At FXC Intelligence we track 14,000 payment corridors every day, which means we can see the granular changes in the market that are easy to miss. This week, we focus on payout methods, an evolving segment of the market as new payout capabilities emerge.
Mobile wallets is a perfect example:
In the chart above, we show the payout offerings (tracked daily) of seven market leaders – Western Union, MoneyGram, TransferWise, Xoom, Ria, Remitly and WorldRemit – sending from Canada to three popular remittance markets: Bangladesh, Philippines and Vietnam.
All these corridors have seen the growth of payouts to mobile wallets, with additional providers offering mobile wallets alongside their bank account and cash payout options. Bangladesh and the Philippines are furthest along, while Vietnam is an example of a corridor where mobile is starting to emerge.
While this highlights the rise of mobile wallets over the last six months, the increase is unlikely to have reached its peak. In other markets account-to-account capability has been growing fast. Capabilities are changing every month, corridor-by-corridor, across the globe.
What core offering do your competitors have in every corridor? Who is focusing on which markets and which payout methods? Get in touch to dig into this and more.