GURUGRAM, India, May 22, 2019 /PRNewswire/ --
- Increasing digital trends are expected to revolutionize the mobile financial services in the country through virtual currencies, wearable technologies and biometrics.
- Growth in financial inclusion and banked population in Philippines is envisaged to create opportunities for banks to further increase their penetration in future.
- Advent of digital currency and blockchain technology will make companies adaptable for new currencies such as bitcoin to enable remittance services in the country.
Growing Acceptability of Banks: Formal account penetration in the Philippines, however, improved by 3.2 percentage points compared to the 31.3% registered in 2014. Of those who owned formal accounts, 11.5% said these were held with banks, lower than the 14.1% reported two years ago. Increased accessibility of banks is expected to raise the rate of remittances channeled through banks. Moreover, as financial inclusion leads to more Filipinos with bank accounts, remittances coursed through banks will further witness an increase in the coming years. The US is likely to be the largest country of origin of overseas remittances owing to the relatively high average amount of money sent by a Filipino residing and working in the US.
High Remittance Charges: High remittance costs are also a factor that adversely impacts the remittance market of the country. The major restraints that impact the control over remittance costs are de-risking by banks and exclusive partnerships between national post office systems and money transfer operators. These factors are expected to constrain the introduction of more efficient technologies in the market such as internet and smartphone apps and the use of cryptocurrency and blockchain in remittance services.
Improving Partnerships between Entities: The growing remittance partnerships in the country between banks, pawnshops and money transfer organizations are also expected to strengthen the market in the coming five years. However, stricter immigration regulations in the remittance source countries can be posed as a challenge for remittance growth in the future. Remittances may also be impacted by the de-risking followed by banks and increased regulation of money transfer operators, both aimed at reducing financial crime will continue to constrain the growth of formal remittances.
Evolution of Digital Money Transfer Solutions: Major digital trends are expected to revolutionize the mobile financial services in the country majorly through virtual currencies, wearable technologies and biometrics. In future, bitcoin is expected to have a large impact on the global remittance market, particularly in developing countries such as the Philippines. On the other hand, the growing popularity of bitcoin in Philippines has even prompted the BSP to draft new regulations on bitcoin remittances market to promote the use of digital transactions in the country which will augment the growth of Philippines International Remittance market. In 2015 Samsung has unveiled SamsungPay, a mobile payment service that enables the MasterCard holders to make every day in-store purchase payments. It enables secure mobile payments at NFC enabled point of sale terminals. NFC payment system is gradually gaining attention among the customers in recent times. Peer to Peer payment space is still emerging in the Philippines remittance and payments market. It is yet to capture the attention of the customers and to reach the significant level of confidence.
Analysts at Ken Research in their latest publication "Philippines Remittance and Payments Market Outlook to 2024 – Growth Backed by Sustained Internal Migration, Rise in Overseas Filipino Workers and Surge in BPO Sector" believe that the companies can benefit from an expansive reach and greater accessibility of pawnshops. Smaller companies will be required to adapt to rapid changes in technology and market conditions. A failure to do so will lead to their eventual disappearance as bigger companies and new service models continue to emerge in the Philippines. This will help the sector to register positive CAGR of 5.4% during the period 2019-2024 in terms of transaction volume.
Key Segments Covered:
Domestic Remittance
By Remittance Channels
- Banks
- Non Banks
By Types of Services
- Branch Pick-Up
- Online
- Door to Door
- Prepaid Cards
- Direct Credit to Bank Account
By Major Flow Corridors
Bill Payment Market
By Channel of Payment
- Banks
- Non Banks
By Type of Payments
Water
- Electricity and Fuel Bills
- Insurance Premium
- Communication
- Education
By Mode of Payment
- Offline
- Online
Method of Payment
- Convenience Stores
- Online/Mobile Payments
- Biller's Business Offices
- Remittance Companies
- Banks and Others Offline
International Remittance Market
By Major Flow Corridors
- US
- UAE
- KSA
- UK
By Remittance Channels
- Banks
- Non Banks
By Payout Mode
- Cash
- Non-Cash/Electronic Transfer
- Door to Door Delivery Method of Payment
Key Target Audience:
- Money Transfer Operators
- Banks
- Pawnshops
- Bill Payment Companies
- M-Wallets
- Mobile Money Companies
- Central Bank
- Investors and PE Firms
- Convenience Stores
Time Period Captured in the Report:
- Historical Period – 2013-2018
- Forecast Period – 2019-2024
Companies Covered:
International Remittance Companies:
- Banco de Oro
- The Bank of Philippine Islands
- Metropolitan Bank
- Cebuana Lhuiliher
- M Lhuillier
- Palawan Pawnshop
- Western Union
- LBC
- iRemit
- Wells Fargo
- Xoom
Domestic Remittance Companies:
- Palawan Pawnshop
- Cebuana Lhuillier
- Smart Padala
- M Lhuillier
- LBC Express
- BDO
- BPI
- Western Union
For more information on the market research report please refer to the link below:
Related Reports:
The report provides a comprehensive analysis of Europe international remittance market including market evolution, overview, genesis, market size and market segmentations. Extensive focus has been placed in quantifying the transaction value and volume over the period, 2013-2023. The report covers aspects such as market segmentation (by channels used, by sending and receiving countries, by inbound remittance point of contact and by top flow corridors) and a brief snapshot on the major sending countries in Europe Competitive landscape of major players including Western Union, MoneyGram, Ria Money Transfer, Transferwise, UAE Exchange, HSBC Bank, BNP Paribas, Lloyds Bank, Barclays Bank and XOOM by Paypal have been covered including company overview, major business strategies, USP, distribution network, remittance services offered, transfer speed and various other parameters. The report is useful for existing remittance companies, potential entrants, investors and other stakeholders to align their market centric strategies according to ongoing and expected trends in the future.
The report provides a comprehensive analysis of South Africa's Remittance Market including market evolution, overview, genesis, market size and market segmentation. Extensive focus has been placed in quantifying the transaction value and volume over the period, 2013-2023. The report covers aspects such as market segmentation (by channels used, by corridors and by income level) and an extensive snapshot on the bill payment market in South Africa. The report has covered the international and domestic space exclusively focusing on over the year's computation & interpretation of change in volume, value and average ticket size of transactions in the country. Income earned & change in commission charged has been scrutinized well followed by explicit analyst explanations. Competitive landscape of major players including ABSA Bank, Capitec Bank, Bidvest Bank, Standard Bank, Western Union, MoneyGram, Hello Paisa, Mama Money, Mukuru, Shoprite, SPAR, PEP Stores and Pick n Pay have been covered including company overview, major business strategies, USP, distribution network, remittance services offered, financials and various other parameters. The report also covers future industry analysis (by value, volume and average transaction size), future market segmentation, SWOT analysis, growth opportunities, upcoming trends & analyst recommendations.
The report is useful for existing remittance companies, potential entrants, investors and other stakeholders to align their market centric strategies according to ongoing and expected trends in the future.
The report provides a comprehensive analysis of remittance and bill payments market in UAE. The report covers market size, segmentation on the basis of remittance channel, mode of transfer, type of service and remittance corridor for international remittance market. For domestic remittance market it covers market size, segmentation on the basis of remittance channel and type of services. It also includes the bill payments market in the country covering the market size and segmentation by type of bills. The report also covers government regulations in the market, competitive landscape and company profiles for major players in the remittance and bill payments market. The report provides detailed overview on future outlook & projections with analyst recommendations for the industry.
The report facilitate the readers with an identification and in-depth analysis of the existing and future trends, issues and challenges prevalent in the industry and anticipated growth in the future depending upon changing industry dynamics in coming years. The report is useful for exchange houses, banks, bill payment portals and other stakeholders to align their market centric strategies according to ongoing and expected trends in the future.
The report provides a comprehensive analysis of International Remittance, Domestic Remittance, and Bill Payment Market in Egypt. It includes the transactions occurring in Egypt by major flow corridors, mode of transfer, inbound and outbound transactions, channel of transfer, and bill payment details such as type of bill payments and mode of bill payments. The report also covers the overall competitive landscape and company profiles of major Money Transfer Organizations in Egypt. The report concludes with market projection for future and analyst recommendations highlighting the major opportunities and cautions for the Egypt Remittance Market.
Egypt has been one of the top Arabian countries in terms of labour supply. This results into high international inbound remittance in the country. The domestic remittance transactions are high which is due to growth in internal migration and rising urban population. Increasing nuclear families in the country has resulted into increased bill payment activities as number of subscribers for utilities, mobile telephone services and internet are on rise. Even though the international remittance market has slowed down since 2016, it is expected to recover as Middle Eastern economies invest to diversify.
Contact Us :
Ankur Gupta, Head Marketing
Ken Research Private Limited
Ankur@kenresearch.com
+91-9015378249
SOURCE Ken Research
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
