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Global Consumer Money Transfer MarketProduct Type: Market Research ReportPublished by: Datamonitor Published: May 2004 Product Code: R313-6677 Description IntroductionThe Global Consumer Money Transfer Market has been growing steadily throughout the years. However, an upsurge in labor migration has further impacted on the market and opened the door to new opportunities. New providers are entering the market and new money transfer services are emerging. In what direction will the market move in the next four years? This briefing provides the answers. Scope This briefing focuses on person-to-person international money transfer transactions. It concentrates on formal money transfer instruments. It looks at inter-regional transfers only. Intra-regional transfers are excluded. It provides a four-year forecast on the size of the formal global consumer money transfer market. Highlights In May 2004, ten countries from Central and Eastern Europe will join the EU. Many will not be granted 'freedom of movement of persons' for work purposes immediately. However, it is expected that after the end of the transition period workers from these new EU-countries will positively impact on the migrant population in the other EU-countries. PayPal is still a mainly US focused solution. The company is based in California, the vast majority of its customers can be found in the US and while individuals in almost 40 countries can open a PayPal account in many countries, many users cannot withdraw funds to a bank account. Yahoo! PayDirect has been in existence for several years but was never the first choice for online person-to-person payments. PayPal is by far the leader. Although Yahoo! PayDirect International offers extra features over PayPal, there is the issue whether Yahoo! brand is strong enough to convince customers to transfer significant sum of money. Reasons to Purchase It provides you with a thorough understanding of how the market works. It gives you an insight in the future direction of the market and hence assists you in designing your strategic planning. It gives you information on the size of the flow of remittances between regions and helps you determine where the opportunities lie. Table of Contents TABLE OF CONTENTSABOUT DATAMONITOR 2 CHAPTER 1 INTRODUCTION 7 The Cards & Payments Briefings Service 7 What is this briefing about? 7 Scope of the briefing 7 Who is the target reader? 8 How to use this briefing 8 CHAPTER 2 SIZING THE GLOBAL CONSUMER MONEY TRANSFER MARKET 10 Market sizing 10 Data is grouped under seven regions 10 The formal global consumer money transfer market accounted for US$57.6 billion in 2003 11 Inflows and outflows of remittances per region 12 Share of remittance inflows and outflows per region 14 Exclusions 15 Informal Money Transfer Systems 15 Drivers of the global consumer transfer money market 18 Migrant population 19 GDP of the hosting country and flexibility of the labor market 19 The cost of living in the hosting country 19 Regulatory framework 20 Expatriates 20 Foreign students 20 Political stability 21 Summary 21 CHAPTER 3 MONEY TRANSFER INSTRUMENTS 22 Classification of money transfer instruments 22 Money transfer facilitators 22 Conventional banking money transfer systems 27 International drafts and money orders 27 Bank wires 28 Emerging consumer money transfer instruments 29 Online wallets 30 ATM withdrawal 36 Benchmarking money transfer instruments 40 Summary 42 CHAPTER 4 FORECASTING THE GLOBAL CONSUMER MONEY TRANSFER MARKET 44 GDP is a key macro-economic factor when forecasting inflows and outflows of remittance 44 Soft factors 44 Exclusion 45 The global consumer money transfer market will reach US$69.8 billion in 2007 45 The thought process behind the forecast 46 Conclusions 50 Traditional providers are losing ground with the emergence of new money transfer instruments 51 The remittance market is not only a profitable market but it also provides further opportunities 51 APPENDIX 52 Supplementary data 52 Market sizing methodology 58 Step 1: Calculation of outflow of remittances 58 Step 2: Calculation of inflow of remittances 59 Step 3: Estimating the propensity to use money transfer services 59 Step 4: Calculation of the global consumer money transfer market - inflows and outflows 60 Forecasting methodology 60 Research methodology 61 Future readings 61 Current related Datamonitor reports and briefings 61 Future reports and briefings 61 Relevant links 62 Datamonitor’s custom research capabilities 62 SPP writing team 64 How to contact experts in your industry 65 |
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