Market Size and Future Projections of the Organized Remittance Market in India by Value

‘India Domestic Remittance, M-Wallet and Bill Payment Market Outlook to 2018 – Driven by Government Support and Rising Banked Population’ provides a comprehensive analysis of the various aspects such as market size, segmentation, trends and developments, government regulations, and future projections of the domestic remittances, remittance through business correspondents, M-wallets and bill payments as key segments of the market. The report provides the market share of the major players in business correspondent and bill payment market and competitive landscape of the key players in all three major segments.

As per the NSSO (National Sample Survey Organization) survey on out-migrant population in India in FY’2008, around 58% of the domestic migrants send money home with an average remittance size of INR 13,000 in a year. Moreover, it indicated that the proportion of households receiving remittances has consistently increased during FY’1993 and FY’2008, in both the rural and urban areas in the country, showcasing surge in the household remittance dependency. Rural households received around 80% of the domestic remittances in India in the year FY’2008. The overall domestic remittance market in India has consistently grown at a CAGR of 10.3% during FY’2008 to FY’2013, where the principal amount remitted has increased from INR ~ million in FY’2008 to INR ~ million in FY’2013. This has resulted from the growing out-migrant population in the country and rapidly expanding organized money transfer channels such as business correspondents appointed by the banks.

The domestic money transfer or remittance market in India was dominated by the unorganized or informal channels of money transfer in FY’2008. These channels together accounted for 70.0% of the remittances in India in FY’2008. However, the share of these unorganized channels has consistently declined during the last five year period of FY’2008-FY’2013, and presently they represent only around ~% of the...