A new Juniper Research’s analysis, “Mobile Payment Markets: Money Transfers and Remittances 2008-2013,” forecasts that Service Provider revenues, derived from mobile money transfer services and remittances, will exceed $5 billion globally by 2013 – based on the commissions and charges that they will acquire from the gross value of money transactions made.
According to the research company, there is a significant opportunity for the providers and vendors of mobile money transfer services as the market takes off, beginning as soon as 2010. In that sense, 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 suggests that prospects for these services are excellent, both in developing and developed countries. “For many people it has been costly and difficult for them to transfer money via existing services even to friends and family: using mobile phones solves the problem,” he added.
Highlights from the report:
- Global annual gross transaction value (including the remittance itself) will grow over 10 times between 2009 and 2013.
- The top 3 regions (Western Europe, Africa and Middle East, and Far East & China) will represent over 60% of the global mobile money transfer gross transaction value by 2013.
More information about Juniper Research’s report is available from their website.