banks include HSBC Bank, Lloyds Bank, BNP Paribas and Barclays Plc. Major m-wallet in the region is Xoom by Paypal. Major competing parameters for the entities include fees charged, transfer speed, services offered, reach of the service providers, payout networks, and trust value attached, technological advancements, promotional offers and transparency in costs.

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