The proportion of inbound remittance in total remittance declined registering a CAGR of -2% while outbound penetration increased at around 1% during 2019 in terms of remittance value.

The Singapore Remittance report features an extensive regional analysis, identifying market penetration levels across major geographic areas. It highlights regional growth trends and opportunities, allowing businesses to tailor their market entry strategies and maximize growth in specific regions.

The remittance market refers to the global system of transferring funds, typically by migrant workers, to their home countries. This market plays a crucial role in the financial ecosystem, providing a lifeline for millions of families by funding essential needs such as education, healthcare, and daily expenses. Remittances are usually facilitated through banks, money transfer operators (MTOs), mobile payment platforms, and informal channels. The market is driven by factors like globalization, increasing migration for better economic opportunities, and advancements in digital technology. The adoption of mobile banking, blockchain technology, and digital wallets has enhanced transaction speed, security, and cost efficiency, making remittances more accessible to underserved populations. The rising demand for real-time payments, coupled with increased competition among fintech firms, is driving innovation in the sector. Governments and international organizations are also emphasizing financial inclusion and reducing remittance costs to meet Sustainable Development Goals (SDGs). Recent developments include: November 2021: In order to expand its services in more than 20 markets worldwide, including Asia Pacific, UniTeller, a U.S.-based cross-border remittance payments processor, teamed with Thunes, a global payments network based in Singapore., August 2022: Tempo, a remittance app for U.S. immigrants, was launched by Future FinTech (FTFT) Labs in partnership with payments enabler Currencycloud. Through this alliance, FTFT Labs provides its clients with a multi-currency wallet that has lower fees than the competitors.. Key drivers for this market are: Increasing migration for better economic opportunities. Potential restraints include: high transaction fees, regulatory hurdles, and concerns about money laundering . Notable trends are: Rising adoption in digital comic is driving the market growth.

The India real-time payments (RTP) industry is experiencing explosive growth, fueled by increasing smartphone penetration, digital financial inclusion initiatives, and a burgeoning e-commerce sector. The market, valued at an estimated ₹150 billion (approximately $18 billion USD) in 2025, is projected to maintain a robust Compound Annual Growth Rate (CAGR) of 33.50% from 2025 to 2033. This rapid expansion is driven by several key factors, including the government's push for digital transactions, the rising popularity of mobile wallets and UPI-based payments (like PhonePe and Paytm), and the increasing preference for contactless and cashless transactions amongst consumers. The dominance of peer-to-peer (P2P) payments is evident, yet the P2B (peer-to-business) segment is poised for significant growth, driven by increasing online shopping and digital service adoption. Key players like NPCI, PhonePe, Paytm, and global giants such as Visa and Mastercard are fiercely competing for market share, leading to continuous innovation and improvements in payment infrastructure and user experience. This competitive landscape is fostering a dynamic environment characterized by rapid technological advancements, such as the integration of AI and enhanced security features. While challenges exist, including concerns about data security and financial literacy, the overall outlook for the India RTP industry remains extremely positive. The sustained high growth is expected to attract further investment and innovation, transforming the Indian financial landscape and making real-time payments the dominant mode of transaction in the coming years. The ongoing expansion of 5G networks will further accelerate adoption rates, solidifying India's position as a global leader in the RTP sector. Strategic partnerships between fintech companies, banks, and telecommunication providers will play a crucial role in driving market expansion and improving overall financial inclusion across the country. Recent developments include: June 2022 - The Reserve Bank of India (RBI) proposed to link credit cards with UPI (unified payment system looking forward to future growth as of 2022 in India, there was approximately 594 crore credit card transaction., June 2022 - RBI proposed that it's Looking to Expand UPI For Cross Border Remittance Via International Partnerships. RBI claims that the efforts with various countries are at different stages - but cross-border remittance via PayNow will begin after July 2022. So far, UPI has partnered with Singapore-based PayNow, which could be the foundation of cross border payments ecosystem in India, April 2022 - Google Pay has launched 'Tap to pay a new feature in India, for UPI, in collaboration with Pine Labs. The feature makes use of Near Field Communication (NFC) technology. With the latest figures in the Indian market, approximately 1842 mobile devices are offering NFC technology in the Indian market(91 mobiles)., March 2022 - Reserve Bank of India (RBI) released the framework for geo-tagging of payment system touch points to ensure proper monitoring of payment acceptance infrastructure geo-tagging refers to capturing the geographical coordinates ( longitude and latitude) of payment touchpoints deployed by the merchant to receive customer payments.. Key drivers for this market are: Increased Smartphone Penetration, Falling Reliance on Traditional Banking; Ease of Convenience. Potential restraints include: , Security and Management of Huge Data Generated Everyday. Notable trends are: P2B Segment Will Hold Significant Market Share.