Classifieds | Archives | Jobs | About TGT | Contact | Subscribe
 | 
Last updated 42 minutes ago
Printer Friendly Version | TGT@Twitter | RSS Feed |
HOME LOCAL MIDEAST ASIA WORLD BUSINESS SPORT OPINION WRITERS
Emerging markets are leading in mobile remittances
By William Faria November 24, 2012
 Print    Send to Friend

DUBAI: Emerging markets such as the Middle East, India and Africa are leading the way in mobile remittances with a strong focus on Near Field Communication (NFC) mobile payments. 

Speaking to The Gulf Today on Thursday evening at the close of the four-day Mobile Money Global Summit & Expo held at Atlantis hotel in Dubai, Sara Kobayaa, Director Sales and Marketing of KeyBS Business Unit disclosed that KeyBS has emerged as a leading player in the lucrative GCC market by capitalising on the region’s growing demand for technology and automated payment solutions.

Over 1000 delegates, mainly from mobile money industry from leading regional and global mobile network operators, banks and other financial institutions as well as retailers and 70 global technology providers gathered  in Dubai for the annual Mobile Money Global Summit & Expo, which was part of the Connected World Forum.

The Connected World Forum consisted of three separate streams: Mobile Health, Mobile Money and Mobile Life.

KeyBS, a leading technology provider and member of Arabi Holding Group KSC also provided a presentation at the summit on its newly launched iBanking Solution with New Mobile Application.  We therefore aim to be a key part of this rapidly grown industry, says Kobayaa.

A report by Juniper Research indicates that mobile money transactions will hit $670 billion by 2015, proving that payments can be one of the most profitable uses of the mobile phone. At the same time mobile remittances are forecasted to reach $55 billion by 2016.

NFC devices can be used in contactless payment systems, similar to those currently used in credit cards and electronic ticket smartcards.

The company provides advanced mobile, kiosk and point of sale, or POS systems and services for remittance transactions and bill payments as well as customised software and hardware tailored to boost productivity and efficiency that in turn help cut down costs.

In addition to creating awareness about our various products and services, the just concluded Mobile Money Global Summit & Expo presented us with a unique opportunity to meet key players in the financial institution market, said Kobayaa.

As customer demand for mobile money services increases, the conditions are right for us to capitalize upon the expanding market opportunities, explained Kobayaa.

Mobile-money applications use the mobile phone for payments and transfers instead of cash. Its proponents say mobile money is safer than cash since even if the phone gets stolen, the money is safeguarded by bank guarantees.

Industry analysts predict that the simpler the service offered, the more likely it will be to succeed.

Africa is the mobile financial services hub of the globe, but the mobile money trend is catching on worldwide, from the Middle East, Europe and the US, says Mobile Money Global’s director Stuart Barker.

According to the director the industry still faces certain challenges such as forming the right partnerships and JVs to offer widely acceptable service and then driving adoption of these services. Other challenges include creating interoperable and cross network services, agent selection, agent recruitment and incentivising new agents and agent exclusivity.

According to Barker the growth of the mobile money industry in the developed markets is driven by more advanced services including NFC mobile payments.

He explains, “For example in stores or for transportation; banks allowing customers virtual access to their credit cards on the mobile phone; loyalty reward scheme to encourage mobile payments at merchant stores; ability to purchase digital goods and services through the mobile phone. To recognise this Mobile Money Global 2012 had a stream dedicated to NFC.”

Add this page to your favorite Social Bookmarking websites
Comments
 
Post a comment
 
Name:
Country:
City:
Email:
Comment:
 
    
    
Related Stories
Dubai remains most connected airport to Cochin
TRIVANDRUM: Dubai remains the most connected airport to the Kerala port city Cochin with 45 weekly flights in the schedule which will take effect Sunday with a slight inc..
Dubai 2015 cross sector business outlook bullish
DUBAI: Cross sector optimism was at the order of the day during a recent panel discussion focussed on the 2015 business outlook in Dubai, with leading voices in retail, P..
UAE participates in opening session of WIF
GENEVA: The UAE has participated in the opening session of the World Investment Forum (WIF) in its fourth edition being held at The Palace of Nations in Geneva, Switzerl..
Cabinet clears Dhs49.1b budget
ABU DHABI: The Council of Ministers has adopted the draft union budget for 2015, at an estimated amount of Dhs49.1 billion, an increase of Dhs2.9 billion (6.3 per cent) f..
UAE and Australia discuss trade ties
PERTH: Sultan Bin Saeed Al Mansouri, Minister of Economy, and Julie Bishop, Australian Minister for Foreign Affairs, have discussed relations of cooperation between the t..
 
FRONTPAGE
 
GALLERY
 
PANORAMA
 
TIME OUT
 
SPORT
 
 
Advertise | Copyright