The market research company in Indonesia is positively functioning for delivering better services to the consumers and determining the growth drivers for the respective market growth. However, the market research company in Indonesia states that the domestic remittance market of Indonesia effectively observed an auspicious growth over the recent past years. Increasing internal migrant citizenry both intra-regional and inter-regional due to the effective job choices has triggered the size of the industry. During the reviewed period, the domestic remittance market has presented effective growth with the positive CAGR in the terms of transactions volume created from the personal remittance within the region.
By the bank and non-bank, based on the market research companies in Indonesia, the banks register the domestic remittance market compared to the non-bank channels. A growing share of the non-bank channels was witnessed during the forecast duration as it increases with an effective CAGR during the forecasted period. Not only has this, the increasing popularity of utilizing the digital platforms for the transfers namely m-wallets of OVO m-wallet and Gopay.
Nonetheless, based on the market research industry Indonesia, the Indonesia domestic remittance market is moderately determined with the existence of the multiple players involving M-wallets, Money transfer operators, banks and postal networks. Among the banks that are positively functioning in the domestic market, Bank Mandiri and Bank Central Asia control a foremost share of the market in terms of volume of transactions carried via banks during the recent past year. The Bank Mandiri registered the domestic market in terms of volume of transactions in the recent past. Furthermore, across Indonesia, the choice of channel contrasts along with the category of remittance that is whether it is domestic or around the globe.
Although, the market research companies state that the Domestic remittance market is positively registered by the banks in the terms of volume of transactions, as the consumers prefer banks owing to their broader accountability and security, with observe in the domestic market. Nonetheless, the international remittance market has effectively demonstrated an auspicious augment in the growth rate overall, whereas, the inbound market presented a foremost growth and a slight deduction was witnessed in the outbound sector during the recent past years. The total transaction value enlarged representing a five years CAGR. Moreover, the increase in Fintech startups and government rolling out the mobile payments benefit underwritten to this improvement. The capacity of the volume of remittance transactions augmented, dominating an effective CAGR during the forecast period.
Along with the growing competition among the banks and non-banks channels, a deduction in the commission was efficiently witnessed along with the development in level services delivered by the remittance corporate during the forecast duration. Nonetheless, the market research companies state that the growing infrastructural and developmental happening underwrote by the government and increasing business segment investment in the region is predicted to raise the growth in the domestic remittance market in the region. Therefore, it is anticipated that in the near years with efficient working by the market research companies the markets in Indonesia will increase more positively over the coming years.
Ankur Gupta, Head Marketing & Communications