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Executive Director, Al Fardan Group General Manager, Al Fardan Exchange Chairman, Global Reach
OSAMA AL RAHMA
M-PAYMENTS: RE-DEFINE WALLET LANDSCAPE KEY DRIVERS: M-PAYMENTS IN MIDDLE EAST CHALLENGES: GROWTH OF M-PAYMENTS IN MIDDLE EAST e-MONEY: WAGE PROTECTION SYSTEM GLOBAL REMITTANCE LANDSCAPE ENABLING MOBILE REMITTANCE PREPAID TRAVEL CARDS WALLET LANDSCAPE 2020 AGENDA
4,200,000,000
People out of the 7,000,000,000 worldwide use at least one Mobile Phone
$ 55,000,000,000
Expected Mobile Remittance Transactions by 2016. Migrant Worker Communities in Middle East and Africa and US/Mexico to trigger the growth.
43.7%
Smartphone penetration in UAE Market offers users access to eMail, Social Networking and Mobile Application.
65%
M-Payment Market Share is expected to be in emerging markets such as Asia, Middle East Arica and South America by 2012.
$ 670,000,000,000
Expected total Value of mobile payments globally for digital and physical goods, money transfers and NFC by 2015.
References
Remittance and payment business to undergo shift, Gulf News, March 2012; Arab Advisor Group Survey , March 2012; Mobile Payment Opportunity in Middle East, Grail Research , February 2010
SOCIO-ECONOMIC DYNAMICS
GOVERNMENT INITIATIVES
30,000,000
Migrant Workers in the Middle East region offers substantial outflow of funds from the region.
39%
Migrant Workers in UAE are Unbanked. Saudi Arabia (29%) also have considerable unbanked expat population.
5.6% (CAGR)
Mobile Workforce in the EMEA region will grow from 186.2 Million in 2010 to 244.6 Million in 2015.
Financial Inclusion in the MENA: Analysis and Road Map Recommendation , Douglas Pearce, World Bank; Mobile Payment Opportunity in Middle East, Grail Research , February 2010; Worldwide Mobile Worker Population 2011-2015 Forecast, IDC
GOVERNMENT INITIATIVES
Dubai e-Government Initiative Mobile Payment Gateway mPay Services Offered Salik Recharge Road Transport Authority Traffic Fines Dubai Police Utility Bills Dubai Electricity and Water Authority
A large segment of the unbanked population in the Middle East is not comfortable with the use of technology for payments and is guided my lots of myths and fear. Service providers will need to invest in simplifying the technology and interface, and in educating customers A wide distribution network of agents is critical to success in this market, but setting up and maintaining such a network can be difficult and costly in a some countries. Low start-up costs and an attractive commission structure for their network of agents will be critical for success. The regulatory framework for financial transactions via mobile phones is currently not well developed. The Regulators may have to adopt strict and proactive measures with respect to KYC, TM which may add cost and slow adoption. Requirement of a Bank Account Not focusing on Unbanked Population Nascent Nature of the M-Money Industry
PRODUCT FEATURES Compliant with WPS (Wage Protection System) Offers Comprehensive Platform for Corporate Payroll and Remittance Service. Single Mode Salary Payment Banked and Unbanked Employees 24 X 7 salary withdrawal and remittance (on ATMs). OEM Online Employee Management web based application for Employee Registration and Payroll Management. CASH-OUT LOCATIONS Over 40 branches of Al Fardan Exchange across Over 650 Emirates NBD ATMs across UAE
2
SIF FILE TRANSFER INITIATE SALARY TRANSFER
3
CENTRAL BANK OF UAE
MINISTRY OF LABOUR
6
AL FARDAN EXCHANGE
1
REGISTRATION
5
PROCESS SALARY TRANSFER
AL FARDAN eMONEY
8
EMPLOYEE SALARY CASH-OUT
BRANCH
EMPLOYER
MOBILE POS
215 Million International Migrants Worldwide sent an estimated US$325 Billion to their families in developing countries in 2010 and will reach US$374 Billion by 2012
EUROPEAN UNION US$ 42.3 Billion UNITED STATES US$ 48 Billion MEXICO US$ 22.6 Billion
BANGLADESH GCC US$ 11.1 Billion US$ 63.75 Billion INDIA PHILIPPINES US$ 55 Billion US$ 21.3 Billion
REMITTANCE SENDING COUNTRIES REMITTANCE RECEIVING COUNTRIES Source: Migration & Remittance Handbook 2011, World Bank
PAYROLL CARD
REACH m-Remittance
4
BENEFICIARY
MOBILE WALLET
CASH
Reloadable Prepaid Card that offers consumers with: Secure alternative to CASH Ideal replacement to Travelers Cheques Better control over spending with benefit of worldwide acceptance Available in AED & USD Currencies Accepted Globally on VISA network POS, ATM & Online Support Features Card to Card Transfer Balance Inquiry Transaction History Dedicated Web Service on http://www.travelezcard.com Dedicated Call Centre Service (600544474)
Rise in Prominence of Remittance Wallets and NFC Enabled M-Payment are to dilute the share of other Wallet Options such as Physical Wallets and Card Based Payment Systems.
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