Market Research Report Personal Remittances Mexico,Money Sent Home Mexico | Page 13

April 2017
Mexico Remittance & Bill Payment Market Outlook to 2021
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.
Future Potential
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:
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