“remittances and innovative transfer mechanisms” marco nicolì payment systems and remittances...
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“Remittances and innovativetransfer mechanisms”
Marco NicolìPayment Systems and Remittances SpecialistPayment Systems Development Group
Integrating Migration into DevelopmentRome, Italy | October 2, 2014
In my lifespan…
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from 1 Mhz on one desk…
…to 1000 Mhz in two fingers
The history of payments
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from barter…
…to contactless
…but how much hope can we put into technology?
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5
Ac-count to ac-count
(to any bank)19%
Ac-count to ac-count
(within same bank)
2%
Ac-count
to cash4%
Cash to account8%
On-line17%
Cash to cash46%
Mobile1%
Prepaid card1%
Other3%
Accou
nt to
acc
ount
(to
any
bank
)
Accou
nt to
acc
ount
(with
in sa
me
bank
)
Accou
nt to
cas
h
Cash
to a
ccou
nt
Cash
to c
ash
Credit
/deb
it ca
rd s
ervic
e
Door t
o do
or
Mob
ile s
ervic
e
On-lin
e se
rvice
Pre-p
aid c
ard
serv
ice0%
2%
4%
6%
8%
10%
12%
14%
Status of innovative productsfor remittance services
Remittance Prices Worldwide sample as a benchmark
Average remittance cost per product type
Global average 7.9%
• Objective: promote transparency and competition in the market for remittances and, ultimately, reduce prices for remittance services
• Migrants in champion city and beneficiaries in receiving countries: raise awareness and increase financial education and inclusion
• Remittance Service Providers: promote best practices and dedicated services
• Local and national authorities: facilitate remittance flows and improvements in the market
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• Launched Turin, Italy2013• Launched Montreuil, France2014• Frankfurt, Germany and London, UKLined up• USA, Canada, BalkansPipeline
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Groundbreaking
Real-time
Transparent
A virtual marketplace
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THANKS!
remittanceprices.worldbank.org
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