Growth in the Overseas Labor Migration, Improving Global Economy, Changing Regulations and Entry of the New Remittance Players has led to the Growth of Indonesia Remittance Market: Ken Research REQUEST FOR SAMPLE REPORT Buy Now Request For sample Report × Report Title Name Email Designation Phone No Comapny Name Comapny URL Country -- Please Select Your Country -- Afganistan Africa Albania Algeria Andorra Angola Anguilla Antigua and Barbuda Argentina Armenia Aruba Asia Australasia Australia Austria Azerbaijan Bahamas Bahrain Bangladesh Barbados Belarus Belgium Belize Benin Bermuda Bhutan Bolivia Bonaire Bosnia Herzegovina Botswana Brazil BRICS British Virgin Islands Brunei Darussalam Bulgaria Burkina Faso Cambodia Cameroon Canada Cape Verde Cayman Islands Central African Republic Central and South America Chad Chile China Colombia Comoros Congo Costa Rica Cote d'Ivoire Croatia Cuba Curacao Cyprus Czech Republic Denmark Djibouti Dominica Dominican Republic Ecuador Egypt El Salvador Equatorial Guinea Eritrea Estonia Ethiopia Europe European Union Falkland Islands Faroe Islands Fiji Finland France French Guiana French Polynesia Gabon Gambia Georgia Germany Ghana Gibraltar Global Great Britain Greece Greenland Grenada Guadeloupe Guam Guatemala Guerney & Alderney Guinea Guinea-Bissau Guyana Haiti Honduras Hong Kong Hungary Iceland India Indonesia Iran Iraq Ireland Isle of Man Israel Italy Ivory Coast Jamaica Japan Jersey Jordan Kazakhstan Kenya Kiribati Kosovo Kuwait Kyrgyzstan Laos Latvia Lebanon Lesotho Liberia Libyan Arab Jamahiriya Liechtenstein Lithuania Luxembourg Macao Macau Macedonia Madagascar Malawi Malaysia Maldives Mali Malta Man (Island of) Marshall Islands Martinique Mauritania Mauritius Mayotte Mexico Micronesia Middle East Minnesota Moldova Monaco Mongolia Monserrat Montenegro Morocco Morroco Mozambique Myanmar Namibia Nepal Netherlands New Caledonia New Zealand Nicaragua Niger Nigeria Niue North America North Korea Norway Oman Pakistan Palau Palestine Panama Papua New Guinea Paraguay Peru Philippines Poland Portugal Puerto Rico Qatar Reunion Romania Russia Rwanda Saint Helena Saint Lucia Saint Martin Saint Pierre and Miquelon Saint Vincent and the Grenadines Samoa Samoa (American) San Marino Sao Tome and Principe Saudi Arabia Scandinavia Senegal Serbia Seychelles Sierra Leone Singapore Sint Maarten Slovakia Slovenia Solomon (Islands) Somalia South Africa South Korea South Sudan Spain Sri Lanka Sudan Suriname Svalbard and Jan Mayen Islands Swaziland Sweden Switzerland Syria Taiwan Tajikistan Tanzania Thailand Timor Leste Togo Tonga Trinidad and Tobago Tunisia Turkey Turkmenistan Turks and Caicos Islands Uganda Ukraine United Arab Emirates United Kingdom United States Uruguay Uzbekistan Vanuatu Vatican City Venezuela Vietnam Virgin Islands Western Sahara Yemen Zambia Zimbabwe Requirement Submit The development in digital financial inclusion and rising economy of the GCC region and other ASEAN countries with growing remittance flow have been a major growth driver in Indonesia Remittance market of 2018. Analysts at Ken Research in their latest publication “Indonesia Domestic and International Remittance Market Outlook to 2023 – By Inbound & Outbound Remittance, By Banking and Non-Banking Channel, By Income Level Group, By Inflow & Outflow Remittance Corridors” believer that both M-wallet and E-money companies in Indonesia can play a major part in expansion plans for money transfer operations. This will help the international remittance sector to showcase a positive CAGR of 11.8% during the forecast period 2018-2023 in terms of transaction volume. Adoption of Digital Channels: Growth in digital financial services (DFS) innovation in Indonesia fuels the growth of the digital remittance market. The adoption of digital channels is on an increase as it enables cheaper, more reliable transfers, and link users to mobile money and other formal financial institution. These services are more convenient and economical as compared with traditional operators, which show a major shift in the remittance industry towards digital channels. Also, the Bank of Indonesia has been continuously developing a remittance business model based on transferring funds to accounts, in order to replace the current cash-to-cash system. Consumers in Indonesia still, prefer cash transactions even though there has been a large influx of M-Wallets and other digital payment methods which are safe, fast and efficient. They still accept cash and are more comfortable with cash transactions, rather than digital transactions. This arises from the fact that a large number of population in Indonesia is Unbanked. The unbanked population in Indonesia was evaluated at 52.0% in the year 2018. Increased Overseas Migration: Indonesia Overseas Workers saw a surge in total number of migration from 3,549 thousand in 2017 to 3,652 thousand in the year 2018 thus showcasing a growth rate of 2.9% especially to both ASEAN and Middle East countries which contributes to the inflow of remittance in Indonesia. Major destination countries include Jordan, Malaysia, Qatar, Singapore, and the Kingdom of Saudi Arabia. The vast majority of Indonesian migrant workers are domestic staff that earns lower salaries than their regional peers. In addition, language barriers and skill gaps have limited their employment options and increased cost burdens. In the case of Japan, although the country’s aging population has created new opportunities for Indonesian nurses and caregivers, with a bilateral economic partnership enabling Indonesians and Filipinos to work in those roles, strict language requirements have kept Indonesians out of lucrative nursing positions. Partnerships with Other Countries: Indonesia has also partnered with the postal office in Malaysia to support remittance flows in this corridor. This partnership has bolstered the remittance market and has also bolstered the transfers on this corridor. 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 payment market Indonesia Domestic Inbound Remittance Market Indonesia International Outbound Remittance Market Indonesia International Inbound Remittance Market Cost of sending money from Europe to Indonesia Indonesia Remittance Market Major Channels Indonesia Bill Payments Market Share Number of card and POS terminals in Indonesia OVO Digital Payment Market in Indonesia Cost of sending money from Africa to Indonesia Indonesia Cashless Payments Market Major Payment Gateways in Indonesia Indonesia Mobile P2P Remittance Market Indonesia Mobile Wallet and Payment Market For More Information, Click On the Below Mentioned Link:- Indonesia Domestic and International Remittance Market Related Reports by Ken Research:- Singapore International Remittance Market Outlook to 2023 – By Inbound & Outbound Remittance, By Banking and Non-Banking Channel, By Inflow & Outflow Remittance Corridors Philippines Remittance and Payments Market Outlook to 2024 – Growth Backed by Sustained Internal Migration, Rise in Overseas Filipino Workers and Surge in BPO Sector Europe International Remittance Market Outlook to 2023 – By Inbound & Outbound Remittance, By Channels (Banks, MTOs, M-wallets, and Others), By Inflow & Outflow Remittance Corridors, By Point of Contact (Branch Pick-up, Mobile Payment & Online Transactions, Prepaid Cards Contact Us:- Ken Research Ankur Gupta, Head Marketing & Communications Ankur@kenresearch.com +91-9015378249 Tags: Bank Central Asia Payment Market Share Indonesia, Bank CIMB Niaga Payment Market Size Indonesia, Bank Mandiri Remittance Market Growth Indonesia, Banking Channel Remittance Market Indonesia, Convenience Stores Bill Payment Market Indonesia, Cost of Remittance through Western Union 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