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Global Remittance Market Report: 2014 Edition

Published By :

Koncept Analytics

Published Date : Dec 2014

Category :


No. of Pages : 72 Pages

Remittance is defined as transfer of money by a person who resides in a foreign country to his or her home country. Remittance industry contributes to economic growth and livelihoods of people across the world. In most of the developing countries, money sent by foreign migrants to their home countries constitutes the second largest financial inflow to the respective nations. Furthermore, in the money receiving countries, remittance industry promotes further economic dependence on the global economy instead of building sustainable local economies. Remittance channel is collectively comprised of a sender, a recipient, intermediaries in both countries and the payment interface used by the intermediaries. The remittance system encompasses the following components: Remittance Service Providers (RSP), Remittance Corridors, Remittance Network and, Money Transfer System. Remittance Services are divided primarily on the basis of ways a network of access points is created and linked. There are broadly four categories: unilateral services, franchised services, negotiated services, and open services.

The key factors driving growth of the global remittance industry include rising employed and urban population, ameliorating global economic development, and unceasingly climbing migrant population. Some of the noteworthy developments of this industry include unstable remittance cost, the impact of remittance on health, education and poverty, wide portfolio of remittance services and correlation between remittance and foreign exchange rates. Also, the number of electronic payment service providers that offer over-the-counter-payments, mobile money payment and payment cards have increased rapidly. However, the growth of remittance industry is hindered by the difficulty in establishment of access points, tax regulations and strict regulatory compliances along with the lack of transparency and understanding.

This report offers a comprehensive analysis of the global remittance market, along with an in-depth study of top remittance receiving and contributing countries. The report also includes detailed description of regional markets. The competition in the respective market is highly diversified and fragmented. Some of the major players are Western Union Company, MoneyGram International Inc (MGI) and Euronet Worldwide Inc, among others. The competitive landscape of the global remittance markets, along with the company profiles of the leading players are also discussed in detail.

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 Content

1. Overview
1.1 Types of Remittance Services
1.2 Remittance Marketplace
1.2.1 Components of Remittance Marketplace
1.3 Remittance Market Value Chain

2. Global Remittance Market
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
2.4 Remittances Market by Largest Contributing Countries
2.4.1 The US
2.4.2 Russian Federation
2.4.3 Saudi Arabia
2.4.4 Europe

3. Market Dynamics
3.1 Growth Drivers
3.1.1 Increasing International Migration
3.1.2 Rising Global GDP
3.1.3 Rising Employment Opportunities
3.1.4 Increasing Urban Population
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
3.2.6 Escalating Digital Modes of Payments
3.3 Challenges
3.3.1 Access Points Establishment
3.3.2 Taxes on Remittances
3.3.3 Strict Regulatory Compliances
3.3.4 Lack of Transparency and Understanding
3.3.5 Lack of Competitive Market Conditions

4. Competitive Landscape

5. Company Profiles
5.1 The Western Union Company
5.1.1 Business Overview
5.1.2 Financial Overview
5.1.3. Business Strategies
  • Expansion in Emerging Markets 
  • Expanding Global Presence
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
  • Expansion through Partnerships 
  • 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 Table

International Migration Stock by Region (1990-2013)
Transfer Mechanism Offered by Major Money Transfer Organizations 
Dependent & Independent Variables (2007-2013)
Correlation Matrix
Model Summary – Coefficient of Determination
Regression Coefficients Output  

List of Chart

Account-Based Model
Basic Non-Account Based Model
Value Chain: Remittance Industry
Global Remittance Inflow (2007-2014E)
Global Remittance Outflow (2007-2013)
Remittance Flow to Low Income Countries (2009-2015E)
Remittance Flow to Middle Income Countries (2009-2015E)
Remittance Flow to High Income Countries (2009-2015E)
Remittance Flow to Developing Countries (2009-2015E)
Remittance Flow to East Asia and Pacific Region (2009-2015E)
Remittance Flow to Europe and Central Asia Region (2009-2015E)
Percentage Change in Remittance Outflows from Western Europe (2007—2013)
Percentage Change in Remittance Inflows to Eastern Europe (2007-2013)
Remittance Flow to Latin America & Caribbean Region (2009-2015E)
Remittance Flow to Middle East and Africa Region (2009-2015E)
Remittance Flow to South Asia Region (2009-2015E)
Remittance Flow to Sub Saharan Africa (2009-2015E)
Top 10 Recipients of Migrant Remittances (2014E)
Top 10 Recipients of Migrant Remittances as % of GDP (2013)
Remittance Flows in India (2007-2013)
Remittance Flows in China (2007-2013)
Remittance Inflow in Philippines (2007-2014E)
Remittance Inflow in Mexico (2007-2014E)
Distribution of Remittances by Channel (Jan 2013- Oct 2013)
Remittance Flows in the US (2007-2013)
Remittance Flows in Russian Federation (2007-2013)
Remittance Outflow from Saudi Arabia (2007-2013)
Remittance Outflow from Top 3 European Countries (2007-2013)
International Migrants Population (1990-2013)
Top 10 Countries of Destination (2013)
Breakdown of Forced Migration (2013)
Global GDP (2006-2013)
World GDP per Capita (2006-2013)
Global Employed Population (2002-2013E)
Global Urban Population (2007-2013)
Exchange Rate of Indian Rupee against US$ (Q111-Q314)
Exchange Rate of Mexican Peso against US$ (Q111-Q314)
Exchange Rate of Philippine Peso against US$ (Q111-Q314)
Global Weighted Average for Sending US$200 (2008-Q314)
Average Cost of Remitting from G20 Countries (Q314)
Average Cost by Remittance Service (Q314)
Availability of Product Type (Q314)
Number of RSPs in Common Sending Countries (Q413)
Cost for Sending US$200 (2008-Q314)
Western Union’s Revenue by Business Segments (2013)
Western Union’s Revenue and Net Income (2009-2013)
MoneyGram’s Revenue Share by Business Segments (2013)
MoneyGram’s Revenue and Net Income (2009-2013)
Euronet’s Revenue Share by Business Segments (2013)
Euronet’s Revenue and Net Income (2009-2013)
Global Remittance Inflow Forecast (2011-2018F)

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