The Sustainability Opportunity for The Mobile Remittance Industry

Conclusion- The Importance of this model for the Mobile Remittance Industry As migration continues unabated globally and more players start entering the mobile remittance business, the critical question of competitive differentiation will arise. In other words, why should one technology vendor be chosen over the other? This writer argues that technology in itself, except in the pioneering phase, is not the answer. The answer lies in the ability to identify the long term benefits of the technology. The benefits lie in the political economy sphere and can be profound for the many countries which are both heavily dependent on remittances as well as at risk from global warming. Remittance solution providers would need to seek active participation in the drive for sustainability as we enter a new phase where economics and business are by necessity being redefined by our environment and the risks it is exposed to. It is possible, though by no means certain, that a small beginning by a consortium –say a technology vendor, a cooperative bank and a carrier-may lead to long term transformation. Indeed, Keynesian intervention may call for governments to infuse funds into the economy, but now the funds may be secured from remitting overseas citizens. In other words, the government provides the structures and safeguards, while citizens provide the money as investors. This is truly democratic and can bring about growth of local green transport, off-grid power systems, recycling of waste and the many other businesses which can make a big difference together. That would be the coming of age of the mobile remittance industry.