Remittances via mobile devices are set to reach $55 billion in 2016, most of this through traditional migration corridors, according to a new study by Juniper Research. Two issues might affect the growth, however. A lack of regulatory engagement with telcos in many jurisdictions will inhibit deployment as there is little co-ordination between each end of the transfer. Fees are the other, perhaps more serious consideration and the Juniper study calls for care when setting remittance fees.
Remittances via mobile devices are set to reach $55 billion in 2016, most of this through traditional migration corridors, according to a new study by Juniper Research.
Currently at $12 billion, the remittance market has quietly been driving the revolution in mobile money. The main routes down which money is sent are the US and Mexico and intra-regional transfers across Africa and the Middle East. By 2016, Western Europe will become the largest mover of money as migrant populations move in.