Mobile money: The impact of smartphones on the international remittance market

Abstract

Historically, global remittances have been slow, inefficient and expensive for consumers; and yet remittances are vital for so many around the world. Digital disruption has started to move the industry forward, but the opportunity that mobile devices have to drive revolutionary change in the US$550bn remittance market cannot be ignored. This paper addresses the impact that digital disruption has had on the global remittances market thus far, specific ways in which mobile will drive exponential change, and how key players — both new and incumbents — are taking and will take advantage of the opportunities that mobile presents.