The significant growth of the global remittance market has created many growth opportunities for remittance service providers in the last two years. Globally, companies are focusing on technological advancement to offer a seamless journey to their consumers. On the other hand, growing customer demands in regard to cross-border remittances had pushed these companies to engage in strategic partnerships to expand their businesses globally.
According to the World Bank Bilateral Remittances Matrix, the United Kingdom ranks fourth among the largest donor countries. Also, despite the challenges of Brexit and COVID-19, in 2021, the country issued more work visas as compared to 2020 and 2019. Consequently, these numbers justify the continued popularity of the United Kingdom among labor migrants and indicate solid prospects for the United Kingdom remittance market.
In March 2022, KoronaPay, the EU-based online money transfer service provider, entered into a strategic partnership with Clear Junction, a London-based payments solutions provider, to provide its customers with an array of international remittance options. Through this partnership, with Clear Junction, KoronaPay will be able to take advantage of the country's Faster Payments infrastructure. This will enable the company to receive funds from individuals paying in pound sterling and instantly release the funds for collection in the destination country. By leveraging the infrastructure and expertise provided by Clear Junction, KoronaPay will be able to provide a more convenient and efficient remittance experience to the users.
PayNXT360 anticipates that the total volume of remittances from Europe in 2022 will outrun 2021. Moreover, the convenience and attractive pricing of digital remittances will further boost the share of online remittances in the region. It is expected that KoronaPay, which offers payments across 79 countries in Europe, the CIS, the Middle East, and Asia, will be exploring additional opportunities to expand their collaboration in the European region.
Similarly, in March 2022, the UAE-based remittance and money exchange company Al Fardan Exchange partnered with Thunes, a global leader in cross-border payments, to make seamless payments to 87 countries. This partnership will enable business and retail customers of Al Fardan Exchange to make instant payments to bank accounts, mobile wallets, and also cash pickup points in their home countries. Together with this, the recipients will be able to receive money in their local currency.