September 3, 2014
Remittances market is huge and growing exponentially. Mobile Remittance seems to a perfect option for existing players to cut cost and increase margins. According to the World Bank Report 2012, it is estimated that close to $55 billion will be remitted via mobile phones across the globe during 2016. This will be four times the amount that was transferred through this technology in 2011. Recently, international financial services provider – Barclays – launched a new function that enables mobile payments to India via its Pingit mobile payments service.
Barclays Pingit was launched in February 2012. It was the first service in U.K to facilitate the instant payment as well as receipt of money utilizing mobile phone numbers to anyone with a UK current account and UK mobile phone number, without the requirement to share bank details. Using the Faster Payments Scheme, payments are immediate and the app is free to use for retail customers of any UK bank.
The Indian market is the market with the highest volume of remittance from th ...