Juniper Research analysis shows the rapidly evolving market for money
transfer and remittances via mobile phones. They forecast that in excess of 100m
users globally will use their mobile phones to make international money
transfers by 2013. These cross border mobile money transfers are currently in
their infancy, but are expected to gain traction over the next two to three
years, especially on migration routes such as Philippines/Middle East and
Mexico/USA.
Highlights from the report include:
• Mobile
international transfers are forecast to grow in frequency as users become more
accustomed to the process, exceeding one per month by 2013 on average
globally.
• The opportunity for companies providing national and
international money transfer services is forecast to exceed $5bn by 2013.
•
The top 3 regions (W. Europe, N. America and Africa & Middle East) will
represent over 75% of the global international mobile money transfer gross
transaction value by 2013.
The report found that there is a significant opportunity for
mobile money transfer service providers and vendors, for both national services
between mobile users in a single country and internationally. The study explores
how mobile money transfer will transform the ability of the 'underbanked'
population and migrant workers to make remittances, using their mobile phones as
mobile wallets.
Report author Howard Wilcox explained: "The vast
increase in migrant workers globally has fuelled the number of remittances being
sent home to friends and families regularly. The mobile phone will become a
vital enabler in developing countries because often many more people have phones
than have bank accounts. The GSM Association Mobile Money Transfer global
initiative emphasises the importance that is attached to this across the mobile
industry as a whole."
Highlights from the report include:
• Mobile
international transfers are forecast to grow in frequency as users become more
accustomed to the process, exceeding one per month by 2013 on average
globally.
• The opportunity for companies providing national and
international money transfer services is forecast to exceed $5bn by 2013.
•
The top 3 regions (W. Europe, N. America and Africa & Middle East) will
represent over 75% of the global international mobile money transfer gross
transaction value by 2013.
The report provides six year regional
forecasts of mobile money transfers and remittances, providing data on
subscriber take-up, transaction sizes and volumes for both national (domestic)
and international transactions. Crucially, the report identifies the incremental
ARPU opportunity for mobile network operators, arising from these new services.
Case studies and interviews with companies pioneering in this market are also
featured.
Whitepapers and further details of the study, 'Mobile Payment
Markets: Mobile Money Transfers and Remittances 2008-2013' can be freely
downloaded from www.juniperresearch.com.