Mobile Remittance - A Window for the Financial Empowerment of Global Communities through Mobility

Published Date: April 2008 Published By: Visiongain Page Count: 87 Order Code: R155-275 $3,000.00   Electronic Access - Single User $14,000.00   Electronic Access - Global Site License   Questions About This Report E-mail a Colleague Printable Page Fax Your Order Description Table of Contents Similar Products While the use of high-tech electronic substitutes for cash was always expected to infiltrate developed markets such as Japan, mobile wallets and electronic transfers were perceived as requiring much time to reach poorer countries. Case studies in Kenya and the Philippines however, point to the contrary and illustrate high potential profitably and social benefits in the provision of small-scale transaction banking on a mass-market basis - even to rural districts without adequate transport and financial infrastructure. The success of the Smart Padala and G-Cash service offerings in the Philippines, as well as the high performing take-off of Safaricom’s M-PESA in Kenya, are underpinned by mobile remittance, a service which addresses the needs of the impoverished “unbanked” communities in many developing countries. These existing services and pilot projects illustrate how mobile communications networks can be effectively harnessed to deliver financial services to those without prior access to the formal economy. By March 2008, after just 11 months in service, M-PESA had attracted more than 1.6 million subscribers and handled transactions totalling at KES.9.3 billion (US$148million). Another indication of the huge potential for mobile money transfer is the sheer volume of cross-border remittances sent through existing channels such as banks and money transfer agencies. Measured flows have grown exponentially over the last decade - by 130 percent since 2001, with an estimated US$248billion sent primarily from industrialised countries to the world’s emerging markets in 2007. Those existing services and pilot projects in Kenya and the Philippines have shown operators a feasible route towards gaining a share of those large remittance flows and new mobile remittance services are expected in the Middle East and Europe by 2009 at the latest. Major operators with international and inter-regional footprints such as Vodafone and Orascom Telecom have announced their intention to deploy mobile remittance, which they hope will act as a catalyst for the wider adoption of mWallet-enabled transaction services. Most importantly, mobile remittance presents a way for these inter-regional players to further maximise revenue potential through a greater proportion of their respective footprints, leveraging their assets in Europe and the Middle East in synergy with those in South Asia, Africa and the Asia Pacific. This brand new 80+ page report analysis all of the exciting opportunities that will be available to increase your revenues from this potential arena. Reading this exclusive management report will tell you the following: What different forms of mobile remittance are available and expected to appear in the future? Why is mobile potentially so important to banking and financial services, as well as economic development? When will mobile remittance become a truly global mass market proposition? How successful can these service propositions become? Find out the answers to these and many other questions by buying this vital industry insight. Mobile remittance and m-payments have great potential due to the relationship between a mobile subscriber and their handset, where the mobile device is often with the end-user for most of their waking time. With mobile penetration reaching 100 per cent in many developed markets, the mobile phone will soon be in virtually everyone’s pocket. Payments and banking are currently major areas of growth in the mobile world and these are set to become even more specialised than they are at the moment. Do you understand this market? Do you know how it will develop? Is this an issue that you need to act on and find out about now? Other benefits to you when you order this report: Full searchable report when you buy the company or corporate editions Copies can be easily printed for offline reading Please Note: Reports are sold based on the user licenses indicated. The Publisher delivers the report in Flash format via the publisher website, allowing viewing and printing capabilities only. 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