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Global Money Transfer (Remittances) Market Report: 2013 Edition

  • January 2014
  • -
  • Koncept Analytics
  • -
  • 60 pages

Remittance is defined as transfer of money by an individual residing in foreign country to his/her home country. The monetary fund transferred by foreign migrants to their homes represents second largest financial inflow to the respective nation. Remittance channel is collectively comprised of a sender, a recipient, intermediaries in both countries, and the payment interface used by the intermediaries. In order to ensure greatest security during any money transfer transaction, certain international standards have been set by the World Bank. The remittance system encompasses the following components: Remittance Service Providers (RSP), Remittance Corridors, Remittance Network and, Money Transfer System.

A consistent increase has been observed in the global remittance inflow and outflow over the past few years with the exception of 2009, which was on account of economic and financial turmoil. As of 2012, India, China, Philippines and Mexico, were the top four remittance receiving countries. Further, the top addressers of the remittance included the US, Russian Federation, Saudi Arabia and Switzerland during the cited period. The largest source of remittance flow to developing regions was high income countries in 2012.

The key trends providing sufficient growth opportunity for further growth of the global remittance industry include increasing employment opportunities apart from rising global GDP and rising number of international migrants. Some of the noteworthy trends and developments of this industry include the impact of remittance on health, education and poverty, wide portfolio of remittance services and correlation between remittance and foreign exchange rates. However, the growth of tissue paper industry is hindered by the difficulty in establishment of access points, tax regulations and strict regulatory compliances.

The report on global remittance market contains a comprehensive analysis of the global remittance industry along with the study of the regional markets including India, China, Mexico and Philippines. An intense competition is noted among few major players; Moneygram, Western Union, Euronet and Xoom; of the global remittance market. Apart from global competitive analysis, regional competitive landscape is also included in the report along with company profiles of the leading players in the market.

By combining SPSS Inc.’s data integration and analysis capabilities with our relevant findings, we have predicted the future growth of the industry. We employed various significant variables that have an impact on this industry and created regression models with SPSS Base to determine the future direction of the industry. Before deploying the regression model, the relationship between several independent or predictor variables and the dependent variable was analyzed using standard SPSS output, including charts, tables and tests.

Table Of Contents

Global Money Transfer (Remittances) Market Report: 2013 Edition
1. Overview

1.1 Remittance Marketplace

1.1.1 Components of Remittance Marketplace
1.1.2. Remittance Market Value Chain

2. Global Remittance Market
-Remittance Inflow Growth
-Remittance Outflow Growth

2.1. Remittance Market by Income Characteristics

2.1.1 Low Income Countries
2.1.2 Middle Income Countries
2.1.3 High Income Countries

2.2 Remittances Market by Region

2.2.1 Developing Countries
2.2.2 East Asia and Pacific Region
2.2.3 Europe and Central Asia Region
2.2.4 Latin America and Caribbean Region
2.2.5 Middle East and North Africa Region
2.2.6 South Asia Region
2.2.7 Sub Saharan Africa Region

2.3 Remittances Market by Largest Receiving Countries

2.3.1 India
2.3.2 China
2.3.3 Philippines
2.3.4 Mexico

3. Market Dynamics

3.1 Growth Drivers

3.1.1 Increasing International Migration
3.1.2 Rising Global GDP
3.1.3 Increasing Employment Opportunities

3.2 Trends and Developments

3.2.1 Correlation of Remittance and Foreign Exchange Rates
3.2.2 Unstable Remittance Cost
3.2.3 Impact of Remittance on Health, Education and Poverty
3.2.4 Wide Portfolio of Remittance Service
3.2.5 Remittance Cost Gap between India and China

3.3 Challenges

3.3.1 Access Points Establishment
3.3.2 Taxes on Remittances
3.3.3 Strict Regulatory Compliances

4. Competitive Landscape

4.1 Agent Locations
4.2 Transfer Mechanism

5. Company Profiles

5.1 The Western Union Company

5.1.1 Business Overview
5.1.2 Financial Overview
5.1.3. Business Strategies
-Expanding Global Presence
-Technological Innovations

5.2 MoneyGram International, Inc.

5.2.1 Business Overview
5.2.2 Financial Overview
5.2.3 Business Strategies
-Expansion through Collaborations
-Enhancing Service Portfolio

5.3 Euronet Worldwide, Inc.

5.3.1 Business Overview
5.3.2 Financial Overview
5.3.3 Business Strategies
-Focus on Technological Innovation
-Growth through Acquisitions

6. Market Outlook

6.1 Market Forecast

6.2 Forecast Methodology

6.2.1 Dependent and Independent Variables
6.2.2 Correlation Analysis
6.2.3 Regression Analysis

List of Figures

Account-Based Model
Basic Non-Account Based Model
Value Chain: Remittance Industry
Global Remittance Inflow (2007-2012)
Global Remittance Outflow (2007-2012)
Top 10 Addressers of Remittances (2012)
Remittance Flow to Low Income Countries (2009-2013E)
Remittance Flow to Middle Income Countries (2009-2013E)
Remittance Flow to High Income Countries (2009-2013E)
Remittance Flow to Developing Countries (2009-2013E)
Remittance Flow to East Asia and Pacific Region (2009-2013E)
Remittance Flow to Europe and Central Asia Region (2009-2013E)
Percentage Change in Remittance Outflows from Western Europe (2007—2012)
Percentage Change in Remittance Inflows to Eastern Europe (2007-2012)
Remittance Flow to Latin America and Caribbean Region (2009-2013E)
Remittance Flow to Middle East and Africa Region (2009-2013E)
Remittance Flow to South Asia Region (2009-2013E)
Remittance Flow to Sub Saharan Africa (2009-2012)
Top 10 Recipients of Migrant Remittances (2013E)
Top 10 Recipients of Migrant Remittances as % of GDP (2012)
Remittance Flows to India (2007-2013E)
Remittance Flows to China (2007-2013E)
Remittance Flows to Philippines (2007-2013E)
Remittance Flow to Mexico (2007-2013E)
Distribution of Remittances by Channel (Jan 2013- Oct 2013)
International Migrants Population (1990-2013E)
Global GDP (2007-2012)
Global Employed Population (2002-2011)
Exchange Rate of Indian Rupee against US$ (Q111-Q313)
Exchange Rate of Mexican Peso against US$ (Q111-Q313)
Exchange Rate of Philippine Peso against US$ (Q111-Q313)
Global Weighted Average for Sending USD 200 (2008-Q313)
Average Cost of Remitting from G20 Countries (Q313)
Average Cost by Remittance Service (Q313)
Availability of Product Type (Q313)
Number of RSPs in Common Sending Countries (Q313)
Money Transfer - Market Share by Revenue (2012)
No. of Agent Locations of Major Money Transfer Organizations (2012)
Western Union's Revenue by Business Segments (2012)
Western Union's Money Transfer Revenues (2008-2012)
MoneyGram's Revenue Share by Business Segments (2012)
Money Gram's Money Transfer Revenues (2008-2012)
Euronet's Revenue Share by Business Segments (2012)
Euronet's Money Transfer Revenues (2008-2012)
Global Remittance Inflow Forecast (2007-2016F)

List of Tables

Transfer Mechanism Offered by Major Money Transfer Organization (2012)
Dependent and Independent Variables (2007-2012)
Correlation Matrix
Model Summary - Coefficient of Determination
Regression Coefficients Output

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