Leon isaac
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The document discusses remittances markets globally and in Europe. It notes that remittances to developing countries reached $36.5 billion in 2020, accounting for 7.3% of GDP for some recipient countries. Around 150 million people worldwide receive remittances from family members working abroad.
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Leon isaac
- 1. The Global and European Remittances Market – State of Play Leon Isaacs
- 3. 20% 25% 7.3%
Editor's Notes
- 20% of world’s immigrants (50 million) 25% of world send flows – ($109.4 bn sent in 2014) 7.3% is average cost Harmonised regulation within EU under Payment Services Directive, Emoney Directive and AML Directive – at least in theory Over 450 RSPs in the EU alone Cash is still king Account-to-account is quite common Online payments and mobile payments are beginning to emerge Key challenges include: access to bank accounts and slow economic recovery and increasing operational costs
- 20% of world’s immigrants (50 million) 25% of world send flows – ($109.4 bn sent in 2014) 7.3% is average cost Harmonised regulation within EU under Payment Services Directive, Emoney Directive and AML Directive – at least in theory Over 450 RSPs in the EU alone Cash is still king Account-to-account is quite common Online payments and mobile payments are beginning to emerge Key challenges include: access to bank accounts and slow economic recovery and increasing operational costs
- $36.5 bn received in 2014 150 million people benefit from remittances sent from Europe