According to Juniper Research’s report titled “Mobile Money Transfer & Remittances: Markets, Forecasts & Strategies 2009-2014,” the international mobile money transfer market will be worth in excess of $65 billion by 2014, based on gross transaction values.
The report suggests that the main drive will come from migrant workers based in developed countries. In addition, it [report] identifies a number of inhibiting factors such as rising global unemployment and increased immigration controls by governments, which will hold back the market until the recession is over.
The research company’s Howard Wilcox argues that in the long-term this market proposition is highly attractive. “Mobile remittance offers a speedy, cost-effective and convenient channel for people to send money regularly to friends and family at home, who themselves may not have bank accounts,” he added.
Further findings include:
- North America and Western Europe will be the main remittance sending regions in 2014.
- Typically international transfers are conducted by a smaller base of users than national or domestic transfers, but transaction values are higher, payments are more regular and less frequent.
Additional details are available from a dedicate page on Juniper’s website.