Indonesia International Remittance market is expected to show an increasing trend in the remittance market in the forecasted period. Oversea deployment of Indonesian work will boost the international market. As more and more, skilled laborers and C&B level employees will look for jobs overseas. In 2018, an increased global remittance trend was observed, mainly due to the growth in European countries, the Russian Federation, and the United States. The rebound in remittances, when valued in U.S. dollars were helped by higher oil prices and a strengthening of the euro and ruble. These factors have influenced the remittances to low and middle-income countries the most, one among which is Indonesia. It is expected that during the review period 2018-2020, the market size shall be augmented by these factors. The international remittance market is forecasted to grow from USD ~ million in 2018 to ~ in 2023 growing at a CAGR of ~% in the forecasted period of 2018-2023.
How Does Bill Payments Market Operate in Indonesia?
Indonesia’s payments ecosystem is developing with world-class technology entering the market recently. Hence, consumers and businesses still rely substantially on cash and cheques, due to entrenched behaviors and inefficient support processes and lower cost of using such modes. With a young growing population of over ~ million people and around ~ million people entering the consumer class each year, Indonesia has seen significant attention from global and local technology companies, which in the last two or so years revolutionized the retail and transportation sectors. The primary instruments for business payments are cash as Businesses take advantage of the ease-of-use, ubiquity, and universal acceptance of cash all over the country. The speed and transparency of cash transfers in Indonesia on a daily basis have bolstered the use of cash and cheque by businesses. On the basis of the volume of transactions, there has been a positive increase, from USD ~ million in 2013 to USD ~ million in 2018, with a CAGR of ~%. Analogously, the increase in Volume of Card and e-money payments also witnessed a CAGR of ~%, increasing from USD ~ thousands in 2013 to USD ~ thousands in 2018. The volume of credit transfers experienced a CAGR of ~% over the review period, increasing from USD ~ million in 2013 to USD ~ million in 2018.
How Indonesia Mobile P2P Remittance Does Works?
Peer-to-Peer (P2P) Transfer Services facilitate the direct transfer of funds between individuals, generally from their credit cards or bank accounts via the internet and/or mobile phones as the primary mediums for such services. many recent models (such as that adopted by Square) append on the existing network-rails and new transaction technologies offered by the major card providers (i.e. MasterCard, Visa) such as the Original Credit Transaction (OCH), which enables users of their platforms to perform near-instant transfers with their debit cards alone without necessarily attaching a bank account. P2P Money Transfers segment amounts: USD ~ Million with Average Transaction Size: USD ~ in 2018. P2P providers are able to offer a substantially lower-fee for transferring funds, as many of the platforms does not need to establish their own financial infrastructures and pursue more cost-effective means of conducting money transfer (as is the case with TransferWise).
Key Segments Covered: -
International Remittance Market
By Flow Type
Inbound
Outbound
By Channel
Bank
Non-Bank
By Major Flow Corridors
ASEAN
Asia Excluding ASEAN
Middle East
America
Europe
Australia & Oceania
Africa
By Income Level
Lower Level Income Group
Middle-Level Income Group
High-Level Income Group
Domestic Remittance Market
By Remittance Channels
Banks
Non-Banks
By Major Flow Corridors
Urban to Rural Areas
Rural to Rural Areas
Urban to Urban Areas
By Income Level
Lower Level Income Group
Middle-Level Income Group
High-Level Income Group
Snapshot Bill Payment Market
By Type of Bills with Type of Families Spending
Very Conservative Family (Water, Electricity, Healthcare, Others)
Mediocre Family (Water, Electricity, Healthcare, Digital Products, Others)
Key Target Audience: -
Money Transfer Operators
Banks
Pawnshops
Bill Payment Companies
M-Wallets
Mobile Money Companies
Central Bank
Investors and PE Firms
Convenience Stores
Time Period Captured in the Report: -
Historical Period – 2013-2018
Forecast Period – 2018-2023
Companies Covered: -
Major Bank and Non- Bank Channels in Indonesia: -
Bank Mandiri
Bank Central Asia
Bank CIMB Niaga
Western Union
MoneyGram
Top Remit
OVO m-wallet
GoPay
Western Union
Key Topics Covered in the Report: -
Indonesia Domestic Remittance Market Size (2013-2018)
Indonesia Bill Payments Market Snapshot (2013-2018)
Indonesia International Remittance Market Size (2013-2018)
Indonesia Remittance Market Overview
Indonesia Remittance Market Ecosystem
Indonesia Remittance and Bill payments Market Segmentation (2013-2018)
Trend and developments in Indonesia Remittance and Bill Payments Market
Competitive Landscape of Major Players in Indonesia Remittance Market including Market Shares and Strength & Weakness of the major Remittance players in Domestic and International Market
Future Outlook and Projections of Indonesia Domestic Remittance Market (2018-2023E)
Future Outlook and Projections of Indonesia International Remittance Markets (2018-2023E)
Analyst Recommendations
For More Information, Click on the Below Mentioned Link: -
Related Reports by Ken Research: -
Contact Us: -
Ken Research
Ankur Gupta, Head Marketing & Communications
Ankur@kenresearch.com
+91-9015378249
Ken Research
Ankur Gupta, Head Marketing & Communications
Ankur@kenresearch.com
+91-9015378249
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