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P2P Cash is working with the World Bank to establish mobile banking technical standards and standard operating procedures.
These standards will lower the cost of providing financial services to the 3 Billion underbanked that currently use a cellphone. Standards will also provide a much broader range of financial service offerings through a widespread retail infrastructure. These new financial services can range from microcredit to insurance to the ability to invest in stocks and bonds. Standardizing the mobile wallet will increase the security of these expanded applications by integration into the worldwide banking and clearing network.
MOBILE BANKING
The World Bank understands the importance of the mobile banking opportunity, especially the impact the remittance market has on developing countries where remittance is a substantial component of GDP. They view any development that increases availability and lowers cost deserves their support.
The P2P Cash TAN retail network provides financial services to the underbanked cellphone consumer. Our primary service offerings are international remittance. The target consumer market size analysis is as follows:
56 million people in the United States do not have a bank account or use traditional financial services.
Data gathered in the last four years for Mexico, Colombia and Brazil suggests that in these countries somewhere between 65% - 85% of urban populations do not hold any kind of deposit account in a financial institution.
The Reserve Bank of India reports that 41% of India's adult population is not served by banks. Over 51% of 147 million rural households have no access to formal or informal sources of credit.
China’s small to medium-sized enterprises (SME's) are to a considerable degree underbanked. There are about 12 million SME‚ that contribute 60% of the gross domestic product (GDP) but only make up 16% of the loan portfolio for Chinese banks.
China’s 1.6 billion people only have about 10 million credit cards.
Diebold estimates that 40 percent to 60 percent of Chinese have no formal ties to a financial institution. That's about 500 million to 800 million people.
45% of the total population in Russia does not have access to financial services which is over 60 million people.
The P2P Cash TAN retail network provides financial services to the underbanked cellphone consumer. Our primary service offerings are international remittance. The target consumer market size analysis is as follows:
56 million people in the United States do not have a bank account or use traditional financial services.
Data gathered in the last four years for Mexico, Colombia and Brazil suggests that in these countries somewhere between 65% - 85% of urban populations do not hold any kind of deposit account in a financial institution.
The Reserve Bank of India reports that 41% of India's adult population is not served by banks. Over 51% of 147 million rural households have no access to formal or informal sources of credit.
China’s small to medium-sized enterprises (SME's) are to a considerable degree underbanked. There are about 12 million SME‚ that contribute 60% of the gross domestic product (GDP) but only make up 16% of the loan portfolio for Chinese banks.
China’s 1.6 billion people only have about 10 million credit cards.
Diebold estimates that 40 percent to 60 percent of Chinese have no formal ties to a financial institution. That's about 500 million to 800 million people.
45% of the total population in Russia does not have access to financial services which is over 60 million people.