Abstract
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
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