A new report from Aite Group, Competing in Money Transfers, provides an overview of the workers' remittances market opportunities, assesses the evolution of the competitive landscape, and discusses key trends that are reshaping the industry.
According to the report, the money transfer industry makes up a thriving subset of the global payment industry. While workers' remittance growth will soften over the coming years, Aite Group projects that cross-border transfers will grow 8% CAGR between 2006 and 2010. Aite Group estimates that by 2010, global workers' remittances will amount to US$456 billion, up from US$369 billion in 2007.
The report also anticipates that increased competition among money transmitters will force them to tap new channels, expand their product range, and differentiate their services based on the purpose of the money transfer.
"Money transmitters need to differentiate by tailoring services for each particular type of money transfer. They should focus on analyzing and segmenting the money transfers sent in major corridors and offer targeted services to enhance the user experience, such as cross-border bill payments," says Gwenn BÃ©zard, research director at Aite Group and co-author of the report.
The market participants mentioned in this report include: Bancomer, Banorte/UniTeller, BB&T, Citibank, Coinstar, Compass Bank, Discover, Euronet Worldwide/Ria/La Nacional, Fifth Third, Frost Bank, Global Payments/Dolex, Grupo Express, HSBC, Huntington Bank, ICICI Bank, Ikobo, Intermex, Laurentian Bank, MasterCard, Nexxar, Philippine National Bank, Provident Bank, RBC Centura, Sigue, Sovereign Bank, U.S. Bank, Visa, Wachovia, Wal-Mart, Wells Fargo, Western Union/Vigo/Orlandi Valutta, and Xoom.