We’ve written and shared much on mobile banking, including case studies on M-PESA, research on branchless banking, and issues of security in mobile banking. Success in mobile banking servicces have varied with some highly successful, and others less so. We also observed that services are highly dependent on many factors, including: reach, reliability, user retention, ease of use, approach with agents or operators, number of customers, geography, mobile infrastructure and landscape, technology used, language, cost, and regulatory issues.
In this newest MobileActive.org case study, we hear from Bill Barhydt, CEO of m-Via, the company behind new mobile banking service Boom. Boom allows people in the U.S., Mexico, Haiti, and Guatemala to create bank accounts, and send and access money via a basic mobile phone. It is targeting especially the diaspora and remittance payment from the US to other countries in the Americas. According to the World Bank a staggering $61 billion was sent from the US to Latin America in 2011 in remittances, with intra-regional remittances within Latin America growing as well.
While Barhydt was unable to disclose numbers (of Boom users, transactions, and total amount of transactions) since the service launched in November 2011, we do learn more about how Boom works when it comes to sending and receiving remittances across the Americas.
Check out this case study on Boom to learn more, including the biggest challenges and hurdles the service has faced.
Photo courtesy: Gates Foundation
| Check out our Newest Case Study on Boom: Mobile Banking in the Americas data sheet 1307 Views | |
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| Countries: | Guatemala Haiti Mexico United States |
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