Bright future predicted for mobile international money transfers

The mobile international money transfer market will grow over the years to come, new analysis has indicated.

According to Jupiter Research, the total market will be worth over $65 billion (£39 billion) by 2014, as more and more people take advantage of technological advances to transfer money.

The main remittance regions for the transfers were identified as western Europe - including the UK - and North America.

Jupiter Research also suggested that international money transfers will be conducted by fewer people than domestic transactions, but that the transactions themselves would carry higher values.

Howard Wilcox, senior analyst at the organisation, commented: "Our view is very clear - in the long term this market proposition is highly attractive.

"Mobile remittance offers a speedy, cost effective and convenient channel for people to send money regularly to friends and family."

Possible "inhibiting factors" to the future growth of the money transfer market identified by the report include higher unemployment rates.

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By Paul Jarvis