Mobile Money Set to Disrupt International Remittances Market
Amdocs (Nasdaq:DOX), the leading provider of customer experience solutions, today released the results of a new survey examining consumer attitudes towards different ways of transferring money internationally. With the World Bank citing that the international remittance market is expected to reach $610 billion1 this year it represents an attractive, fast-emerging revenue stream for mobile financial services providers.
The survey finds that a large majority of respondents (82 percent) using services currently offered by existing players such as money transfer operators (MTOs) and banks, are dissatisfied and that 83 percent of respondents in developed countries ̶ United States, United Kingdom, and Germany ̶ are willing to send money internationally using mobile money, provided they are offered a service that is more secure, convenient, faster, and competitively priced.
Conducted by analyst and consultancy firm Juniper Research on behalf of Amdocs, the survey questioned nearly 3,000 international money transfer service users from migrant communities in the US, UK, and Germany. The study focused on the users of seven main remittance corridors: US-Mexico, US-Rest of CALA, US-Philippines, US-India, US-Vietnam, UK-Nigeria and Germany- Turkey. These corridors account for $78.6 billion in remittances annually1.