SOLUTIONS

A Better Way to Send Money Worldwide

An International Remittance is a person-to-person transfer of funds from a person physically located in one country to another person in a second country.

Currently, the typical consumer uses either a registered money transfer service, such as Western Union, or an informal "hawala" to send money to friends and loved ones in another country.

The typical user is an unbanked individual; i.e., a person who does not currently have a bank account in any country. The unbanked include 40 million individuals in the US and roughly 70% of the world's population.

According to GSMA: Mobile Financial Services could double the number of remittance recipients to more than 1.5 billion, and quadruple the size of the international remittance market, by 2012.

The Advantage of Mobile Transactions

Mobile Remittances are a faster, cheaper, more convenient, more secure, and safer way of conducting international remittances.

User benefits include:

• cheaper because there is no physical infrastructure to maintain
• more efficient movement of money by leveraging existing financial infrastructure through partnerships
• immediate transfer of funds, no waiting period
• more convenient because users can transfer money wherever they are and whenever they want
• more secure because money is secured in FDIC insured institution
• safer because neither sender nor recipient carry cash (No more venturing into a "seedy" neighborhood at odd hours as an obvious target for thieves.)

Typical User Experience

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