How Does International Remittance Market Operate In Indonesia?
Over the review period 2013-2018, the international remittance market of Indonesia has been displayed a chequered growth in terms of the transaction value. The international remittance market has shown steady growth, with an annual average growth rate of ~% over the years 2013-2015, with a shallow fall depicting a negative growth rate of ~% in the year 2016. The market had a surge in the growth rate, up from ~% in 2016, to ~% in 2018. The CAGR in terms of the value of transactions had been ~% over the review period, increasing from USD ~ million in 2013 to USD ~ million in 2018. The average value of a transaction in USD ~ for 2013 to USD ~ in 2018, with a moderate growth rate of ~% in the period 2017-2018, and a CAGR of ~% in review period 2013-2018. Although the market experienced pioneering and unmatched growth in the period 2017-2018 in terms of the average value of the transaction and value of the transaction. The volume of transactions experienced an average growth rate of ~% in 2018, with a CAGR of ~% during the review period 2013-2018, with a negative growth rate of ~% in 2016. The market recovered, with an increase in the volume of transactions from ~ million in 2013, and then falling to ~ million in 2016, to ~ million in 2018. The long-term stable market shows a dip in 2016, due to a government drive to end the practice of exporting low-cost labor. In February 2015 President Joko Widodo announced the country would halt the migration of female domestic labor, instructing the BNP2TK1 to formulate a strategy to implement this policy.
What Major Flow Corridors in Indonesia International Remittance Market?
Indonesia has been a major remittance receiver in Asia Pacific regions. Major inflow corridors for Indonesia have been ASEAN countries, Asia except for ASEAN countries and the Middle East countries. ASEAN countries have been the highest contributor in the inbound remittance market of Indonesia over the review period. The ASEAN-Indonesia corridor accounts for ~% in 2018, equivalent to USD ~ million. The corridor still dominates, yet the contribution has decreased from ~% in 2013 to ~ in 2018. The volume of transactions in 2018 was USD ~ million. The volume has certainly increased over the review period, yet the contribution saw a decrease. This has been due to the diversification of the destination countries of the Indonesian migrants looking for employability options overseas. The emigrants are moving to Saudi Arabia, which is the destination country accounting for maximum immigrants of Indonesian descend.
What Is Competitive Scenario In Indonesia International Remittance Market?
Indonesia International Remittance the market has been majorly dominated by the inflow of remittance when compared to the outflow of remittance in terms of volume of transactions with almost ~% of inbound remittance and ~% of outbound remittance in 2018. The international remittance market was found to be moderately concentrated with the presence of both international and domestic money transfer operators and banks. Both the Bank and Non-Bank channels actively working in the International Remittance market. Major dominance of banking channel was observed in the review period of 2013-2018 for both inbound and outbound remittance with a major bank such as BCA and Bank Mandiri with a market share of ~% in terms of volume of transaction, whereas BCA with Money Gram tie-up is the market leader in banking channel in Indonesia with ~% of market share in terms of transaction volume in 2018. For Non-banking channels which include money transfer operators, m-wallet companies play a major role in the international remittance market of Indonesia.
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 Remittance Market
Retail Remittance Market Indonesia
Indonesia payments market
Major M-wallet Market Players Indonesia
Indonesia Remittance Market Future Outlook
Indonesia International Remittance Market Size
Indonesia Remittance Flow Corridors
Indonesia Bill Payments Market Share
Major Payment Gateways in Indonesia
Indonesia Remittance by Income Level
Market of Remittances in Indonesia
Mobile Phone Payment Market Indonesia
For Information Click On the Below Mentioned Link:-
Indonesia Domestic and International Remittance Market
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