340m People Transferring Money via P2P in 2016
- Monday, April 16th, 2012
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The number of consumers using mobile handsets to make P2P domestic money transfers will reach 340m by 2016, according to Juniper Research. Thats a 405 per cent increase from 2011, which saw 84m consumers make P2P transfers.
The average size of a domestic remittance transaction via mobile was $22 (£14) in 2011.
The report also looks at ways to to boost adoption of the services – according to Juniper, providers should allow unregistered users to receive money through the services, while lack of interoperability acts as a hurdle.
“Our primary interviews confirmed that in developing countries with previously unbanked customers, it is essential that the customer sign up process takes only a short time,” says Juniper research director, and author of the report, Windsor Holden. “Customers are very easily discouraged from subscribing to services by overbearing KYC (Know Your Customer) requirements, particularly if this is their first contact with a financial service.”
A whitepaper on the topic, Moving Money Via Mobile, can be downloaded here.
The full report is available here.