Press release
Indonesia International Remittance Market is Expected to Register Transaction Volume of around USD 25 Billion by the Year Ending 2023: Ken Research
• Increased penetration of digital technologies is expected to create trends for virtual currencies, contactless payment modes and mobile financials.
• Adoption of block chain and crypto currency will collectively have a far-reaching influence on the remittance market of Indonesia as research and development has been carried out by major traditional banks, fintech and other financial companies.
• Flow of Indonesia Overseas Workers to Middle Eastern Countries is expected to rise after recovering oil prices and stable economic conditions in GCC countries.
Financial inclusion on rise: It has been observed that financial inclusion is on rise in the past few years across the globe and similar is the scenario within Indonesia. The country launched a more comprehensive National Strategy for Financial Inclusion. Financial education is one of the main pillars of this strategy. Through these financial literacy programs, financial literacy in Indonesia has shown positive growth during 2013-2018. This has been an important increase for the remittance market, which has been possible because of increased availability of financial services in 2018. Similarly, increase in the percentage is expected in coming five years.
Fintech Development: Indonesians are rapidly adopting the digital money transfer service, which is being provided by Fintech startups and these startups are focusing on increasing their presence in Indonesia, and hence, become ubiquitous. This has been recently done by the WorldRemit, i.e. a London-based money transfer startup, by raising USD 40 million in its Series C financing to expand its presence within Indonesia in 2017. Increased competition is expected in forecasted period with more players entering remittance market of Indonesia.
Digital Trends in Remittance: Increasing penetration of smartphones in the country is providing scope for major M-wallet and E-money transfer companies to provide services in Indonesia which will be game changer in the market and reduce transfer fees at considerable amount. NFC and contactless payments system has already gazed attention among the customers in recent times and is expected to increase its penetration in the Indonesian market.
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.
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 Recommendation
For more information on the research report, refer to below link:
https://www.kenresearch.com/banking-financial-services-and-insurance/financial-services/indonesia-domestic-and-international-remittance-market/257748-93.html
Related Reports
https://www.kenresearch.ae/banking-financial-services-and-insurance/financial-services/singapore-remittance-payments-market/242385-93.html
https://www.kenresearch.com/banking-financial-services-and-insurance/financial-services/philippines-remittance-payments-market/204157-93.html
https://www.kenresearch.com/banking-financial-services-and-insurance/financial-services/europe-international-remittance-market/194013-93.html
Contact Us:
Ken Research
Ankur Gupta, Head Marketing & Communications
Ankur@kenresearch.com
+91-9015378249
Ken Research Pvt. Ltd.,
Unit 14, Tower B3, Spaze I Tech Business Park, Sohna Road, sector 49 Gurgaon, Haryana - 122001, India
Ken Research is a Global aggregator and publisher of Market intelligence, equity and economy reports. We provides business intelligence and operational advisory in 300+ verticals underscoring disruptive technologies, emerging business models with precedent analysis and success case studies.
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