New Delhi, April 27, 2017:
· Rising banking population in the country will create growth opportunities for all type of remittance and bill payment companies.
· The digital payment modes especially mobile wallets and mobile money transfer will drive Mexico remittance & bill payment market.
· The increasing number of Mexican immigrants in the US & internal migration coupled with government support will increase the market size of the Remittance Industry.
· Growing use of smart phones, expansion of services by money transfer companies will attribute in the increasing Market size.
The Mexico is anticipated to grow at a sound rate in short owing to the impact of the US President Donald Trump. Migrant workers in the US are sending much larger amounts back home due to fear and uncertainty about their jobs and future in the country. This will surely drive up the international remittance market size in the short run. The remittance market of Mexico will be majorly driven by the US economy. The US is the major contributor in the overall transaction volume of the industry.
Ken Research Latest on Domestic remittance market will continue to see an upward trend due to greater financial inclusion across the country. Greater number of services being available online and having an option of digital payment will increase the usage financial service providers. Also, the declining unbanked population, government support, increasing mode of digital payment methods will drive the remittance market in the country. Mexico government has been amplifying its efforts which are likely to bring in another 29 million adults with access to accounts and other financial services. The country is also looking to opening up legal and regulatory framework around financial services which is likely to impact another 35 million adults currently operating outside of Mexico’s formal financial system. This will give opportunity to the domestic as well as international expatriates to transfer the money in parts of the country with ease.
Mexico bill payment market is forecasted to grow at rapid rate. Rising number of nuclear families owing to the internal migrations will increase the usage of electricity, water, broadband, phones and other utilities. Growth in the adoption of digital payment methods, entry of non-traditional players, technological innovations and proliferation of immediate players in the country will drive the bill payment industry in the coming future.
Ken Research in its latest study, Mexico Remittance & Bill Payment Market Outlook to 2021 – Growing Mexican Immigrants in the US & Internet Penetration to Drive Market Growth suggested MoneyGram, Western Union, Xoom, RIA money transfer will continue their dominance but have to face fierce competition from the counterparts. The companies in the industry have plans to launch their mobile wallets to take advantage in increasing use of digital payment modes in the country.
The Mexico Remittance market is estimated to register a positive CAGR during 2016-2021. Rising internet penetration, expanding service portfolio, growing number of internal migrants, rising consumer expenditure are the key drivers for the growth of the remittance and bill payment industry in the country.
The report provided information onMexico Remittance market, Mexico International Remittance market, Mexico international inbound Remittance market, Mexico international outbound, Mexico Domestic Remittance market, Mexico Bill payment market, competitive landscape of major companies including MoneyGram, Western Union, Sigue Corporation, RIA Money Transfer, XOOM and others, According To ken Research.
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