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GURUGRAM, India, August 29, 2018 /PRNewswire/ --
Philippines International Remittance Market Segmentation by Major channels (Banks and Non Banks) by Remittance Source Regions (Americans, Middle East, Asia, Europe, Oceania and Africa) and by Land Based and Sea Based
August 2018 |Key Takeaway from Ken Research report titled, Philippines Money Transfer and Bill Payment Market Outlook to 2023
- Increasing digital trends are expected to revolutionize the mobile financial services in the country through virtual currencies, wearable technologies and biometrics.
- Growth in financial inclusion and banked population in Philippines is envisaged to create opportunities for banks to further increase their penetration in future.
- Advent of digital currency and blockchain technology will make companies adaptable for new currencies such as bitcoin to enable remittance services in the country.
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Increased accessibility of banks is expected to raise the rate of remittances channeled through banks. Moreover, as financial inclusion leads to more Filipinos with bank accounts, remittances coursed through banks will further witness an increase in the coming years. The US is likely to be the largest country of origin of overseas remittances owing to the relatively high average amount of money sent by a Filipino residing and working in the US.
The growing remittance partnerships in the country between banks, pawnshops and money transfer organizations are also expected to strengthen the...