Philippines International Remittance Market is Expected to Register Inbound Transaction Volume of USD 42 Billion by 2023: Ken Research
GURUGRAM, India, August 29, 2018 /PRNewswire/ --
Philippines International Remittance Market Segmentation by Major channels (Banks and Non Banks) by Remittance Source Regions (Americans, Middle East, Asia, Europe, Oceania and Africa) and by Land Based and Sea Based
August 2018 |Key Takeaway from Ken Research report titled, Philippines Money Transfer and Bill Payment Market Outlook to 2023
- Increasing digital trends are expected to revolutionize the mobile financial services in the country through virtual currencies, wearable technologies and biometrics.
- Growth in financial inclusion and banked population in Philippines is envisaged to create opportunities for banks to further increase their penetration in future.
- Advent of digital currency and blockchain technology will make companies adaptable for new currencies such as bitcoin to enable remittance services in the country.
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Increased accessibility of banks is expected to raise the rate of remittances channeled through banks. Moreover, as financial inclusion leads to more Filipinos with bank accounts, remittances coursed through banks will further witness an increase in the coming years. The US is likely to be the largest country of origin of overseas remittances owing to the relatively high average amount of money sent by a Filipino residing and working in the US.
The growing remittance partnerships in the country between banks, pawnshops and money transfer organizations are also expected to strengthen the market in the coming five years. However, stricter immigration regulations in the remittance source countries can be posed as a challenge for remittance growth in the future. Remittances may also be impacted by the de-risking followed by banks and increased regulation of money transfer operators, both aimed at reducing financial crime will continue to constrain the growth of formal remittances.
However, major digital trends are expected to revolutionize the mobile financial services in the country majorly through virtual currencies, wearable technologies and biometrics. In future, bitcoin is expected to have a large impact on the global remittance market, particularly in developing countries such as the Philippines. On the other hand, the growing popularity of bitcoin in Philippines has even prompted the BSP to draft new regulations on bitcoin remittances market to promote the use of digital transactions in the country which will augment the growth of Philippines International Remittance market.
Analysts at Ken Research in their latest publication "Philippines Money Transfer and Bill Payments Market Outlook to 2023 - By Domestic Remittance Banking and Non Banking (Pawnshops, MTO) Channels, International Remittance Flow Corridors and Channel; Bill Payment Segment" believe that promoting latest technologies such as digitization of money transfer, development of transaction platforms and increasing deployment of Filipinos in overseas countries will aid the Philippines International Remittance Market. This will help the sector to register positive CAGR of 5.1% during the period 2018-2023 in terms of transaction volume.
Keywords
- Average Remittance Transactions Philippines
- Competitive Landscape Philippines International Remittance
- Philippines Remittance Industry
- Inbound Remittance to Philippines
- Philippines Domestic Remittance InMigrants
- Philippines International Remittance Growth
- Philippines Bill Payments Expenditure
- Philippines Bill Payments Industry
- Third Party Bill Payment Market Philippines
- Philippines Domestic Remittance Volume
- Philippines International Money Transfer Industry
- Bill Payments Market Filipino
- Philippines Bill Payments Market Growth
- Philippines Domestic Money Transfer Future
- Domestic Remittance Transactions Philippines
- Pawnshops Remittance Market Philippines
- Philippines Domestic Remittance Sector
- Philippines International Remittance Future
- Banking Channel Remittance Philippines
- Flow Corridor Remittance Philippines
- Money Transfer Operators in Philippines
- Pawnshop Remittance Volume Philippines
- Penetration Mobile Money Transfers Philippines
- Philippines International Remittance Size
Products Mentioned:
- Domestic Remittance
- Banking
- Pawnshops
- MTO
- By Type of Services
- Branch Pickups
- Online
- Door to Door
- Prepaid Cards
- Direct Credit to Bank Account)
- Flow Corridors;
- International Remittance
- Banking
- Non Banking Channel
- Diaspora Population
- Personal Remittance
- Land Based
- Sea Based Overseas Filipino Workers
- Bill Payment by Categories
- Water
- Electricity
- Fuel Bills
- Education
- Insurance Premium
- Communication
Companies Mentioned
- LBC Express
- Palawan Pawnshop
- Cebuana Lhuillier
- Western Union
- M Lhuillier
- Pinoy Express
- Banco de Oro
- Bank of Philippine Islands
- Metropolitan Bank
- iRemit
- Smart Money
- Globe GCash
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