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8 August 2002

Abstract

New York, NY, USA August 8, 2002

Celent reveals that ATMs will unlock the market currently dominated by Western Union and non-official networks such the Hawala. By 2006, Celent anticipates that 11% of global remittances will be cashed at ATMs

In a new report, " : Exploring The Remittance Gold Mine," Celent examines opportunities in . The report focuses on the market for remittances: the money earned by immigrants while working abroad that is sent back to relatives in their countries of origin. The report examines market and competitive opportunities in global remittances, provides two case studies and make recommendations to financial institutions and entrepreneurs looking to enter the market.

The global remittance market represents an increasingly attractive opportunity, driven by rising immigration and the huge pressures faced by informal networks, such as the Hawala/Hundi in the US and abroad, in the context of the war on terrorism. The remittance market should grow from US$143bn in 2002 to US$177bn by 2006, while informal networks market share in developing countries should fall from 45% in 2001 to 34% by 2006, with the windfall going to official transmitters such as Western Union.

However, Celent expects ATMs to disrupt the current organization of the global remittance market. "In the past two decades, banks and credit unions have failed to curtail Western Unions influence because they lacked Western Unions global reach. As ATMs become widespread in developing countries, the landscape will change rapidly," comments Gwenn Bézard, the author of the report.

By 2006, Celent anticipates that ATMs will grab 11% market share in global remittance. ATM-based remittance should reach US$19.5bn by 2006, up from US$0.3bn in 2002, generating US$2.34bn in revenues by 2006, up from US$40mn in 2002.

While past competition with Western Union has concentrated at local level with niche players, Celent forecasts that ATMs will clear the path to a new breed of players, competing with card-based products at a global level in order to benefit from huge economy of scale.

A is available online.

of Celent Communications' Retail Banking research service can download the report electronically by clicking on the icon to the left.

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