Tuesday, 26 November 2019 23:12

Digital domestic money transfers to exceed US$3.5 trillion by 2024 Featured

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Digital domestic money transfers to exceed US$3.5 trillion by 2024 Image mapichai, FreeDigitalPhotos.net

Digital global domestic money transaction values are exploding around the world, with a new market report forecasting the value of transactions will exceed US$3.5 trillion by 2024 - up from US$1.8 trillion in 2019.

The new Juniper Research report - Digital Domestic Mobile Transfer: Key Trends, Player Innovation & Market Forecasts 2019-2024 - found that mobile transactions will drive growth, accounting for 86% of total value in 2024.

The research also found that in emerging markets, service rollouts by mobile network operators are pushing growth, via mobile money solutions, prompting Juniper Research to recommend that financial institutions should proactively engage with operators to access important future revenue streams.

The new research found that digital money transfer is now a “compelling alternative to cash” in emerging markets, enabled by high mobile penetration, reaching 84% of the population in Africa & Middle East by 2024.

Juniper says this allows mobile network operators to capitalise on low banking penetration; boosting financial inclusion and digitising highly cash-dependent economies.

“The high rate of mobile penetration across the world makes mobile a uniquely effective way to access potential users, particularly those that are unbanked.,” said research author Nick Maynard.

“This access will enable money transfer vendors to roll out a wealth of financial services, based around a core money transfer offering.”

Juniper says social payments are a crucial battleground in the US, with the research finding that the rise of social payments in the US will be a major contributing factor to a 280% increase in domestic money transfer values in the country over the next five years.

Venmo has become a popular solution in the US based on a strong social element, according to Juniper, which says Facebook Pay’s recent launch is also an attempt to capitalise on social payments, by integrating Facebook’s previously disparate payments’ ecosystem.

However, with recent criticism of Facebook-backed Libra, any attempt by Facebook to become a major player in the payments ecosystem will be met by increased regulatory scrutiny, which may outweigh the potential benefits, cautions Juniper Research.

The research also found that the rise of social payments in the US will be a major contributing factor to the 280% increase in domestic money transfer values in the country over the next five years.

Venmo has become a popular solution in the US based on a strong social element and Juniper Research says Facebook Pay’s recent launch is also an attempt to capitalise on social payments, by integrating Facebook’s previously disparate payments’ ecosystem.

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Peter Dinham

Peter Dinham is a co-founder of iTWire and a 35-year veteran journalist and corporate communications consultant. He has worked as a journalist in all forms of media – newspapers/magazines, radio, television, press agency and now, online – including with the Canberra Times, The Examiner (Tasmania), the ABC and AAP-Reuters. As a freelance journalist he also had articles published in Australian and overseas magazines. He worked in the corporate communications/public relations sector, in-house with an airline, and as a senior executive in Australia of the world’s largest communications consultancy, Burson-Marsteller. He also ran his own communications consultancy and was a co-founder in Australia of the global photographic agency, the Image Bank (now Getty Images).

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