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Follow on Google News | Number of Brazilian Immigrants Worldwide, Major Money Transfer Operators Brazil - Ken ResearchBy: Ken Research.com The market will witness increase in outflow of remittance fund from Brazil to other countries owing to upcoming industrial sector and entry of number of foreign players in Brazil. Rising number of nuclear families due to internal migrations will increase the usage of electricity, water, broadband, phones and other utilities which will change the shape of remittance industry in upcoming years. Brazil remittance market will witness growth in domestic remittance in upcoming years with significant internal labor which will sustain the money transfer business in the country. Brazil is expected to witness rise in job opportunities and better wages in developed regions which will attract residents from various cities to move to urban areas for work. In upcoming years, Brazil will witness growth of young population which will migrate to other regions for better education opportunities in both Brazil and foreign countries, resulting in the increasing money transfer from home town to their destination regions. The domestic remittance industry in future will be driven majorly by digital money transfer business. The transaction fee for domestic money transfer is very minimal and has greater speed which will majorly aid the growth of domestic remittance market in Brazil. It is believed that companies and banks will expand their network in coming future in order to be easily accessible to the customers. It is anticipated that international remittance in the country will increase at a good pace with the economic growth and development of Brazil. The rising Brazilian immigrants in foreign countries will result in increase in number of transactions from other countries to Brazil. Major countries that dominate in terms of international remittance include United States, Japan, Germany and others. As majority of the remittance comes from US, it is anticipated that new policies will be introduced by the administration which might have a negative impact on the foreign inward remittances. With majority of foreign workforce being in US, the dent in foreign remittances will surely have a negative impact. Moreover, it is expected that growing industrialization, entry of foreign players and growing working age population of the country will drive market growth in upcoming years. Number of immigrants in Brazil, total number of households in Brazil, number of Brazilian immigrants worldwide and internet user population in Brazil are some other key factors that may have positive impact on the market, according to the Analyst at Ken Research. Ken Research in its latest study, Brazil Remittance Market by Inbound and Outbound International Remittance, by Mode of Transfer (Electronic and Cash), by Channel (Bank and Non-Bank), by Bill Payment Methods (Cash, Credit/Debit Card/E-Wallet and Electronic Transfers), by Types of Payment (Grocery Bills, Utility Bills, Fuel Bills, DTH and Broadband Bills and Mobile Recharge Bills) and by Regions – Outlook to 2022, suggests that demand for remittance in the country will grow at a positive growth rate owing to growing youth population and increasing prominence of online payments in the country. For more information on the research report, refer to below link: https://www.kenresearch.com/ Contact: Ken Research Ankur Gupta, Head Marketing & Communications sales@kenresearch.com +91-124-4230204 End
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