Boston, April 20, 2016 – Cross-border remittances are big business: They were US$582 billion in 2015, and Aite Group estimates that they will grow to US$636 billion by 2020. The volume of remittances sent home often dwarfs official development assistance, and in many countries, remittances represent double-digit portions of gross domestic product. Despite the size and importance of these financial transactions, just a few monolithic players have traditionally dominated the industry. But a convergence of forces offers opportunity to rethink the traditional remittance model, making the industry ripe for disruption.
This report continues Aite Group’s 2016 coverage of disruption in the cross-border remittance market. It looks at the state of the industry, reviewing global and regional remittance volume and remittance corridors, and the way migration impacts remittances, changes in pricing, and competitors. It is based on December 2015 to February 2016 interviews with executives from 26 leading payments organizations and extensive desk research.
This 49-page Impact Report contains 36 figures and seven tables. Clients of Aite Group’s Retail Banking & Payments service can download this report.
This report mentions Euronet’s Ria, MoneyGram, Remitly, Western Union, WorldRemit, and Xoom.