Remittance and Money Transfer Market Update

The global remittance and money transfer market, which includes international money transfers, bill payments, mobile topups (i.e. sending funds for pre-paid mobile phones), and other cross-border consumer-to-consumer transactions, has seen explosive growth over the past several years. While the number of international migrants has grown by over 20M to nearly 210M from 2000 to 2010, annual remittance payments have exploded from ~$125B to $440B over the same period, and are expected to reach $646B in 2015. With average fee percentages for retail customers of 9.3% and rates as high as 29% in some regions of the world, the remittance market is ripe for disruption by cheaper, online providers.

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