Remittance business is booming: Latent opportunity for the Mobile play

Its a flat world. Between the years 2001 and 2012, the Indian migrant population increased by nearly 2.4% to reach 22 million in 2012. However, the inward remittance in India during the same period increased even more, by 15.5% to reach US$ 70 billion. Remittance of money to India has grown really fast in the last 10 years and it seems to be still hot. The only thing which has changed is the way money gets transferred. It has shifted from money carrying relatives/friends to increased presence of Money Transfer operator’s (MTO) such as Western Union, Money Gram etc. It will be worth ...

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