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Online Payments

Cross-border mobile, online P2P remittances to exceed USD 300 bln

Monday 5 March 2018 | 12:04 PM CET

The international P2P remittances on mobile and online platforms will exceed USD 300 billion globally by 2021, up from an estimated USD 225 billion in 2018.

The new research from Juniper Research, Digital Money Transfer & Remittances: Domestic & International Markets 2018-2022, estimates that total international remittances via formal channels will exceed USD 600 billion in 2018.

This means that international remittances conducted via mobile and online services will be 36% of formal remittance by value in 2018, growing to 44% by the end of 2021.

The research found that traditional money transfer operators are expanding their digital footprint. Juniper forecasts that the combined market share for the top 4 money transfer operators will continue to increase over the next 4 years, reaching 39% of total formal remittances by 2022.

Meanwhile, TransferWise and Xoom are witnessing slow but increasing market share and revenue growth. Juniper estimates that the combined market share for TransferWise, Xoom, Remitly and WorldRemit, in terms of formal remittance transactions processed, will increase from 2.5% in 2015 to 12% in 2018.

The report also found that blockchain will have a significant role to play in the future evolution of transaction settlement solutions, with almost 1 in 3 of the proposed use cases for blockchain revolving around settlement and payments.

Savings enabled by blockchain solutions will be passed on to consumers and enable transactions at or below the 3% average cost of remittances targeted.

More: Link
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