International remittances sent via mobile phones to reach $55 billion in 2016

International remittances sent via mobile phones to reach $55 billion in 2016

According to a new report from Juniper Research, almost $55 billion in international remittances will be enabled via mobile devices in 2016, up from less than $12 billion this year.

Unsurprisingly established migration corridors such as the US-Mexico and intra-regional transfers across Africa and the Middle East will lead the growth, though inter/intra-regional activity from and within Western Europe will account for the largest remittance volumes by the end of the forecast period. The research company goes on suggesting that touchscreen interfaces, apps and Internet access will help drive the service usage in the mid term, especially in markets with low literacy levels.

However, Juniper also cautions that the lack of regulatory engagement with service providers in many jurisdictions continues to inhibit service deployment and adoption of both domestic and international remittance services.

Finally, they are suggesting service providers to introduce lower commission rates and flexible pricing structures to generate greater service uptake…

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