“Remittances and innovative transfer mechanisms” Marco Nicolì Payment Systems and Remittances...
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Transcript of “Remittances and innovative transfer mechanisms” Marco Nicolì Payment Systems and Remittances...
“Remittances and innovativetransfer mechanisms”
Marco NicolìPayment Systems and Remittances SpecialistPayment Systems Development Group
Integrating Migration into DevelopmentRome, Italy | October 2, 2014
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
6
7
• Launched Turin, Italy2013• Launched Montreuil, France2014• Frankfurt, Germany and London, UKLined up• USA, Canada, BalkansPipeline
THANKS!
remittanceprices.worldbank.org
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