Latin Americans living in the US are keen to adopt money transfer via mobile phones, according to a survey commissioned by mobile payments provider Upaid.
The research was conducted by market research firm Research Now, and found that during tough economic times, consumers are looking to cost-effective ways of transferring money to friends, family and loved ones. 61% of those questioned are spending over $75 (50) per month on fees and commission associated with cross-border payments, with many considering their current method of money transfer expensive. Two thirds of those who transfer money via a shop find it expensive, particularly those sending money to Uruguay, Haiti, Belize and Aruba, with a unanimous 100% of respondents thinking that transferring money this way was costly. Many more respondents found other methods of transfer more affordable, with less than half believing money transfer via cheque or telephone is expensive (44% and 46% respectively).
The more traditional methods of transferring money are currently most popular, with the majority (80%) having visited a shop. However, nearly three quarters of those surveyed were keen to use mobile as a method for transfer in the future. 70% of those who currently use mobile phones to transfer money are males aged 25 to 34.
All respondents thought that the most beneficial aspects of money transfer via mobile were the  instantaneous transfer of funds; no commission on money transfer; the ability to transfer money directly to a family members bank account; and the ability to directly pay for a family members phone credit or to utility bill. The most popular countries for Latin Americans living in the US to send money to are Mexico (41%), Puerto Rico (12%) and the Dominican Republic (6%).   
As the global economic crisis continues and more and more money is transferred from US citizens looking to send funds to Latin American countries, people are looking to a cost effective, easy-to-use method that is safe and timely, says Upaid CIO, Stephen Gibb. The mobile phone is a perfect fit for money transfer due to its ubiquitous nature and the fact that it is carried with a user nearly all the time.”