Mobile Money Transfer & Remittances:

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Mobile Money Transfer & Remittances: Business Models &
Monetisation Opportunities 2011-2016
Published on December 2011
Report Summary
Overview
. 30 Exclusive Forecast Tables
· Mobile Money Deployment Analysis
· Unique Vendor Positioning Matrix
This new study confronts the rapidly developing mobile money transfer and remittance market, providing unrivalled insight and
unsurpassed critical content:
A thorough examination of the major emerging trends. The report provides in-depth analysis of the key trends, including market
consolidation, the growth of multilateral hubbing and the evolving role of both MNOs and third parties within the money transfer
system.
Twelve selected profiles of leading players. A systematic evaluation of each vendor is provided in our cutting edge Vendor Matrix.
This unique comparative analysis tool examines product and positioning against capability and capacity resulting in a revealing matrix
of vendor positioning.
Key Features of The Report Include:
· In depth analysis of the MTR ecosystem - extensive coverage of player strategies, featuring revenue opportunities across the
value chain
· Exclusive interviews with CxO level executives - unique insight into the affecting drivers and constraints of this fast evolving
marketplace.
· 5 Year, state of the art forecast suite - provides current and projected figures for service adoption, remittance values and
service provider revenue opportunities.
Juniper crystallises forecast conclusions with a regional analysis of market attractiveness, classifying market opportunity by mobile
money users & transactions over eight key regions. Frontline knowledge of the relative popularity of the varying remittance services,
including airtime top-up, and domestic & international remittance services is given in depth.
Finally this innovative report explores and expounds the major drivers of remittance services as well as the inhibitors presently
constraining service deployment and wider adoption.
Companies Referenced
Mobile Money Transfer & Remittances: Business Models & Monetisation Opportunities 2011-2016 (From Slideshare) Page 1/17

Accenture, Alcatel-Lucent, Belgacom ICS, Celcom, Comviva, CPNI, C-SAM, DonRiver, eServGlobal, Fundamo, Gemalto,
hyperWALLET, LUUP, mChek, Mi-Pay, Monitise, Mozido, m-Service, Nokia, Obopay, PayPal, ProgressSoft, Roamware, Safaricom,
SAP/Sybase 365, Seamless, SmartMoney, Utiba, Visa, Vodafone, Western Union, Xius-bcgi, YellowPepper
Table of Content
Executive Summary
The Evolution of the Mobile MTR Space
2.1 The Mobile Money Transfer Space Today............. 43
2.1.1 Consolidation and Acquisition.. 43
2.1.2 The Transition to a Hubbed Environment....... 44
2.1.3 The Evolving Role of the MNO.... 44
i. Why Should MNOs Launch Mobile Money Services'............. 45
ii. The Third-Party Opportunity...... 46
a. Barriers to Co-Operation: The Banks' Perception.. 46
iii. Delivering a Successful Mobile MMT Service........ 47
a. Necessity for Upfront Investment... 48
Figure 2.1: Cumulative Net Cash Flow and Active Customer Base, MTN Mobile
Money, Uganda........ 48
b. Monetising the MMT Service....... 48
2.2 Future Prospects, New Markets............ 49
2.2.1 The Impact of the Smarter Feature phone...... 49
Figure 2.2: Selected 2011 Touchscreen Feature phones: Nokia C2-03,
Motorola WILDER, Samsung S3850 Corby II, LG T500......... 50
i. Towards a Cloud-Based Environment. 51
2.2.2 Prospects for Domestic Money Transfer in Developed Markets......... 52
2.3 Service Deployments Analysis............. 53

Figure 2.3: Mobile Money Transfer Service Launches (Number p.a.) 2001- Nov
2011..... 53
Table 2.1: Mobile Money Transfer Service Launches (Number p.a.) 2001- Nov
2011............ 53
2.3.1 Regional Deployments Analysis 53
Figure 2.4: Mobile Money Transfer Service Launches (Number p.a.) 2001- Nov
2011 Split by 8 Key Regions.... 54
Table 2.2: Mobile Money Transfer Service Launches (Number p.a.) 2001-Nov
2011 Split by 8 Key Regions.... 55
2.3.2 Analysis by Type of Application Offered. 55
Figure 2.5: Mobile Money Applications by Type as at November 2011.... 55
Table 2.3: Mobile Money Applications by Type as at November 2011... 56
2.3.3 Future Development of the Market: From Money Transfer to
Microfinance... 56
2.3.4 Analysis by Registered Users... 57
Figure 2.6: Mobile Money Registered Users (m) split by 8 Key Regions as at
December 2011 57
Table 2.4: Mobile Money Registered Users (m) split by 8 Key Regions as at
December 2011............. 58
2.4 Case Studies.......... 58
2.4.1 Safaricom M-PESA... 59
i Service Description.. 59
ii Service Statistics 59
Figure 2.7: Safaricom Data Revenues (KES bn) Split by
Broadband, M-PESA & SMS H1 2009-H1
2012 60
Table 2.5: Safaricom Data Revenues (KES bn) Split by
Broadband, M-PESA & SMS H1 2009-H1
2011...... 60
iii Service Developments.......... 60

2.4.2 Smart Money. 61
Figure 2.8: SmartMoney Service Features... 61
Figure 2.9: Smart Money Annual Revenues (PHP million), 2006-2010...... 62
Table 2.6: Smart Money Annual Revenues (PHP million), 2006-2010 62
2.4.3 Western Union...... 63
Mobile Money: Setting the Scene
1.1 Introduction...... 21
1.2 Mobile Money Context 22
1.2.1 Mobile Commerce Market Segmentation... 22
Figure 1.1: Mobile Commerce Market Segmentation... 22
1.2.2 Mobile Payments...... 23
i. Digital & Physical Goods..... 23
ii. NFC.......... 23
iii. Mobile Money Person to Person Transfer. 23
1.3 Report Focus...... 24
1.3.1 Transformational Banking.. 24
Table 1.1: Transformational Compared to Additive Banking. 24
1.3.2 Social Transfers............. 25
1.4 Drivers and Constraints............ 25
Figure 1.2: Mobile Money Transfer: Drivers and Constraints............. 26
1.4.1 Mobile Money Transfer Drivers....... 26
i. Attractive to Users........ 26
ii. The MNO Imperative....... 26
Figure 1.3: Operator-billed Monthly ARPU ($) Split by 8 Key Regions
2005-2010.... 27

iii. First-time Financial Access 28
iv. Real Cash Alternative... 29
v. Migrant Worker Remittances....... 29
1.4.2 Mobile Money Transfer Constraints....... 29
i. Consumer Awareness.. 29
Figure 1.4: Driving Early Uptake - The Need for Intervention....... 30
ii. Regulatory Issues..... 31
iii. KYC (Know Your Customer) Requirements...... 32
iv. Lack of Interoperability... 33
v. Inadequate Local Agent Networks....... 35
Figure 1.5: Safaricom MPESA subscribers & agents, September 2010-
September 2011............ 35
Figure 1.6 MPESA Mobile Remittance Participant Activities............. 36
vi. Cost of International Money Transfer........... 36
vii. Service Security and Trust. 36
viii. Network Reliability.......... 37
ix. The Recession... 38
1.5 Financial Access in the Developed World.... 38
1.6 World Bank Remittance Forecasts....... 39
Figure 1.7: World Remittance Flows ($bn) to Developing Countries 2009-2013.... 39
Table 1.2: World Remittance Flows ($bn) to Developing Countries 2009-2013........ 39
1.7 GSMA Mobile Money Initiatives 40
1.7.1 MMT (Mobile Money Transfer)......... 40
1.7.2 MMU (Mobile Money for the Unbanked)...... 40
Mobile Money Transfer Forecasts

3.1 Market Segmentation............. 65
3.1.1 Domestic Transfers.......... 65
3.1.2 Sophisticated Financial Services........... 65
3.1.3 International Transfers or Remittances 66
3.2 Methodology 66
3.2.1 Approach and Assumptions.. 66
Figure 3.1: Mobile Money Transfer Market Forecast Methodology... 66
3.3 Mobile Subscriber Forecast......... 68
Figure 3.2: Mobile Handset Users (m) Split by 8 Key Regions 2011-2016...... 68
Table 3.1: Mobile Handset Users (m) Split by 8 Key Regions 2011-2016............. 69
3.4 Transaction Value Forecasts for All Mobile Money Transfers......... 70
Figure 3.3: Total Value of All Mobile Money Transfers ($m) p.a. Split by 8 Key Regions 2011-2016...... 70
Table 3.2: Total Value of All Mobile Money Transfers ($m) p.a. Split by 8
Key Regions 2011-2016...... 70
Figure 3.4: Comparison of Domestic, Sophisticated Financial Services &
International Mobile Money Transfer Transaction Values (% of total) 2011-2016............. 71
Table 3.3: Comparison of Domestic, Sophisticated Financial Services &
International Mobile Money Transfer Transaction Values (% of total) 2011-2016......... 71
3.5 Service Provider Revenue Opportunity........... 71
Figure 3.5: Total Service Provider Mobile Money Transfer Revenue
Opportunity ($m) p.a. Split by 8 Key
Regions 2011-2016..... 72
Table 3.4: Total Service Provider Mobile Money Transfer Revenue
Opportunity ($m) p.a. Split by 8 Key Regions 2011-2016....... 72
Market Attractiveness
4.1 Approach 73
4.2 Domestic Transfers............. 74

Figure 4.1: Market Attractiveness - Domestic Money Transfer Users (m) vs.
CAGR (%) Split by 8 Key Regions........... 74
Table 4.1: Market Attractiveness - Domestic Money Transfer Users (m) vs.
CAGR (%) Split by 8 Key Regions............ 74
Figure 4.2: Market Attractiveness - Domestic Money Transfer Transactions
(m) vs. CAGR (%) Split by 8 Key Regions.......... 75
Table 4.2: Market Attractiveness - Domestic Money Transfer Transactions
(m) vs. CAGR (%) Split by 8 Key Regions 75
4.3 International Transfers. 76
Figure 4.3: Market Attractiveness - International Money Transfer Users (m)
vs. CAGR (%) Split by 8 Key Regions 76
Table 4.3: Market Attractiveness - International Money Transfer Users (m)
vs. CAGR (%) Split by 8 Key Regions 76
Figure 4.4: Market Attractiveness - International Money Transfer
Transactions (m) vs. CAGR (%) Split by 8 Key Regions 77
Table 4.4: Market Attractiveness - International Money Transfer Transactions
(m) vs. CAGR (%) Split by 8 Key Regions 77
Domestic Money Transfer Forecasts
5.1 User Forecasts - Mobile Wallets. 79
5.1.1 Main Trends........... 79
i. Total Domestic Money Transfer Mobile Wallet Users.......... 79
Figure 5.1: Average Number of Active Mobile Wallet Users (m) Making
Domestic Transfers Split by 8 Key Regions 2011-2016... 80
Table 5.1: Average Number of Active Mobile Wallet Users (m) Making
Domestic Transfers Split by 8 Key Regions 2011-2016........... 80
ii. Africa & Middle East............. 81
iii. Far East & China,............ 81
iv. Indian Sub-Continent..... 81
v. Rest of Asia Pacific......... 82

vi. Central & Eastern Europe........ 82
vii. Latin American.......... 82
viii. North America & Western Europe........ 82
Figure 5.2: Average Number of Domestic Mobile Money Transfer
Transactions per Mobile Wallet User p.a.
Split by 8 Key Regions 2011-2016....... 83
Table 5.2: Average Number of Domestic Mobile Money Transfer
Transactions per Mobile Wallet User p.a.
Split by 8 Key Regions 2011-2016......... 83
Figure 5.3: Total Number of Domestic Mobile Money Transfer Transactions
(m) p.a. Split by 8 Key Regions 2011-2016 . 84
Table 5.3: Total Number of Domestic Mobile Money Transfer Transactions (m)
p.a. Split by 8 Key Regions 2011-201684
5.3 Transaction Size Forecasts......... 85
Table 5.4: Average Domestic Mobile Money Transaction Value ($), Selected
African Countries and Operators 2011...... 85
Figure 5.4: Average Size of Domestic Transactions ($) Split by 8 Key
Regions 2011-2016...... 85
Table 5.5: Average Size of Domestic Transactions ($) Split by 8 Key
Regions 2011-2016..... 86
5.4 Transaction Value Forecasts............ 86
Figure 5.5: Total Value of Domestic Transactions ($m) p.a. Split by 8 Key
Regions 2011-2016........... 86
Table 5.6: Total Value of Domestic Transactions ($m) p.a. Split by 8 Key
Regions 2011-2016.......... 87
5.5 Transaction Value per User Forecasts.. 87
Figure 5.6: Domestic Transaction Value ($) per Mobile Wallet User
p.a. Split by 8 Key Regions 2011-2016...... 87
Table 5.7: Domestic Transaction Value ($) per Mobile Wallet User p.a. Split by 8 Key Regions 2011-2016....... 88
5.6 Service Provider Revenue Opportunity Forecast.. 88

Figure 5.7: Service Provider Domestic Mobile Money Transfer Revenue ($m)
Split by 8 Key Regions 2011-2016....89
Table 5.8: Service Provider Domestic Mobile Money Transfer Revenue ($m)
Split by 8 Key Regions 2011-2016...... 89
Microcredits, Savings & Insurance Payment Forecasts
6.1 Sophisticated Mobile Financial Services Defined..... 90
Figure 6.1: M-KESHO Service.......... 91
6.2 User Forecasts............. 92
Figure 6.2: Average Number of Sophisticated Mobile Financial Services
Users (m) Split by 8 Key Regions 2011-2016... 92
Table 6.1: Average Number of Sophisticated Mobile Financial Services Users
(m) Split by 8 Key Regions 2011-2016. 92
6.3 Transaction Traffic Forecasts 93
Figure 6.3: Average Number of Sophisticated Mobile Financial Service
Transactions per User p.a. Split by 8 Key Regions 2011-2016........ 93
Table 6.2: Average Number of Sophisticated Mobile Financial Service
Transactions per User p.a. Split by 8 Key Regions 2011-2016... 93
Figure 6.4: Total Number of Sophisticated Mobile Financial Service
Transactions (m) p.a. Split by 8 Key Regions 2011-2016 94
Table 6.3: Total Number of Sophisticated Mobile Financial Service
Transactions (m) p.a. Split by 8 Key Regions 2011-2016.... 94
6.4 Transaction Size Forecasts...... 95
Figure 6.5: Average Size of Sophisticated Mobile Financial Service
Transactions ($) Split by 8 Key Regions
2011-2016.......... 95
Table 6.4: Average Size of Sophisticated Mobile Financial Service
Transactions ($) Split by 8 Key Regions
2011-2016..........95
6.5 Transaction Value Forecasts 96
Figure 6.6: Total Value of Sophisticated Mobile Financial Service
Transactions p.a. ($m) Split by 8 Key

Regions 2011-2016.. 96
Table 6.5: Total Value of Sophisticated Mobile Financial Service
Transactions p.a. ($m) Split by 8 Key
Regions 2011-2016....96
6.6 Transaction Value per User Forecasts......... 97
Figure 6.7: Sophisticated Mobile Financial Service Transaction Value per
User p.a. ($) Split by 8 Key Regions
2011-2016............ 97
Table 6.6: Sophisticated Mobile Financial Service Transaction Value per
User p.a. ($) Split by 8 Key Regions
2011-2016. 98
6.7 Service Provider Revenue Opportunity Forecast.......... 98
Figure 6.8: Service Provider Sophisticated Mobile Financial Service
Revenue ($m) Split by 8 Key Regions
2011-2016. 98
Table 6.7: Service Provider Sophisticated Mobile Financial Service Revenue
($m) Split by 8 Key Regions 2011-2016. 99
6.8 Incremental Value from Sophisticated Mobile Financial Services... 99
Figure 6.9: Incremental Value from Sophisticated Mobile Financial Services
Compared to Domestic Mobile Money Transfers (%) Split by 8 Key Regions
2011-2016. 99
Table 6.8: Incremental Value from Sophisticated Mobile Financial Services
Compared to Domestic Mobile Money Transfers (%) Split by 8 Key Regions
2011-2016........... 100
International Money Transfer Forecasts
7.1 User Forecasts........ 101
Table 7.1: Top 10 Remittance Sending Countries ($m) 2009..... 102
Figure 7.1: Average Number of Mobile Users Sending International Transfers
(m) Split by 8 Key Regions 2011-2016..... 102
Table 7.2: Average Number of Mobile Users Sending International Transfers
(m) Split by 8 Key Regions 2011-2016........ 103
7.2 Transaction Size Forecasts....... 103

Figure 7.2: Average Size of International Transactions ($) Split by 8 Key
Regions 2011-2016............ 104
Table 7.3: Average Size of International Transactions ($) Split by 8 Key
Regions 2011-2016........... 104
7.3 Transaction Traffic Forecasts........... 105
Figure 7.3: Average Number of International Mobile Money Transfers Sent
per User p.a. Split by 8 Key Regions 2011-2016..105
Figure 7.4: Top 20 Migration Corridors Ranked by Migrants (m) in 2010....... 106
Table 7.4: Average Number of International Mobile Money Transfers Sent per
User p.a. Split by 8 Key Regions
2011-2016.............107
Figure 7.5: Total Number of International Mobile Money Transfers Sent (m)
p.a. Split by 8 Key Regions 2011-2016..107
Table 7.5: Total Number of International Mobile Money Transfers Sent (m)
p.a. Split by 8 Key Regions 2011-2016........108
7.4 Transaction Value Forecasts....... 108
Figure 7.6: Total Value of International Mobile Money Transactions Sent
p.a. ($m) Split by 8 Key Regions
2011-2016.... 108
Table 7.6: Total Value of International Mobile Money Transactions Sent
p.a. ($m) Split by 8 Key Regions 2011-2016........ 109
7.5 International Transaction Value per User Forecasts....... 110
Figure 7.7: International Transaction Value per User p.a. ($) Split by 8
Key Regions 2011-2016....... 110
Table 7.7: International Transaction Value per User p.a. ($) Split by 8
Key Regions 2011-2016..... 110
7.6 Service Provider Revenue Opportunity Forecast............. 111
Figure 7.8: Service Provider International Mobile Money Transfer Revenue
Forecast ($m) 2011-2016.............111
Table 7.8: Service Provider International Mobile Money Transfer Revenue
Forecast ($m) 2011-2016...112

Vendors, Strategies & Applications
8.1 Introduction........... 113
8.2 Vendor Positioning 113
8.2.1 Vendor Assessment Methodology............ 113
Table 8.1: Vendor Capability Assessment Criteria........ 114
8.2.2 Limitations and Interpretation............. 114
8.2.3 New Positioning Matrix Results........... 115
Figure 8.1: Global Mobile Money Vendor Positioning Matrix.......... 115
8.2.4 Vendor Groupings....... 116
8.2.5 Strategy Conclusions - Corporate Activity 117
8.3 Company Brief: Accenture......... 118
i. Corporate........... 118
ii. Geographic Spread......... 118
iii. Key Clients & Strategic Partnerships....... 118
iv. High Level View of Offerings............. 119
v. Juniper's View: Accenture Key Strengths and Strategic Development Opportunities...... 119
8.4 Company Brief: Alcatel-Lucent............. 120
i. Corporate.. 120
ii. Geographic Spread......... 120
iii. Key Clients & Strategic Partnerships..... 120
iv. High Level View of Offerings.......... 121
v. Juniper's View: Alcatel-Lucent Key Strengths and Strategic Development Opportunities... 121
8.5 Company Brief: Comviva............. 121
i. Corporate.. 121

ii. Geographic Spread 121
iii. Key Clients & Strategic Partnerships......... 122
iv. High Level View of Offerings...... 122
v. Juniper's View: Comviva Key Strengths and Strategic Development Opportunities.. 122
8.6 Company Brief: DonRiver............ 123
i. Corporate........... 123
ii. Geographic Spread. 123
iv. High Level View of Offerings 124
v. Juniper's View: DonRiver Key Strengths and Strategic Development Opportunities..... 124
8.7 Company Brief: eServGlobal.... 124
i. Corporate......... 124
ii. Geographic Spread....... 125
iii. Key Clients & Strategic Partnerships.... 125
iv. High Level View of Offerings...... 125
v. Juniper's View: eServGlobal Key Strengths and Strategic Development Opportunities. 125
8.8 Company Brief: Fundamo/Visa. 126
i. Corporate... 126
ii. Geographic Spread... 126
iii. Key Clients & Strategic Partnerships... 126
iv. High Level View of Offerings... 127
v. Juniper's View: Fundamo Key Strengths and Strategic Development Opportunities.......... 128
8.9 Company Brief: Gemalto.... 129
i. Corporate. 129

ii. Geographic Spread..... 129
iii. Key Clients & Strategic Partnerships.......... 129
iv. High Level View of Offerings.... 130
v. Juniper's View: Gemalto Key Strengths and Strategic Development Opportunities............ 130
8.10 Company Brief: LUUP.. 131
i. Corporate.. 131
ii. Geographic Spread...... 131
iv. High Level View of Offerings. 132
v. Juniper's View: Luup Key Strengths and Strategic Development Opportunities........... 132
8.11 Company Brief: mChek.... 133
i. Corporate....... 133
ii. Geographic Spread.... 133
iii. Key Clients & Strategic Partnerships. 133
v. Juniper's View: mChek Key Strengths and Strategic Development Opportunities........ 133
8.12 Company Brief: Monitise. 134
v. Juniper's View: Monitise Key Strengths and Strategic Development Opportunities..... 135
8.13 Company Brief: Nokia...... 136

v. Juniper's View: Nokia Key Strengths and Strategic Development Opportunities.......... 137
8.14 Company Brief: SAP/Sybase 365. 138
v. Juniper's View: SAP/Sybase 365 Key Strengths and Strategic Development Opportunities..... 139

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