A new report says service provider revenues, derived from mobile money transfers and remittances, will top the $5 billion mark in five years. The analysis was done by Juniper Research.
The study says the windfall will be based on commissions and charges from both domestic and international sources.
The report goes on to say there are good opportunities for providers and vendors of these services to make some serious money, beginning as early as 2010. That’s when the market is expected to really take off. It’s believed that the “underbanked” ─ such as migrant workers ─ can be tapped as a new clientele, due to the increasing number of mobile phones users in that market.
Growth isn’t limited to the United States. The report predicts Western Europe, Africa, the Middle East and the Far East (including China) will represent more than 60 percent of the global mobile money transfer market by 2013.
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