Celent: Global Money Transfers

Celent has published a new report on the market opportunity associated with global money transfers.

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.