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A new report by Juniper Research titled “Mobile Payment Markets: Mobile Money Transfers and Remittances 2008-2013″ forecasts that in excess of 100 million 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 2-3 years, especially on migration routes such as Philippines/Middle East and Mexico/USA.
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. As a matter of fact, report author Howard Wilcox argues that the mobile phone will become a vital enabler in developing countries because often many more people have phones than have bank accounts.
Highlights from the report:
- 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 $5 billion by 2013.
- The top 3 regions (Western Europe, North 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 and international transactions… As always, more information is available on Juniper Research’s website.
About The Author
Dusan Belic
Dusan has been using smartphones since their introduction and is now following the latest trends in the industry. The "convergence" is what he's most excited about, and writing about it is the next logical thing to do. He thinks that using a smartphone is what everyone who cares about their time should do. In addition to his interests in mobile phones, Dusan also loves to experiment with the latest web and mobile 2.0 services. The idea of accessing and managing your information from any device no matter where you are simply amazes him. Whether it's an online to-do list, note taking service or a video sharing social network, he's there to try it out. He admits though, he's still searching for the ultimate web-based organizational tool, which "sings" perfectly with the mobile PIM application. Dusan used to run SymbianWatch.com which later became part of IntoMobile. He lives in Serbia, South-East Europe, from where he edits the site on a daily basis.
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