Although near field communication-based contactless mobile payments are gaining traction in more developed markets, peer-to-peer m-payments such as mobile money transfer are an established and fast-growing fact of life in many developing economies.
Peer-to-peer money remittances enable an expatriated worker to send money across international borders to family or friends. According to the World Bank, 175 million migrant workers each year send billions worth of international remittances to family and friends, many of whom do not have bank accounts. Last year international remittances reached $318 billion, of which recorded remittances to developing countries exceed $240 billion, up from $221 billion in 2006 and more than double the level reached in 2002.
India, Mexico and China were the top three recipients of remittances last year, accounting for nearly one-third received by the developing countries. In India, the largest remittance-recipient, private current transfers grew by 30% in the first half of 2007.
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