Mexico Remittance & Bill Payment Market Outlook to 2021
Growing Mexican Immigrants in the US & Increasing Internet Penetration to Drive Market Growth
April 2017
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About the Report
About the Report
The Mexico remittance industry in the country is booming from past few years on account of increasing immigrants, rising job opportunities, better salary, high employment rate in countries, fluctuating exchange rates and others. Over the past several years, as the number of migrant workers have increased, remittance flows have increased. The Mexico remittance industry is highly fragmented with presence of large number of local players. The remittance fund is transferred through different payment modes like online payment, account to account, cash/ cheque, money orders and others.
For Mexico, International Remittance is a critical source of income and supports the countries development in a major way. The international Remittance market has increased from the USD ~ million in 2011 to USD ~ million in 2016, growing at a CAGR of ~ % during the period. In terms of total number of transactions the market has increased from ~ thousands in 2013 to ~ thousands in 2016. The growth of the remittance industry in the country is been majorly driven by the large number of Mexican workers who have crossed borders in search of higher paying job opportunities. The US has majorly contributed in the total transaction volume of remittance in the country followed by Canada, Spain, Guatemala, France and others. Migrant’s workers often transfer more money in Mexico when peso falls against the dollar giving recipient more local currency. In 2015, the US contributed ~ % in terms of transaction volume of remittance in Mexico.
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.
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.
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.
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.
- Snapshot on Global remittance market
- Trends & Developments in Mexico Remittance & Bill Payment market
- Mexico International Remittance market size
- Mexico International Remittance market Segmentation (By types of inbound & outbound, Banking & non-banking, By regions, By Gender)
- Mexico International Remittance consumer profile & social demographics
- Mexico International Remittance market future outlook & Projections
- Mexico Domestic Remittance market size
- Mexico Domestic Remittance market Segmentation (By types of mode of payment, By regions)
- Decision Making parameter in Mexico Domestic Remittance Market
- Mexico Domestic Remittance consumer profile & social demographics
- Mexico Domestic Remittance market future outlook & Projections
- Mexico Bill payment market size
- Mexico Bill payment market Segmentation (By types of bill, by mode of payments)
- Mexico Bill payment market future outlook & Projections
- Market share for Mexico International remittance market
- Competitive landscape for Mexico remittance & bill payment market
- Transaction fee comparison of major companies in Mexico remittance & bill payment market
- Government regulations in Mexico remittance & bill payment market
- Analyst Recommendation
- Macro Economic Variables Impacting Mexico remittance & bill payment market
Products
Products
Remittance, International remittance, international inbound remittance, international outbound remittance, domestic remittance, money transfer market, bill payment, utilities bill, banking and non-banking channel, Tele-graph, money orders, Shipping Company, Mobile Recharges bill payment, DTH & Broadband bill payment
Companies
MoneyGram, Western Union, Sigue Corporation, RIA Money Transfer, XOOM
Table of Contents
Table of Contents
1. Executive Summary
Present Market Dynamics
Market Segmentation of Mexico Remittance Industry
International Remittance Market
Domestic Remittance market
Bill Payment Market
Future Potential of Mexico Domestic Remittance & bill payment market
Positioning of Major Players in Mexico Remittance market
Analyst Recommendations
2. Appendix
2.1. Market Definitions
2.2. Abbreviations
2.3. Market Size and Modeling
Research Methodology
Market Sizing-Domestic Remittance Market
Market Sizing-Bill Payment Market
Limitations
Variables (Dependent and Independent)
Multi Factor Based Sensitivity Model
Final Conclusion
3. Mexico Remittance Market Overview
3.1. Value Chain Analysis of Mexico Remittance and Bill Payment Market
3.2. Snapshot on Global Remittance Market
3.3. Trends & Developments in Mexico Remittance and Bill Payment Market
3.3.1. Declining Unbanked population in the country
3.3.2. Emergence of Digital Payments Methods
3.3.3. Rising Number of options of Money Transfer Channels in Mexico
3.3.4. Increasing number of Americans in Mexico
3.3.5. Declining Remittance Fees and Decreasing average size of Remittance
Growth in Internal Migration
3.3.6. Increasing Use of Internet and Smart phones in the country
3.3.7. Fluctuating Exchange Rate
4. Mexico International Remittance Market
4.1. Mexico International Remittance Market Size, 2011-2016
4.2. Mexico International Money Transfer Market Segmentation
4.2.1. By Inbound and Outbound International Remittance
4.2.2. By Major Flow Corridors, 2011-2015
4.2.3. By Channel (Banking and non-banking), 2016
4.2.4. By Mode of Transfer (Electronic, Cash or in kind account, money order), 2016
By Remittance Transaction Volume
By Number of Transactions
4.2.5. By Region, 2014-2015
4.3. Consumer Profile and Social Demographics for International Remittance in Mexico
By Gender of Sender
By Gender of Recipient
By Sector
By Immigrants Age
By Full Time & Part Time Employed
By Remittance received in Account or Cash
Average Remittance Sent by Gender
Remittance Fund Send & Receive by Days of the Week
Speed of Collecting Remittances
4.4. Future Outlook & Projections of Mexico International Remittance Market, 2017-2021
5. Mexico Domestic Money Transfer and Bill Payment Market
5.1. Mexico Domestic Money Transfer Market Size, 2011-2016
5.2. Mexico Domestic Money Transfer Market Segmentation
5.2.1. By Region, 2016
5.2.2. By Major Remittance Channel: Telegraph/Money Order, Bank, Money Transferring Agents and Others, 2016
5.2.3. By Types of Recipients, 2016
5.2.4. By Payment Method, 2016
5.3. Consumer Profile and Social Demographics for Domestic Remittance in Mexico, 2016
By Gender
By Civil Status
Major Reasons for Sending Remittance Fund
Distribution of Average Range of Remittance Fund Send
Distribution of National Remittance Senders by Monthly Income
Frequency of sending Remittance Fund
5.4. Decision Making Parameters to Choose Remittance Service Providers
5.5. Mexico Bill Payment Market Size, 2011-2016
5.6. Mexico Bill Payment Market Segmentation
5.6.1. By Types of Payment on the basis of number of Transactions: Utilities, Mobile Recharge, DTH & Broadband and Others
5.6.2. By Bill Payment Methods: Credit/Debit Card, Transfers and Cash, 2016
5.7. Future Outlook and Projections of Mexico Domestic Remittance Market, 2017-2021
5.8. Future Outlook and Projections of Mexico Bill Payment Market, 2017-2021
6. Government Regulations in Mexico Remittance and Bill Payments Market
7. Issues and Challenges in Mexico Remittance and Bill Payments Market
Tighter rules on cross borders money transfers
Declining Mexico Economy
8. SWOT Analysis of Mexico Remittance and Bill Payments Market
9. Competitive Landscape of Major Players in Mexico Remittance and Bill Payment Market
9.1.1. Competition Scenario in Mexico Remittance Market
9.2. Company Profiles of Major Players in Mexico Remittance Market
MoneyGram
Western Union
RIA Money Transfer
XOOM Corporation
Elektra
Sigue Corporation
AirPak
9.3. Transaction Fee Comparison
9.4. Market Share of Major Players in Mexico International Inbound Remittance Market, 2016
10. Analyst Recommendations
10.1. Upcoming Trends and Future Developments in Mexico Remittance and bill payment market
11. Macroeconomic Factors in Mexico Remittance and Bill Payments Market
11.1. Number of Mexican Immigrants in The US, 2011-2021
11.2. Total Number of Households in Mexico, 2011-2021
11.3. Consumer Expenditure in Mexico, 2011-2021
11.4. Internet user Population in Mexico, 2011-2021
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List of Figure
Figure 1-1: Market Structure for Mexico Remittance & Bill Payments Market, 2016
Figure 3-1: Value Chain Analysis of Mexico Remittance Market, 2016
Figure 3-2: Global Remittance Market Size on the Basis of Transaction Volume in USD Billion, 2011-2016
Figure 3-3: Average Cost of Transferring Remittance by Major World Regions in Percentage, 2015
Figure 3-4: Global Migration Segmentation by Developing-Developing, Developing-Developed, Developed –Developing and Developed-Developed Countries Migration on the Basis of Number of Migration in Percentage (%), 2016
Figure 3-5: Global Remittance Segmentation by Developing-Developing, Developing-Developed, Developed –Developing and Developed-Developed Countries Remittance on the Basis of Transaction Volume in Percentage, 2016
Figure 3-6: Average Size of Domestic Remittance per Transaction in Terms of USD, 2011-2015
Figure 3-7: Major Reasons of the Migration on the Basis of Number of Migrants in Percentage, 2016
Figure 3-8: Smart Phone Using Population in Mexico in Million, 2012-2016
Figure 3-9: Mexico Fluctuating Exchange Rate as Compared to USD, 2011-2016
Figure 4-1: Mexico International Remittance Market Size in Terms of Transaction Volume in USD billion and Growth Rate in Percentage (%), 2011-2016
Figure 4-2: Mexico International Remittance Market Size in Terms of Number of Transactions in Million Units and Growth Rate in Percentage (%), 2013-2016
Figure 4-3: Mexico International Remittance Market Segmentation by Inbound and Outbound on the Basis of Transaction Volume in Percentage, 2011-2016
Figure 4-4: Mexico Immigrants Population to Destination States in the US by Number of Migrants in Percentage, 2015
Figure 4-5: Mexico International Inbound Remittance Market Segmentation by Bank and Non-Bank Transaction on the Basis of Transaction Volume in Percentage (%), 2016
Figure 4-6: Total Number of Commercial Bank Branches per 100,000 Adults in Mexico, 2010-2015
Figure 4-7: Mexico International Inbound Remittance Market Segmentation by Mode of Remittance Transaction (Money Orders, Electronic Means, Cash and Species on the Basis of Transaction Volume in Percentage (%), 2011-2015
Figure 4-8: Mexico International Inbound Remittance Market Segmentation by Mode of Remittance Transaction (Money Orders, Electronic Means, Cash and Species) on the Basis of Number of Transactions in Percentage (%), 2011-2015
Figure 4-9: Mexico International Inbound Remittance Market Segmentation by Gender on the Basis of Number of Transactions in Percentage (%), 2016
Figure 4-10: Mexico International Inbound Remittance Market Consumer Profile by Gender on the Basis of Transaction Volume in Percentage, 2016
Figure 4-11: Mexico International Inbound Remittance Market Segmentation by Gender of Recipient on the Basis of Number of Transactions in Percentage, 2016
Figure 4-12: Mexico International Inbound Remittance Market Consumer Profile by Gender of Recipient on the Basis of Transaction Volume in Percentage, 2016
Figure 4-13: Mexico International Remittance Market Consumer Profile by Sector (Construction, Accommodation & Food Services, Manufacturing, Educational Services & Healthcare and others) on the Basis of Transaction Volume of Remittance in Percentage, 2016
Figure 4-14: Mexico International Remittance Market Consumer Profile by Immigrants Age in Percentage, 2016
Figure 4-15: Mexico International Remittance Market Consumer Profile by Full Time & Part Time Employment of Sender on the Basis of Transaction Volume of Remittance in Percentage, 2016
Figure 4-16: Mexico International Remittance Market Consumer Profile by Total Remittance Sent on Days of the Week (Monday, Tuesday, Wednesday, Thursday, Friday, Saturday, Sunday) on the Basis of Number of Transactions in Percentage, 2016
Figure 4-17: Mexico International Remittance Market Segmentation by Total Remittance Received on Days of the Week (Monday, Tuesday, Wednesday, Thursday, Friday, Saturday) on the Basis of Number of Transactions in Percentage, 2016
Figure 4-18: Mexico International Remittance Market Future Projections on the Basis of Transaction Volume in USD billion, 2017-2021
Figure 5-1: Mexico Domestic Remittance Market Size in Terms of Transaction Volume in USD Billion and Growth Rate in Percentage (%), 2011-2016
Figure 5-2: Mexico Domestic Remittance Market Size on the Basis of Number of Transactions in Million, 2011-2016
Figure 5-3: Mexico Domestic Remittance Market Segmentation by Major Destination States (Chiapas, Oaxaca, Veracruz, Puebla, San Luis Potosi, Hidalgo and Others) on the Basis of Number of Transactions in Percentage, 2016
Figure 5-4: Mexico Domestic Remittance Market Segmentation by Major Remittance Channel (Telegraph/Money Order, Bank, Shipping Companies and Others) on the Basis of Number of Transactions in Percentage, 2016
Figure 5-5: Mexico Domestic Remittance Market Segmentation by Recipients of Remittance (Parents, Couple, Children and Others) on the Basis of Number of Transactions in Percentage, 2016
Figure 5-6: Mexico Domestic Remittance Market Segmentation by Payment Methods (Through Account and Through Cash) on the Basis of Number of Transactions in Percentage, 2016
Figure 5-7: Mexico Domestic Remittance Market Segmentation by Gender on the Basis of Number of Transactions in Percentage, 2016
Figure 5-8: Mexico Domestic Remittance Market Consumer Profile by Civil Status on the Basis of Number of Transactions in Percentage, 2016
Figure 5-9: Consumer Profile by Reason for Saving Remittance Fund by Number of Respondents in Percentage, 2016
Figure 5-10: Customer Profile of Average Remittance Fund Send on the Basis of Remittance Size in Mexican Pesos by Number of Respondents, 2016
Figure 5-11: Consumer Profile by Senders Monthly Income in MXN on the Basis of Number of Transactions in Percentage, 2016
Figure 5-12: Consumer Profile by the Frequency of Sending Remittance in Percentage on the basis of Transactions, 2016
Figure 5-13: Mexico Bill Payment Market Size in Terms of Transaction Volume in USD Billion and Growth Rate in Percentage (%), 2011-2016
Figure 5-14: Mexico Bill Payment Market Size in Terms of Transaction in Million and Growth Rate in Percentage (%), 2011-2016
Figure 5-15: Mexico Bill Payment Market Segmentation by Utilities, Mobile Recharge, DTH & Broadband on the Basis of Number of Payments in Percentage (%), 2016
Figure 5-16: Mexico Bill Payment Market Segmentation by Payment Methods (Credit/Debit Card, Transfer and Cash) on the Basis of Number of Transactions in Percentage (%), 2016
Figure 5-17: Mexico Domestic Remittance Market Future Projections on the Basis of Transaction Volume in USD Million, 2017-2021
Figure 5-18: Mexico Bill Payment Market Future Projections on the Basis of Transaction Volume in USD billion, 2017-2021
Figure 9-1: Mexico International Inbound Remittance Market Share by Major Companies (Western Union, Money Gram, Ria, Sigue and Others) on the Basis of Number of Transactions in Percentage (%), 2016
Figure 11-1: Mexico Immigrants Population in the US in Million, 2011-2021
Figure 11-2: Total Number of Households in Mexico in Millions, 2011-2021
Figure 11-3: Consumer Expenditure in Mexico in USD Billion, 2011-2021
Figure 11-4: Internet User Population in Mexico in Million, 2011-2021
List of Table
Table 2-1: Correlation Matrix of Mexico International Remittance market
Table 2-2: Regression Coefficients Output for Mexico International Remittance
Table 3-1: Money Transfer through Depository and Non-Depository Institutions in Mexico Remittance Industry
Table 3-2: World International Migration Data in Millions
Table 3-3: Global Migration Segmentation by Developing-Developing, Developing-Developed, Developed –Developing and Developed-Developed Countries Migration on the Basis of Number of Migrants in Million, 2015
Table 3-4: Global Remittance Segmentation by Developing-Developing, Developing-Developed, Developed –Developing and Developed-Developed Countries Remittance on the Basis of Transaction Volume in USD Billion, 2015
Table 3-5: Top Remittance Corridors on the Basis of Transaction Volume in USD billion, 2015
Table 3-6: Total Number of Bank Accounts & Bank Branches Per 10,000 Adults in Mexico, 2010-2013
Table 4-1: Drivers for Mexico International Remittance Market and Year-on-Year Developments, 2011-2016
Table 4-2: Mexico International Remittance Market Segmentation by Inbound and Outbound on the Basis of Transaction Volume in USD Million, 2016
Table 4-3: Mexico International Remittance Market Segmentation by Inbound and Outbound on the Basis of Transaction Volume in USD Million, 2011-2016
Table 4-4: Mexico International Remittance Market Segmentation by Inbound and Outbound on the Basis of Number of Transactions in Thousands, 2013-2016
Table 4-5: Mexico International Inbound Remittance Market Segmentation by Major Flow Corridors (United States, Canada, Spain, Guatemala, France and Others) on the Basis of Transaction Volume in USD Million, 2011-2015
Table 4-6: Mexico International Inbound Remittance Market Segmentation by Major Flow Corridors (United States, Canada, Spain, Guatemala, France and Others) on the Basis of Transaction Volume in Percentage, 2011-2015
Table 4-7: Mexico International Inbound Remittance Market Segmentation by Bank and Non-Bank Transaction on the Basis of Transaction Volume in USD Million, 2016
Table 4-8: Mexico International Inbound Remittance Market Segmentation by Mode of Remittance Transaction (Money Orders, Electronic Means, Cash and Species on the Basis of Transaction Volume, 2015
Table 4-9: Mexico International Inbound Remittance Market Segmentation by Mode of Remittance Transaction (Money Orders, Electronic Means, Cash and Species on the Basis of Transaction Volume in USD Million, 2011-2015
Table 4-10: Mexico International Inbound Remittance Market Segmentation by Mode of Remittance Transaction (Money Orders, Electronic Means, Cash and Species) on the Basis of Number of Transactions in Thousands, 2011-2015
Table 4-11: Mexico International Inbound Remittance Market Segmentation by Region on the basis of Transaction Volume in USD Million and in Percentage (%), 2014-2015
Table 4-12: Mexico International Inbound Remittance Market Consumer Profile by Remittance Deposited in Account or Cash on the Basis of Cities in Terms of Transaction Volume in Percentage, 2016
Table 4-13: Mexico International Remittance Market Consumer Profile by Average Remittance Sent on the Basis of Gender in USD, 2016
Table 4-14: Mexico International Remittance Market Consumer Profile by Total Remittance Sent by Gender on Days of the Week (Monday, Tuesday, Wednesday, Thursday, Friday, Saturday, Sunday) on the Basis of Number of Transactions in Percentage, 2016
Table 4-15: Mexico International Remittance Market Segmentation by Total Remittance Received by Gender on Days of the Week (Monday, Tuesday, Wednesday, Thursday, Friday, Saturday, Sunday) on the Basis of Number of Transactions in Percentage, 2016
Table 4-16: Mexico International Remittance Market Segmentation by Speed of Remittance Collection (Same Day, Next Day, Two Days, Three Days, Four Days, Five Days, Six Days, Seven Days, Eight to Fourteen days, Fifteen to Twenty one Days) on the Basis of Number of Transactions in Percentage, 2016
Table 4-17: Mexico International Remittance Market Future Outlook and Projections, 2017-2021
Table 5-1: Drivers for Mexico Domestic Remittance Market and Year-on-Year Developments, 2011-2016
Table 5-2: Mexico Domestic Remittance Market Segmentation by Major Destination States (Chiapas, Oaxaca, Veracruz, Puebla, San Luis Potosi, Hidalgo and Others) on the Basis of Number of Transactions in Million, 2016
Table 5-3: Major Domestic Remittance Corridors in Mexico with the Percentage Distribution in Destination states by Number of Transactions, 2016
Table 5-4: Mexico Domestic Remittance Market Segmentation by Major Remittance Channel (Telegraph/Money Order, Bank, Shipping Companies and Others) on the Basis of Number of Transactions in Million, 2016
Table 5-5: Mexico Domestic Remittance Market Segmentation by Recipients of Remittance (Parents, Couple, Children and Others) on the Basis of Number of Transactions in Million, 2016
Table 5-6: Mexico Domestic Remittance Market Segmentation by Payment Methods (Through Account and Through Cash) on the Basis of Number of Transactions in Million, 2016
Table 5-7: Customers Preference for Choosing Service Companies for Domestic Remittance, 2016
Table 5-8: Drivers for Mexico Bill Payment Market and Year-on-Year Developments, 2011-2016
Table 5-9: Mexico Bill Payment Market Segmentation by Utilities, Mobile Recharge, DTH & Broadband on the Basis of Number of Payments in Thousand Units, 2016
Table 5-10: Mexico Bill Payment Market Segmentation by Payment Methods (Credit/Debit Card, Transfer and Cash) on the Basis of Number of Payments in Thousand Units, 2016
Table 5-11: Mexico Domestic Remittance Market Future Outlook and Projections, 2017-2021
Table 5-12: Mexico Bill Payment Market Future Outlook and Projections, 2017-2021
Table 6-1: Government Regulations in Mexico Remittance Industry, 2016
Table 6-2: Major Regulatory Institutions in Mexico, 2016
Table 6-3: Identification of Suspected Transactions by AMLL, 2015
Table 8-1: SWOT Analysis of Mexico Remittance and Bill Payments Market
Table 9-1: Major Parameters of the Companies for Competing in the Remittance Market in Mexico
Table 9-2: Competitive Landscape for MoneyGram including Company Overview, USP, Future Plans, Employees, Business Segment, Distribution Channel, Leading Brands, Transaction Volume and other Parameters
Table 9-3: Competitive Landscape for Western Union including Company Overview, USP, Future Plans, Employees, Business Segment, Distribution Channel, Leading Brands, Revenue and other Parameters
Table 9-4: Competitive Landscape for RIA Money Transfer including Company Overview, USP, Future Plans, Employees, Business Segment, Distribution Channel, Leading Brands, Revenue and other Parameters
Table 9-5: RIA Money Transfer Branches in Major States of Mexico
Table 9-6: Competitive Landscape for Xoom Corporation including Company Overview, USP, Future Plans, Employees, Business Segment, Distribution Channel, Leading Brands, Revenue and other Parameters
Table 9-7: Competitive Landscape for Elektra including Company Overview, USP, Future Plans, Employees, Business Segment, Distribution Channel, Leading Brands, Revenue and other Parameters
Table 9-8: Competitive Landscape for Sigue Corporation Company Overview, USP, Future Plans, Employees, Business Segment, Distribution Channel, Leading Brands, Revenue and other Parameters
Table 9-9: Competitive Landscape for Elektra Company Overview, USP, Future Plans, Employees, Business Segment, Distribution Channel, Leading Brands, Revenue and other Parameters
Table 9-10: Average Fees for Transferring Money from the US (Washington DC) to Mexico
Table 9-11: Comparison of Major Parameters for Leading Companies in Mexico International Remittance Industry
Table 9-12: Comparison of Remittance Fees and Transfer Methods of Major Companies in Mexico Remittance Industry, 2016
Table 9-13: Mexico International Inbound Remittance Market Share by Major Companies (Western Union, Money Gram, RIA Money Transfer, Sigue and Others) on the Basis of Number of Transactions in Thousand Units, 2016
Table 10-1: Analyst Recommendation for Mexico Remittance & Bill Payment Industry
Table 10-2: Mexico Bill Payment Market Upcoming Trends & Future Developments, 2017-2021
Table 11-1: Rationale and Description for Mexican Immigrants in the US, 2011-2021
Table 11-2: Rationale and Description for Total Number of Households in Mexico, 2011-2021
Table 11-3: Rationale and Description for Consumer Expenditure in Mexico, 2011-2021
Table 11-4: Rationale and Description for Mexico Internet Using Population, 2011-2021
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