Mexican senders and receivers share many remittance needs with their counterparts around the world. Senders want to be able to transfer money quickly and inexpensively, while receivers want easy and convenient access to funds.
MasterCard believes that financial institutions are in an excellent position to meet these consumer needs and, at the same time, capitalize on a new source of income. While financial institutions currently handle 70 percent of receiving volume globally—primarily as agents of money transfer organizations (MTOs)—MTOs have the largest share of sending volume.2
Recent MasterCard research on the Mexican remittance market reveals that financial institutions are perceived to be strongest on cost and reliability, while MTOs are valued for their familiarity and customer service. Financial institutions can leverage their global money transfer capabilities to profitably offer both sending and receiving remittance capabilities to this large and growing population.
1. Pew Hispanic Research, 2009.
2. World Bank, December 2006 and 2009, MasterCard and Synovate analysis.