Indonesia Remittance Market Analysis and Forecast: 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 How Remittance Market Is Positioned In Indonesia? Indonesia Remittance Market: – The Indonesia economy was recorded as the 16th largest economy in the world by nominal GDP as of 2018 and has been one of the most emerging market economies in the world. The economy of Indonesia grew by ~% in 2018, meeting the estimation of the government of Indonesia of ~% in 2018. The total population in Indonesia was recorded at ~ million in 2018, growing by ~% from ~ million in 2017. Majority of populations resides in a few island/regions of the country such as Jakarta Region, Java Regions with a majority of the Muslim population of approximately ~% in 2018. Jakarta, the capital, and the urban sprawl that surrounds it has a population of more than ~ million as of 2016 and is one of the largest cities in the country. This interregional and intraregional migration has increased domestic remittance in Indonesia. According to the estimates, Indonesian overseas workers accounted for almost ~% of Indonesia labor force in 2016, whereas this number of ~ million would be an underestimate as many of the workers are going out of the country through unauthorized channels. The majority of overseas workers are employed as domestic workers followed by caregivers, operators and plantation workers. In 2017, remittance contributed to ~% of the country’s GDP. Mostly, this remittance is coming from countries such as GCC countries, ASEAN countries and Asia countries other than ASEAN countries. Also, Indonesia has seen large scale interregional and intraregional migration to popular cities including Jakarta, Surabaya and Java Region. There has been interregional and intraregional migration from areas such as Sumatra Regions, Yogyakarta and others. How does a domestic remittance market operate in Indonesia? The domestic remittance market of Indonesia witnessed a surge in growth rate in the past few years. The rising internal migrant population both intraregional and interregional owing to better job opportunities has triggered the size of the industry. Internal immigrant population was evaluated at 9.8 million which accounted for temporary internal migrants in 2015. During the period, 2013-2018, the domestic remittance market has displayed a remarkable growth at a CAGR of ~% in terms of transaction volume generated from personal remittance within the country. The domestic remittance market in Indonesia rose from USD ~ million in the year 2013 to USD ~ million in the year 2018. The total number of domestic money transactions in the country has increased from ~ million in 2013 to ~ million in 2018 as a result of an increase in the urbanization populations looking for better jobs in major cities in the country. The non-banking institutions in the country have expanded their business line by offering customers a wide range of services such as low transaction fees, end to end assistance and less paperwork. Moreover, the non-banking institutions have targeted the unbanked population by offering them door to door pickup and delivery services thus increasing the domestic remittance market in 2018. What Major Types Of Transfer Channels In Indonesia Domestic Remittance Market? The share of the banking channel was highest in 2013, which was ~% and has been declining gradually ever since except for in 2015, in terms of Number of Transactions. Although it has been the lowest in 2018, it has been one of the most popular channels of remitting money in and out of the country, with the total number of transactions being ~ million in 2018, equivalent to a market share of ~% in 2018. In terms of Volume of Transactions, Banks have held the majority of the market share with ~% in 2013, though this has been declining over the years with the market share in 2018 being ~%. The share of the non-banks has been recorded to be increasing since 2013, from ~% in 2013 to a record high of ~% in 2018, in terms of volume of transactions. The lowest percentage share has been recorded in the year 2013, 2015 and 2016. MTOs have not been dominating the market, but have been capturing more and more market share ever since their introduction in the Domestic remittance market. The volume of transactions has increased almost threefold, from ~ million in 2013 to ~million in 2018. What Is The Competition Scenario Of the Indonesian Domestic Remittance Market? Indonesia’s domestic remittance market is moderately concentrated with the presence of multiple players including money transfer operators, banks, M-wallets and postal networks. Among the banks that are operating in the domestic market, Bank Mandiri and Bank Central Asia hold approximately ~% of the market in terms of volume of transactions carried via banks in 2018. The Bank Mandiri holds the maximum share of the market in terms of volume of transactions, which is 37.0%, in 2018. In Indonesia, the choice of the channel varies with the type of remittance i.e. whether it is domestic or international. The domestic remittance market is dominated by banks, controlling ~% of the market in terms of volume of transactions, as customers prefer banks owing to their wider accessibility and security, with experience in the domestic market. What Is The Future Outlook For the Indonesian Domestic Remittance Market? The continuous growth in internal population mobilization has been a major factor in increasing the domestic remittance market. Over the years, mobilization of the population to the regions with high employment opportunities from ~% in 2010 to ~% in 2018 is expected to increase further in the forecasted period. During the forecast period of 2018-2023, the domestic remittance market is expected to grow at a CAGR of ~% from USD ~ million in 2018 to USD ~ million in 2023. Domestic remittance market is currently dominated by the banks in the country and a very low market share is held by the non-bank channels. As the pawnshops are increasingly putting the focus on the improvement and innovations in their service portfolio, the banks are also constantly putting efforts to launch new domestic remittance related products. This effort is expected to prove beneficial for the banks to increase their share in the market. Indonesian government working all out to make Indonesia a business friendly country by improving its rating from 91 to 72 in 2018 for ease of doing business according to world bank. 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:- 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 Service, cost of sending money from Africa to indonesia, cost of sending money from America to indonesia, cost of sending money from ASEAN to indonesia, cost of sending money from australia to indonesia, cost of sending money from Europe to indonesia, Cost of Sending Money In Indonesia, Digital Remittance Market Indonesia, domestic 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