Philippines Bill Payments Market Growth, Domestic Money Transfer Future - Ken Research

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Philippines Money Transfer and Bill Payments
Market Outlook to 2023 Ken Research
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The report titled Philippines Money Transfer and
Bill Payments Market Outlook to 2023 By
Domestic Remittance Banking and Non Banking
(Pawnshops, MTO) Channels, International
Remittance Flow Corridors and Channel Bill
Payment Segment provides a comprehensive
analysis of domestic, international remittance
and bill payments market in Philippines. The
report covers market size, segmentation on the
basis of remittance flow corridors, remittance
channel, land-based and sea-based workers, mode
of remittance, major occupation group and
distribution of OFWs by cash remittance sent for
international remittance market. For domestic
remittance market, the report covers market size,
segmentation on the basis of remittance channel,
type of services and major flow corridors. It
also includes the bill payments market in the
country covering the market size and segmentation
by type of bills, mode of payments and channel of
payments. The report also covers government
regulations in the market, competitive landscape
and company profiles for major players in the
remittance and bill payments market. The report
provides detailed overview on future outlook
projections with analyst recommendations for the
industry.
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The report facilitate the readers with an
in-depth analysis of the existing and future
trends, issues and challenges prevalent in the
industry and anticipated growth in the future
depending upon changing industry dynamics in
coming years. The report is useful for industry
consultants, remittance service providers (MTOs),
banks, local agents, payment platforms, pawnshops
and other stakeholders to align their market
centric strategies according to ongoing and
expected trends in the future. Industry
Overview Philippines remittance market is led by
the international remittances and domestic
remittances which are represented by the OFW
remittance inflow, the internal migrants
transfers. During 2012-2017, the international
and domestic remittance markets have showcased a
remarkable growth. The Overseas Filipino Workers
(OFWs) space has been the most important source
of growth in the Philippines economy. The
majority of the OFWs primarily originate from the
Cavite, Laguna, Batangas, Rizal and Quezon
(CALABARZON) region, and the peripheral regions
of Central Luzon and Metro Manila. Market growth
can be attributed to factors like increasing
number of OFWs, growing infrastructure and
developmental activities, rising business sectors
and increasing job opportunities within the
country, surging BPO sector and other related
factors.
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Market Segmentation International Remittance
Market The Philippines international remittance
market registered a majority contribution from
inbound remittances from other countries in 2017.
Stable progress in the diversity and coverage of
global remittance networks has enabled more OFWs
to remit money at a reasonable cost of services
which include automated teller machines,
web-based services, and reusable/reloadable cash
cards. The US accounted majority of the total
remittances sent to the Philippines in 2017. The
UAE was ranked as the second largest remittance
source for Philippines. Saudi Arabia accounted
for a major share of the remittance to
Philippines in 2017 and is one of the biggest
employers of OFWs. Domestic Remittance and Bill
Payments Market The market for domestic money
transfers in the Philippines is exceedingly
dynamic and has been maturing since the past
decade. Domestic money transfers encompass both
remote money remittances and payment of bills.
The choice of the service provider, to a greater
degree, has been dependent upon the amount of
money being transferred. Bank transfers and major
PSPs were mostly used in order to transfer large
amounts of money.
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In-country Filipinos, characterized by domestic
migrants who have moved for better economic and
employment opportunities and permanent residents
together, accounted for major share of the total
domestic remittances. Additionally, majority of
the overall domestic remittances was funded by
people/families who have also received
international remittances from Filipinos in other
countries. Domestic remittances were observed to
be transferred in top cities amongst the
provinces included Quezon City, Manila, Makati,
Caloocan, Paranaque, Pasig, Mandaluyong, Taguig,
Pasay and Baguio. Utilities comprised of
majority of the total number of bill payments in
the Philippines in 2017. The utility bill
payments were followed by payments for education
which was followed by payment insurance premium.
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Convenience stores such as 7-Eleven and Ministop
are the major third party payment channels of the
total bill payments in the Philippines in 2017.
Owing to the greater reach and accessibility
convenience stores have dominated the bill
payment landscape in the Philippines over the
past many years. Bill payments through mobile and
online platforms have displayed a tremendous
growth over the past five years with growing
mobile wallet and number of online methods
offered by banks and other local players. The use
of payment centers such as Bayad, along with
banks, was mostly prevalent in the urban areas.
Conversely, informal service providers were
largely used in semi-urban and rural
areas. Competitive Landscape Domestic remittance
market is dominated by pawnshops and MTO due to
the large unbanked or under-banked population in
the Philippines. The enormous potential of
domestic remittances has also engrossed
international players such as Western Union into
the market. Conversely, the Philippines-based
service providers such as banks, regional and
national pawnshops including Cebuana and M
Lhuillier and Palawan Pawnshops, LBC Express and
others have a noteworthy presence in the domestic
market and have provided stiff competition to the
international players. Banco de Oro was the
largest bank in the Philippines international
remittance market in 2017 followed by The Bank of
Philippine Islands while Metropolitan Bank was
the third largest international remittance player
in 2017.
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Future Potential The Philippines remittance and
bill payments market has witnessed a considerable
growth in past five years. A noticeable amount of
FDI inflows was invested in BPO, electronics and
energy sector. With the continual growth in FDI
flows in the BPO sector, there are expected to be
more employment opportunities leading to large
scale migrations to urban cities. Rapid growth in
the introduction and use mobile technologies in
the country for money transfer and bill payments
are also a factor for future growth of domestic
remittance and bill payments market of the
Philippines. The continued growth in internal
migration is expected to sustain the growth of
money transfers taking place in the Philippines.
The Philippines has outshined India in terms of
voice-based outsourced projects and has become
the worldwide leader in the call center industry.
Over the past six years, the BPO industry in the
country has augmented at an average rate of
25-30. International remittance market in the
Philippines will continue to be driven by the
increasing deployment of Filipinos in other
countries. Unskilled workers and laborers will
uphold their status as the largest deployed
fraction of overseas workers and will continue to
account for the largest share of aggregate
remittances.
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Key Topics Covered in the Report Ecosystem of
Philippines Remittance Market Overview of
Philippines Domestic Remittance
Market Philippines Domestic Remittance Market
Size Philippines Domestic Remittance Market
Segmentation Growth Drivers of Philippines
Domestic Remittance Market Competitive Landscape
of Major Players in Philippines Domestic and
International Remittance Market Philippines Bill
Payments Market Size Philippines Bill Payments
Market Segmentation Rising Penetration of Mobile
Money Transfers Philippines Domestic Remittance
and Bill Payments Market Future
Outlook Philippines International Remittance
Market Overview Philippines International
Remittance Market Size Philippines International
Remittance Market Segmentation Trends in
Philippines International Remittance
Market Philippines International Remittance
Market Future Outlook Macroeconomic Factors
affecting Philippines Remittance and Bill
Payments Market
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For more information on the market research
report please refer to the below
link https//www.kenresearch.com/banking-financi
al-services-and-insurance/financial-services/phili
ppines-money-transfer-bill-payments-market/152427-
93.html Related Reports- https//www.kenresearch
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