Albany, NY -- (SBWIRE) -- 04/22/2014 -- This Report provides comprehensive analysis of domestic money remittance, bill payment, mobile money, branch-pick ups, door to door transfer, direct credit to bank, online, mobile and international money transfer market. The report discusses the competition between banking and non-banking channel (money transfer companies and pawnshops) in Philippines and provides market share, number of transactions, average transaction size and transaction volume along with other parameters of all the major MTOs, Pawnshops and banks.

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The market for domestic money transfers in the Philippines is exceedingly dynamic and has been maturing since the last many years. In the last several years, the enormous market of international remittances has also engrossed international players such as Western Union and Money Gram into the domestic money transfer market. Conversely, the Philippines-based service providers such as banks, regional and national pawnshops, LBC Express, iRemit, Smart and others have a noteworthy presence in the domestic market. Some of the largely used payment service providers in Philippines include Palawan Pawnshop, Western Union, Cebuana Lhuillier, LBC Express, M Lhuillier and other regional pawnshops.

The total market for domestic remittances was valued at USD million in 2012. In-country Filipinos characterized by domestic migrants who have moved for better economic and employment opportunities and permanent residents together accounted for approximately % of the total domestic remittances. Additionally, approximately % of the overall domestic remittances were funded by people/families who have also received international remittances from Filipinos in other countries. Domestic remittances are transferred from 143 cities inside 78 provinces of the Philippines. The top 10 cities amongst these provinces include Quezon City, Manila, Makati, Caloocan, Paranaque, Pasig, Mandaluyong, Taguig, Pasay and Baguio.

More than % of the money remittance transactions originate from Manila and go to different cities including progressive areas such as Davao, Bicol, Cebu and others and semi-urban provinces such as Luzon, Visayas, Mindano as Metro Manila and Makati City are financial and economical hubs and all the white collar jobs or high income earning households reside in these areas. Such areas create a large transaction volume with an average amount of money per transaction to be sent to family members residing in other cities being considerably high as well.

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The bill payment market in the Philippines was recorded to be USD million, in terms of volume of transactions taking place in 2012. The bill payment market in the Philippines is largely concentrated in households in the income groups of PHP 100,000-PHP 249,999 and 250,000 and above.

The average bill paid by a Filipino was valued at PHP in 2012. Bill payment transaction volume has grown at a CAGR of % from USD million in 2009. The total volume of bill payments was million in 2007 which has grown to million in 2012 at a CAGR of 5.1%. A greater proportion of the bill payment goes into the payment of utilities such as water and electricity. Convenience stores such as 7-Eleven and Ministop were responsible for % of the total bill payments in the Philippines in 2012.

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