The United States represents the largest source for remittance outflows to many countries around the world, but within the Western Hemisphere, the importance of the remittance corridors between the U.S. and its Southern neighbors cannot be understated.
Boston, MA (PRWEB) September 28, 2013
In just over 20 years, remittances, or the money sent by an individual back home or to another country has grown from under $50 billion (USD) to over $600 billion a year. Remittance flows are extremely resilient and the ongoing economic and financial malaise across Europe and other developed markets did little to slow the more than 11 percent compound annual growth rate between 1990 and 2012.
As the segment has grown, so has the number of established and new players, operating models (ranging from large physical footprints and agent networks to minimal overhead and operating online), and technologies like mobile and prepaid remittance platforms used to send money more efficiently and effectively around the world.
“The United States represents the largest source for remittance outflows to many countries around the world, but within the Western Hemisphere, the importance of the remittance corridors between the U.S. and its Southern neighbors cannot be understated. The significant role the U.S. plays in outward remittance flows to Central and South American countries is exemplified by remittance inflows to Mexico, which totaled an estimated $23 billion in 2012, fourth largest in the world, of which the vast majority were sent from the United States,” comments Tristan Hugo-Webb, Associate Director of the International Advisory Service at Mercator Advisory Group and primary author of the report.
Highlights of the report include:
- Overview of the remittance segment of the global payments market
- Comparison of remittance service models and their tradeoffs
- An examination of remittance inflows to the Latin America and Caribbean region and remittance outflows in Europe in 2012 and 2011
- Insight into some of the leading issues confronting international remittance service providers and emerging solutions for some of the issues
- Profiles of leading remittance service providers around the world and some interesting and innovative services
This report contains 27 pages and 11 exhibits.
Companies mentioned in this report include: Citibank, Delgado Travel, MoneyGram, Ria Financial Services, Sigue Visa, Wells Fargo, Western Union, Willstream, and Xoom.
Members of Mercator Advisory Group’s International Advisory Service have access to these reports as well as the upcoming research for the year ahead, presentations, analyst access, and other membership benefits.
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About Mercator Advisory Group
Mercator Advisory Group is the leading, independent research and advisory services firm exclusively focused on the payments and banking industries. We deliver pragmatic and timely research and advice designed to help our clients uncover the most lucrative opportunities to maximize revenue growth and contain costs. Our clients range from the world's largest payment issuers, acquirers, processors, merchants and associations to leading technology providers and investors. Mercator Advisory Group is also the publisher of the online payments and banking news and information portal PaymentsJournal.com.