{"id":14982,"date":"2017-10-16T07:00:35","date_gmt":"2017-10-16T07:00:35","guid":{"rendered":"http:\/\/www.ceo-na.com\/?p=14982"},"modified":"2017-12-07T15:52:37","modified_gmt":"2017-12-07T15:52:37","slug":"rise-money-transfer-market","status":"publish","type":"post","link":"http:\/\/servidor-mxigen1.com\/ceona-antiguo\/business\/innovation-business\/rise-money-transfer-market\/","title":{"rendered":"Rise of the money-transfer market"},"content":{"rendered":"

BBVA and other companies are entering the mobile money transfer business.<\/strong><\/em><\/p>\n

<\/p>\n

Spanish bank BBVA has taken a leap into the mobile banking market as it launched app named Tuyyo, available on iOS and Android<\/a>.<\/p>\n

Tuyyo \u2013spelled out as \u201ct\u00fa y yo\u201d (meaning you and I in English) \u2013 is focused on the remittances from the U.S. to Latin America and the Caribbean, a 73 billion-dollar annual market.<\/p>\n

The app allows users to send money and allow recipients to pick up their cash at any Bancomer ATM across Mexico without bank card or account.<\/p>\n

Funds can also be sent directly to a bank account at BBVA\u00b4s partner banks for easier and quicker transactions.<\/p>\n

A social component has been added to the \u201cTuyyo\u201d app as a photo and personal message can be shared v\u00eda Whatsapp, e-mail or SMS as well as voice and video message in a way to ensure money operations.<\/p>\n

\u201cTuyyo\u00b4s\u201d first transfers will only include foreign exchange costs but will not charge a fee, however, afterwards a flat fee of $5.49 will be added to the service.<\/p>\n

For the future, the BBVA app plans to add insurance support and micro-financing so clients can also experiment with paying bills through the wireless service.<\/p>\n

As for Derek White, Global Head of Customer and Clients Solutions for BBVA, he said \u201cPeople feel a strong sense of duty to help out their families (\u2026) it is one way to say, \u2018We still love you even if we can\u00b4t be together right now.\u201d<\/p>\n

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There are more than half a billion registered mobile money accounts globally (556 million), of which 174 million are active on a 90-day basis. ))=<\/p><\/div>\n

Money-transfer: A growing market<\/strong><\/h6>\n

According to a report from the GSMA Association<\/a>, a mobile-global network operator, 2016 was a milestone year for the mobile money industry, as two-thirds of low and middle-income countries have mobile money available.<\/p>\n

It is proved through the index that 43 million transactions are done each day, as half a billion of mobile accounts are accounted for across the world, contrasting to the 86.8 million mobile money accounts registered in 2011.<\/p>\n

The GSMA information shows migrants sending in 2016 and 2017 an estimated 581 billion-dollars in remittances to their families\u2014three times the volume of official aid flows.<\/p>\n

The competition to take on<\/strong><\/h6>\n

\u00a0<\/strong>Although there\u2019s wide-reaching skepticism about security, mobile transactions are a big part of both jobs and home.<\/p>\n

And coming down to the competition, it\u00b4s all about efficiency and quickness, and here are 5 competitions \u201cTuyyo\u201d from BBVA will have to take on:<\/p>\n