The report titled “The US International, Domestic Money Remittance and Bill Payments Market Outlook to 2018 – Tie-ups and Mobile Remittances to Foster Future Growth” provides a comprehensive analysis of the various aspects such as inward and outward remittance statistics and flow corridors of the US domestic and international remittance market along with the market size of the US bill payment market. The report also covers the segmentations of the domestic and international remittance, and the bill payment market, as well as the market shares of major bank and non-bank players in the US domestic remittance space. The report also provides a comprehensive overview of strengths, weaknesses and service positioning of major players and the future of the international and domestic remittance market in the US.
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The US money transfer market has progressed steadily and had been driven majorly by international migration flows. The country is home to a large number of international immigrants. The number of international migrants in the US has doubled since 1990 and was recorded as 46.0 million in 2013. The country is deemed as the largest remittance sender owing to expanding immigrant population. The immigrant population has provided a strong impetus to the outbound or the international money transfer transactions. The US lags behind in terms of inbound remittances from other countries. The proportion of money received by the US in the form of remittances is comparatively very less in proportion to money being remitted from the US. The reason for the same is the least number of US born nationals working in other countries.
Almost a quarter-million emigrants leave US every year, and the State Department estimates that between 5-5.5 million Americans presently reside overseas. The numbers of Americans leaving the US have increased steadily over the years, owing to tax structure, government policies, high penalty rates and other such reasons. Even though there has been an increase in American expat population in countries such as Canada, Mexico and the UK, there has not been a corresponding increase in the money being remitted by the Americans living abroad.
The bills payment landscape in the country is also witnessing radical changes. Since the launch of electronic bill payment and presentment, the adoption of electronic means for bills payment and presentment (e-bills) has increased. The use of online bill payments has flourished over the last few years and customers are increasingly paying their bills either through their computers or mobile devices. The need for convenient and accelerated bill payments solutions has been fuelling the market for bills payment in the US. The domestic remittance market in the US, which has hugely been driven by the increasing number of domestic and international migrations, inclining numbers of banked households, mounting disposable incomes and increasing employment, registered total transaction volume of USD million in 2013. On the other hand, the bill payment market, driven by the increasing number of water, electricity, internet, cable TV and mobile connections, registered a transaction volume of USD million. The inbound remittance market in the US declined at a negative CAGR of % from USD 5.3 billion in 2008 to USD billion in 2013.
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Key Topics Covered in the Report:
- The market size of the US domestic remittance market.
- The market size of the US bill payment market.
- The market size of the US inward remittance market.
- The market size of the mobile remittance market.
- Market segmentation of the US domestic remittance market on the basis of contribution from the bank and the non-bank channel.
- Market segmentation of the US domestic remittance market on the basis of contribution from for different types of services.
- Market segmentation of the US bill payment market on the basis of category of bills paid.
- Market segmentation of the US bill payment market on the basis of contribution from different bill payment channels.
- Market segmentation of the US inward remittance market on the basis of contribution from different flow corridors.
- Market shares of major players in the non-bank and bank channel of the US domestic remittance market.
- Market shares of major consolidators and billers in the US bill payment market.
- Future outlook and projections of the US domestic remittance, inward remittance and the bill payment market in the US.