A new study from Juniper Research has found that the value of domestic money transfers, including operator money and social media money services, will reach USD 520 billion in mobile transactions by 2018, up nearly 200 % from an estimated USD 178 billion in 2015.
According to the research, Digital Money Transfer & Remittances: Domestic & International Markets 2016-2021, by 2018 the share of domestic money transfer services, by mobile transaction values are forecast to be: 45 % for domestic P2P, 21 % for cash-in, 17 % for cash-out, 14 % for bulk disbursement (G2P), and 2 % for domestic airtime top-up.
Typically, P2P (person to person) domestic transfers show higher usage in developing markets, including M-Pesa, Airtel Money, Orange Money and MTN Mobile Money, supplemented by users making social transfers in developed markets via services such as Venmo and WeChat. However, the bulk of activity is currently occurring via WeChat and Alipay within China, with growth fostered by ‘red envelope’ promotions at the Lunar New Year.
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