Blogs & News
- October 29, 2024
- 10:26 am
Introduction
The Indo-Nepal remittance market is one of the fastest-growing and most significant segments of the global remittance industry. With over 7 million Nepalese migrants working in various countries worldwide, remittances from overseas play a crucial role in the Nepalese economy, contributing over 25% of the country’s GDP.
Indo-Nepal Remittance Market
The Indo-Nepal remittance market is a crucial component of the Nepalese economy and is continuously growing. According to the World Bank, Nepal received around $9.8 billion in remittances in 2020, which is equivalent to around 29% of the country’s GDP. The majority of remittances come from countries such as Qatar, Saudi Arabia, the UAE, India, and Malaysia, where a large number of Nepalese migrant workers are employed.
Customer Needs
In the Indo-Nepal remittance market, the customer’s needs are of paramount importance. The customers are primarily Nepalese migrant workers who send money back home to their families. These customers have specific needs, such as:
- Low Transaction Fees: Nepalese migrant workers often have limited income, and high transaction fees can significantly impact the amount they can send back home. Therefore, they need a remittance service that offers low transaction fees.
- Fast and Secure Transactions: Customers want to send money back home quickly and safely. They need a remittance service that offers fast and secure transactions, ensuring that their money reaches their families without any delay.
- Excellent Customer Support: Nepalese migrant workers often have limited knowledge about the remittance process. They need a remittance service that provides excellent customer support, ensuring they can easily understand the process and quickly resolve any issues.
Customer Needs
The Indo-Nepal remittance market is a vital segment of the global remittance industry, and it is continuously growing. The customers’ needs, primarily Nepalese migrant workers, are of utmost importance in this market. They require low transaction fees, fast and secure transactions, and excellent customer support. To succeed in this market, remittance service providers must cater to the customers’ needs, offering a reliable and cost-effective solution for sending money back home.