Ken Research Latest on “Mexico Remittance & Bill Payment Market Outlook to 2021 – Growing Mexican Immigrants in the US & Increasing Internet Penetration to Drive Market Growth” provides a comprehensive analysis of the remittance & bill payment market in Mexico. The report covers various aspects such as overall size of Mexico Remittance market in terms of transaction volume and total number of transactions. Information on International Remittance market, inbound remittance market, outbound remittance, Market segmentation of inbound international remittance market on the basis of region, money transferring channel and others, Mexico domestic remittance market and its segmentation, Mexico bill payment market and its segmentation, Trends and growth drivers of the industry, issue & challenges, market share, and snapshot on global remittance market have been covered in the report. The report also covers the competitive landscape of the industry, competitive benchmarking of major players and comprehensive profile of leading and emerging players operating in the market.
The report also includes future outlook and projection of Mexico International Remittance market, Mexico domestic Remittance market, Mexico Bill payment market. Major macroeconomic indicators and upcoming projects affecting the market have also been highlighted in the report. The report also serves as a benchmark for every new player who is seeking to enter into Remittance & bill payment market in Mexico.
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.
Mexico International Remittance Market
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.
Mexico International Remittance is majorly dominated by inflow of remittance from other countries to Mexico. The inbound market has increased from USD ~ million in 2011 to ~ million in 2016. Outflow of remittance in the country is less as compared to inflow because of low migration of foreign workers in the country. The outbound remittance market has declined from USD ~ million in 2011 to USD ~ million in 2016. Slow economic development and less job opportunities in Mexico has accounted for the low migration.
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.
Mexico Domestic Remittance Market
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.
Chiapas State has majorly contributed in the industry on the basis of destination states in Mexico with the share of ~% in 2016 followed by others. Payment through cash has largely dominated the total transactions in the remittance industry of Mexico. Cash has contributed ~% in 2016. Payment through account has accounted only ~% in 2016. Population living in the urban areas majorly transfers their money through accounts.
Mexico Bill Payment Market
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.
Key Topics Covered in the Report:
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
Macro Economic Variables Impacting Mexico remittance & bill payment market
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Ankur Gupta, Head Marketing & Communications