Many banks think that because they offer a set range of payment products and solutions the potential lucrative Remittances market is just waiting to be picked.
But remittances are more than expanding your bank payment products to the Migrant Worker community. It is all about survival. It is all about banks maintaining their niche in the payments space, an area that has traditionally been the domain of the banks.
Today this is under threat. And where do the threats come from? From alternate payment systems – operations such as informal systems like Hawala to a whole range of new purpose built systems like PayPal, Google Checkout, Amazon Payments, to mention but a few.
Mobile payments are also on the move and the network operators are dying to capture huge new revenue streams from millions of clients that they already service through their mobile payment networks.
A few of the big banks have dipped their toes into the remittance market, many have only announced plans to do so – and seem to be sitting back with many others waiting in the sidelines.
Remittance payments through alternative payment mechanisms are here to stay. Banks really have no alternative but to play in the game or to lose out. Banks need to take advantage of the different options available to them while leveraging their consumer and merchant relationships, their existing payment infrastructure and their strong secure operational processes.
Please join us for “REMITTANCES – CREATING VALUE”, a two day intensive course on Payments, Remittances and Opportunities. This course is the definitive A to Z on Remittances – from informal systems to the revolutionary appearance of the Mobile Phone as a remittance tool.
London - 16 & 17 May 2011 – For additional details please CLICK HERE.
Johannesburg - 22 & 23 June 2011 – For additional details please CLICK HERE.
