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The Next Wave of Mobile Financial Services-02
The Next Wave of Mobile Financial Services-02
The Next Wave of Mobile Financial Services-02
The Next Wave of Mobile Financial Services-02
The Next Wave of Mobile Financial Services-02
The Next Wave of Mobile Financial Services-02
The Next Wave of Mobile Financial Services-02
The Next Wave of Mobile Financial Services-02
The Next Wave of Mobile Financial Services-02
The Next Wave of Mobile Financial Services-02
The Next Wave of Mobile Financial Services-02
The Next Wave of Mobile Financial Services-02
The Next Wave of Mobile Financial Services-02
The Next Wave of Mobile Financial Services-02
The Next Wave of Mobile Financial Services-02
The Next Wave of Mobile Financial Services-02
The Next Wave of Mobile Financial Services-02
The Next Wave of Mobile Financial Services-02
The Next Wave of Mobile Financial Services-02
The Next Wave of Mobile Financial Services-02
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The Next Wave of Mobile Financial Services-02

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The Next Wave of Mobile Financial Services-02 david yates

The Next Wave of Mobile Financial Services-02 david yates

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  • 1. DAVID YATESPresident, Business Development & Innovation Mobile Update
  • 2. WESTERN UNION: A GLOBAL REMITTER MULTICHANNEL • 445,000 cash agent locations • 20 countries with wu.com • 40 bank ABMT partnerships • 14 country partnerships for Mobile • Global partnerships with leading MNOs• US$5.2 billion revenue (2010) • Over 16,000 corridors• 200 countries and territories • $76 billion in P2P principal
  • 3. WESTERN UNION STRATEGY FOR MOBILEPartnering with banks, mobile network operators (MNOs)or independents to enable mobile-based transactions p Partner with banks Service banked consumers using the g Western Union on mobile channel Mobile Banking Example: ABSA Bank South Africa Partner with MNOs Western Union Primary focus: unbanked consumers on Mobile Wallet Reach underserved receivers Example: Safaricom / M-PESA Kenya
  • 4. ONE CONNECTION: ALL COUNTRIES, ALL CHANNELS SEND RECEIVE BankBank Direct Direct Accounts WU-gatewayAccounts agreement WU Core WU-Core system WU-gateway agreement Payment Payment CardsM-Wallets switch switchCards Other Other M-Wallets M Wallets Westernunion.com
  • 5. MNO PARTNERSHIP PRODUCTSWestern Union is the largest international branded cash in/cash outnetwork for mobile Sender uses mobile wallet as source of funds. 1 Mobile Send Receiver payout in cash cash, mobile, or bank channels Funds directed by Sender (Push or alternatively by 2 Mobile Receive the Receiver (Pull) to the wallet or account
  • 6. NEW PRODUCT DEVELOPMENT Money Transfer Mobile Apps Direct consumer $$$ Transfer Funds Core money transfer Target markets: North T t k t N th America & Europe P2P Customers Western Union Yellow Phone Mobile wallet / prepaid allet Transfer Funds Core money transfer P2P C t Customers Target markets: emerging countries T t k t i ti
  • 7. WESTERN UNION COMPETITIVE ADVANTAGESMobile leverages the same trusted platform used by 445 000 locations in 200 countries 445,000 Western Union Money Transfer endorsed by the GSM Association y y
  • 8. CONSUMER INSIGHTS
  • 9. WHY DO THEY SEND MONEY?Regular support/ living expenses 60% Regular support/living expensesSpecial occasion (birthday/ wedding) 44% go to fundamental needsHoliday (Christmas/New Year) 43% % Groce rie s 78Emergency / urgent transfer 26% Utilitie s or utility bills 50Medical, doctor or hospital bills 21% Payme nt of me dical e xpe nse s 38 Re nt payme nts 31Educational expenses for a student 15% School fe e s 20 Pay de bts 13 Univ e rsity/othe r e ducation fe e s 9 Sav ings and inv e stme nts 8 M ortgage payme nts 7 Regular, loyal customer Busine ss re asons 4 Alimony 1 Family/Frie nds/Pe rsonal use 1 Clothing 1Source: Western Union Consumer Tracking Study, US Outbound Senders
  • 10. WHERE DOES THE MONEY GO?66% of migrants worldwide send remittances to their loved ones at home Russia/CIS 41% Canada 43% European Union 56% Latin America 64% Asia 73% Oceana O % 75% Middle East 75% Caribbean 76% South Asia 82% Africa 87%
  • 11. CASH STILL A PREFERRED METHOD OF PAYMENT IN MUCH OF WORLDCASH INTEROPERABILITY WITH MOBILE IS KEY Source: McKinsey, “Perspectives on the Worldwide Payments Business,” Feb, 2010.
  • 12. CONSUMER PRIORITIES: CHANNEL AGNOSTIC Speed S • Funds sent immediately • Funds available for pickup immediately Convenience • Large distribution network • Channel alternatives based on customer preference • Trusted brand Reliability • Consistent experience – no surprises • World-class service
  • 13. KEY CONSUMER LESSONS • Average remittance $200; average cash load $20 • Remittances drive subsequent volume • Mobile account adoption strengthened by remittances • Interoperability with cash network vital p y • Multiple services, utility bill, airtime top-up drives consumer adoption • Slightly lower remittance average, but more frequent •LLearning curve b f i before f ll potential full t ti l • Trust factor and brand recognition extremely importantSuccessful mobile wallet programs could attract 25-40% of transactions
  • 14. PARTNERING WITH WESTERN UNION Gateway & Certification Program allowing world-class m-Wallet platforms to connect to Western Union p Quick scalability and easy integration with m-Wallets and Mobile Banking Mobile Network Operators/ Carriers Financial Institutions
  • 15. WESTERN UNION PARTNERSHIPS 80K locations active for directed transfers in 48 countries wu.com activated in 5 countries 14 country agreements i place t t in l 6 active in 5 countries: Philippines, Kenya, Malaysia, Philippines Kenya Malaysia South Africa Canada Africa, 5 more countries in progress 9 mobile operator centric 4 bank centric operator-centric, bank-centric Over 130 M potential connections to subscribers/accountsWestern Union leading the number of cross-border initiatives in multiple geographies
  • 16. NEWS AT MOBILE WORLD CONGRESS • Agreement to launch Mobile Money Transfer service in Middle East, Asia, Africa , , • Etisalat Group has operations in 18 countries and 135 million subscribers d illi b ib • Will enable Etisalat subscribers to send, receive send money using their mobile phones
  • 17. CONCLUSION Remittances key part of Mobile Money Programs Western Union has built The mobile technology p gy platform Partnerships with key players Western Union is positioned to play at the center of the Mobile channel WESTERN UNION IS LEADING THE WAY FOR MOBILE MONEY TRANSFER
  • 18. THANK YOU

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