Global remittance market is expected to witness lucrative growth over the forecast period owing to rising employment level, increasing global population base, continuous climbing migrant population and enhancing global economic development. In addition, the unstable remittance cost, correlation between remittance and foreign exchange rates, impact of it on education, health and poverty and, wide portfolio of its services also anticipates the development of this market. Also, the payment cards, mobile money payment and, number of electronic payment service providers that offer over the counter payments are increasing rapidly. The introduction and innovation in technologies are helping to lower the cost of remittance. This factor is expected to anticipate the market growth over the decade. The online and mobile money transfer system provides new opportunities for more cost effective means of sending money. Mobile money transfers services such as MPesa have changed the landscape for domestic remittances in many African countries. MPesa is a mobile phone based money transfer service for Safaricom which is Kenya’s largest mobile network operator. With the help of this facility, low income people of Kenya can use their mobile phones for transferring their money from person to person. Also, mobile transfer operators have partnered with mobile wallet providers and mobile network trade associations so as to boost their competitive advantage.
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Another factor having a positive impact on remittance market is public sector initiatives so as to reduce the cost of remittance. The Federal Reserve Bank of the U.S in partnership with Banco Rendimento, Banco de Mexico and Microfinance International Corp. offered an “account to receiver” service. This service helps the customers in the U.S to send money to their relatives who do not possess a bank account in Mexico and other 10 Latin American countries. Remittance industry contributes to economic growth and livelihoods of people across the world. The money transferred by the foreign migrants to their home countries is expected to contribute as the second largest financial inflow to the respective nations. It acts as a key source of funds in emerging countries, far beyond official development support and even foreign direct investment and, are proven to be more secure than private debt and portfolio equity flows. Furthermore, in money receiving countries, this industry promotes economic dependence on the global economy instead of building defensible local economies.
Remittance channel comprises of sender, receiver, intermediates in both the countries and payment interface used by the intermediates. The market on the basis of components, is segmented into remittance corridors, remittance service providers, money transfer system and, remittance network. On the basis of ways, a network of access points is created or connected, market is segmented into franchised services, unilateral services, open services and negotiated services. According to the World Bank data, in 2013, over 38% of international migrants migrated from developing countries to other developing countries and around 34% moved from developing countries to developed countries. In 2015, remittances to emerging countries were expected to be $435 billion with a modest growth of 2% from last year.
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