“Remittances and innovative
transfer mechanisms”
Marco Nicolì
Payment Systems and Remittances Specialist
Payment Systems Development Group
Integrating Migration into Development
Rome, Italy | October 2, 2014
In my lifespan…
from 1 Mhz on
one desk…
…to 1000 Mhz
in two fingers
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The history of payments
from barter…
…to contactless
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…but how much hope can we put
into technology?
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Status of innovative products
for remittance services
Remittance Prices Worldwide sample as a
benchmark
Average remittance cost per product type
14%
Prepaid card Other
1%
3%
Mobile
1%
12%
Global average
7.9%
10%
Account to
account
(within same
bank)
2%
Account to
account (to
any bank)
19%
8%
6%
4%
Account to
cash
4%
Cash to cash
45%
Cash to
account
8%
2%
0%
On-line
17%
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• 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
2013
• Launched Turin, Italy
2014
• Launched Montreuil, France
Lined up
• Frankfurt, Germany and London, UK
Pipeline
• USA, Canada, Balkans
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Ground
breaking
A virtual
marketplace
Real-time
Transparent
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9
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THANKS!
mnicoli1@worldbank.org
remittanceprices.worldbank.org
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