Purposeful remittance is a growing market, and understanding the largest markets and their potential can be beneficial for companies looking to engage with this opportunity. Here are some of the largest markets for purposeful remittance and some key statistics:
- India: India is the largest recipient of remittances in the world, with an estimated $83 billion received in 2020, according to the World Bank. The country has a large diaspora, with over 18 million Indians living abroad. Bill payment services are in high demand in India, with mobile bill payments alone estimated to reach $370 billion by 2025, according to a report by BCG and Google.
- China: China is the second-largest recipient of remittances, with an estimated $60 billion received in 2020, according to the World Bank. The country has a large diaspora, with over 10 million Chinese living abroad. Bill payment services are also in high demand in China, with the mobile payment market expected to reach $96 trillion by 2023, according to a report by iResearch.
- Mexico: Mexico is the third-largest recipient of remittances, with an estimated $43 billion received in 2020, according to the World Bank. The country has a large diaspora, with over 12 million Mexicans living abroad. Bill payment services are also in high demand in Mexico, with the mobile payments market expected to reach $14.4 billion by 2025, according to a report by Statista.
- Philippines: The Philippines is the fourth-largest recipient of remittances, with an estimated $30 billion received in 2020, according to the World Bank. The country has a large diaspora, with over 10 million Filipinos living abroad. Bill payment services are in high demand in the Philippines, with mobile payments expected to reach $22 billion by 2023, according to a report by Fitch Solutions.
- Egypt: Egypt is the fifth-largest recipient of remittances, with an estimated $24 billion received in 2020, according to the World Bank. The country has a large diaspora, with over 5 million Egyptians living abroad. Bill payment services are also in high demand in Egypt, with mobile payments expected to reach $4.8 billion by 2025, according to a report by Statista.
Companies that engage with the purposeful remittance opportunity in these markets can benefit from increased customer engagement, retention, and revenue. By offering bill payment services, financial institutions and mobile network operators can attract and retain customers, differentiate themselves from competitors, and increase revenue.
