Global Mobility and Remittance
The last couple of weeks, we’ve been examining drivers that will accelerate the growth of electronic payments in the emerging markets. This week, we look at global mobility and remittance, the third driver.
As more and more people travel across the globe for work, the need to send money back home increases. This is evident in many countries across Asia where foreign workers are confronted with the challenge of remitting funds back to their families in a cost-effective manner. The same applies to transient workers within their home country, such as the 260 million migrant workers in China.
The world has already witnessed a move from paper money orders to wire transfers – and now it is moving to mobile – based payments. M-Pesa in Kenya is an outstanding success story for mobile payments in a developing market. GCASH in the Philippines is also being used to enable simple and fast person-to-person remittances in that country.