Mexico Remittance & Bill Payment Market Outlook to 2021
Growing Mexican Immigrants in the US & Increasing Internet Penetration to Drive Market Growth
Region:Central and South America
Product Code:KR477
April 2017
120
About the Report
The Mexico remittance industry in the country is booming from past few years on account of increasing immigrants, rising job opportunities, better salary, high employment rate in countries, fluctuating exchange rates and others. Over the past several years, as the number of migrant workers have increased, remittance flows have increased. The Mexico remittance industry is highly fragmented with presence of large number of local players. The remittance fund is transferred through different payment modes like online payment, account to account, cash/ cheque, money orders and others.
For Mexico, International Remittance is a critical source of income and supports the countries development in a major way. The international Remittance market has increased from the USD ~ million in 2011 to USD ~ million in 2016, growing at a CAGR of ~ % during the period. In terms of total number of transactions the market has increased from ~ thousands in 2013 to ~ thousands in 2016. The growth of the remittance industry in the country is been majorly driven by the large number of Mexican workers who have crossed borders in search of higher paying job opportunities. The US has majorly contributed in the total transaction volume of remittance in the country followed by Canada, Spain, Guatemala, France and others. Migrant’s workers often transfer more money in Mexico when peso falls against the dollar giving recipient more local currency. In 2015, the US contributed ~ % in terms of transaction volume of remittance in Mexico.
Money transfer through electronic means has largely dominated the market of remittance in the country with the share of ~ % in 2016, followed by Cash & Species, Money order.
The domestic money transfer market of Mexico has witnessed a sound growth in the past few years. The market has increased at a CAGR of ~% during the period. The rising internal migrant population owing to better job opportunities has triggered the size of the industry. The expansion of services by bank and money transfer agencies for sending money from one place to another has also played an important role in the growth of the remittance industry in the country.
Large number of businesses has been set up to cater to the needs and demands for Mexican population working outside the country. Companies like Xoom, Simplepay and others offer cheap and easy ways for customers to pay their bills. The Bill payment market has observed a robust growth in Mexico over the past few years. The bill payment market has grown from USD ~ billion in 2011 to USD ~ billion in 2016. Mexico has made tremendous progress in last few years in terms of improving quality of life of its citizen especially in the areas of utilities, entertainment, health and education. Utilities have contributed majorly in the bill payment industry of Mexico. They have contributed ~% in the overall bill payment market followed by Mobile, DTH and broadband and others.
Mexico Remittance & bill payment market is expected to grow at a rapid pace from 2017 to 2021. The rising Mexican immigrants in other countries will result in the increasing number of transactions from other countries to Mexico. The international remittance market will grow at a rate of ~% during 2016 to 2021. The domestic remittance market will be majorly driven with significant internal migration which will sustain the money transfer business in the country. The domestic remittance transaction volume is estimated to grow at a CAGR of ~% during 2016-2021 to reach at USD ~Million in 2021. It has been anticipated that the bill payment market will grow at a CAGR of ~% during 2016-2021.
- Snapshot on Global remittance market
- Trends & Developments in Mexico Remittance & Bill Payment market
- Mexico International Remittance market size
- Mexico International Remittance market Segmentation (By types of inbound & outbound, Banking & non-banking, By regions, By Gender)
- Mexico International Remittance consumer profile & social demographics
- Mexico International Remittance market future outlook & Projections
- Mexico Domestic Remittance market size
- Mexico Domestic Remittance market Segmentation (By types of mode of payment, By regions)
- Decision Making parameter in Mexico Domestic Remittance Market
- Mexico Domestic Remittance consumer profile & social demographics
- Mexico Domestic Remittance market future outlook & Projections
- Mexico Bill payment market size
- Mexico Bill payment market Segmentation (By types of bill, by mode of payments)
- Mexico Bill payment market future outlook & Projections
- Market share for Mexico International remittance market
- Competitive landscape for Mexico remittance & bill payment market
- Transaction fee comparison of major companies in Mexico remittance & bill payment market
- Government regulations in Mexico remittance & bill payment market
- Analyst Recommendation
- Macro Economic Variables Impacting Mexico remittance & bill payment market
Products
Remittance, International remittance, international inbound remittance, international outbound remittance, domestic remittance, money transfer market, bill payment, utilities bill, banking and non-banking channel, Tele-graph, money orders, Shipping Company, Mobile Recharges bill payment, DTH & Broadband bill payment
Companies
MoneyGram, Western Union, Sigue Corporation, RIA Money Transfer, XOOM
Table of Contents
1. Executive Summary
Present Market Dynamics
Market Segmentation of Mexico Remittance Industry
International Remittance Market
Domestic Remittance market
Bill Payment Market
Future Potential of Mexico Domestic Remittance & bill payment market
Positioning of Major Players in Mexico Remittance market
Analyst Recommendations
2. Appendix
2.1. Market Definitions
2.2. Abbreviations
2.3. Market Size and Modeling
Research Methodology
Market Sizing-Domestic Remittance Market
Market Sizing-Bill Payment Market
Limitations
Variables (Dependent and Independent)
Multi Factor Based Sensitivity Model
Final Conclusion
3. Mexico Remittance Market Overview
3.1. Value Chain Analysis of Mexico Remittance and Bill Payment Market
3.2. Snapshot on Global Remittance Market
3.3. Trends & Developments in Mexico Remittance and Bill Payment Market
3.3.1. Declining Unbanked population in the country
3.3.2. Emergence of Digital Payments Methods
3.3.3. Rising Number of options of Money Transfer Channels in Mexico
3.3.4. Increasing number of Americans in Mexico
3.3.5. Declining Remittance Fees and Decreasing average size of Remittance
Growth in Internal Migration
3.3.6. Increasing Use of Internet and Smart phones in the country
3.3.7. Fluctuating Exchange Rate
4. Mexico International Remittance Market
4.1. Mexico International Remittance Market Size, 2011-2016
4.2. Mexico International Money Transfer Market Segmentation
4.2.1. By Inbound and Outbound International Remittance
4.2.2. By Major Flow Corridors, 2011-2015
4.2.3. By Channel (Banking and non-banking), 2016
4.2.4. By Mode of Transfer (Electronic, Cash or in kind account, money order), 2016
By Remittance Transaction Volume
By Number of Transactions
4.2.5. By Region, 2014-2015
4.3. Consumer Profile and Social Demographics for International Remittance in Mexico
By Gender of Sender
By Gender of Recipient
By Sector
By Immigrants Age
By Full Time & Part Time Employed
By Remittance received in Account or Cash
Average Remittance Sent by Gender
Remittance Fund Send & Receive by Days of the Week
Speed of Collecting Remittances
4.4. Future Outlook & Projections of Mexico International Remittance Market, 2017-2021
5. Mexico Domestic Money Transfer and Bill Payment Market
5.1. Mexico Domestic Money Transfer Market Size, 2011-2016
5.2. Mexico Domestic Money Transfer Market Segmentation
5.2.1. By Region, 2016
5.2.2. By Major Remittance Channel: Telegraph/Money Order, Bank, Money Transferring Agents and Others, 2016
5.2.3. By Types of Recipients, 2016
5.2.4. By Payment Method, 2016
5.3. Consumer Profile and Social Demographics for Domestic Remittance in Mexico, 2016
By Gender
By Civil Status
Major Reasons for Sending Remittance Fund
Distribution of Average Range of Remittance Fund Send
Distribution of National Remittance Senders by Monthly Income
Frequency of sending Remittance Fund
5.4. Decision Making Parameters to Choose Remittance Service Providers
5.5. Mexico Bill Payment Market Size, 2011-2016
5.6. Mexico Bill Payment Market Segmentation
5.6.1. By Types of Payment on the basis of number of Transactions: Utilities, Mobile Recharge, DTH & Broadband and Others
5.6.2. By Bill Payment Methods: Credit/Debit Card, Transfers and Cash, 2016
5.7. Future Outlook and Projections of Mexico Domestic Remittance Market, 2017-2021
5.8. Future Outlook and Projections of Mexico Bill Payment Market, 2017-2021
6. Government Regulations in Mexico Remittance and Bill Payments Market
7. Issues and Challenges in Mexico Remittance and Bill Payments Market
Tighter rules on cross borders money transfers
Declining Mexico Economy
8. SWOT Analysis of Mexico Remittance and Bill Payments Market
9. Competitive Landscape of Major Players in Mexico Remittance and Bill Payment Market
9.1.1. Competition Scenario in Mexico Remittance Market
9.2. Company Profiles of Major Players in Mexico Remittance Market
MoneyGram
Western Union
RIA Money Transfer
XOOM Corporation
Elektra
Sigue Corporation
AirPak
9.3. Transaction Fee Comparison
9.4. Market Share of Major Players in Mexico International Inbound Remittance Market, 2016
10. Analyst Recommendations
10.1. Upcoming Trends and Future Developments in Mexico Remittance and bill payment market
11. Macroeconomic Factors in Mexico Remittance and Bill Payments Market
11.1. Number of Mexican Immigrants in The US, 2011-2021
11.2. Total Number of Households in Mexico, 2011-2021
11.3. Consumer Expenditure in Mexico, 2011-2021
11.4. Internet user Population in Mexico, 2011-2021
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